Common use of Permitted Sales Clause in Contracts

Permitted Sales. Following the termination of the Merger Agreement, Trenwick shall be permitted to sell or transfer any Restricted Shares beneficially owned by it if such sale is made pursuant to a tender or exchange offer or merger that has been approved or recommended, or otherwise determined to be fair to and in the best interests of the shareholders of Chartwell, by a majority of the members of the Board of Directors of Chartwell (which majority shall include a majority of directors who were directors prior to the announcement of such tender or exchange offer or merger).

Permitted Sales. Following the termination of the Merger Business Combination Agreement, Trenwick shall be permitted to sell or transfer any Restricted Shares beneficially owned by it if such sale is made pursuant to a tender or exchange offer or merger that has been approved or recommended, or otherwise determined to be fair to and in the best interests of the shareholders of ChartwellLaSalle, by a majority of the members of the Board of Directors of Chartwell LaSalle (which majority shall include a majority of directors who were directors prior to the announcement of such tender or exchange offer or merger).