Common use of Timing of Distribution Clause in Contracts

Timing of Distribution. The Board of Directors of the Weatherford shall formally declare the Distribution and shall authorize Weatherford to pay it upon the satisfaction or waiver of the conditions set forth in Article 7, by delivery of certificates for Grant Common Stock to the Transfer Agent for delivery to the holders entitled thereto. The Distribution shall be deemed to be effective upon notification by Weatherford to the Transfer Agent that the Distribution has been declared and that the Transfer Agent is authorized to proceed with the distribution of Grant Common Stock.