Common use of Deferral of Distribution Date Clause in Contracts

Deferral of Distribution Date. If the Distribution Date shall have been established by the Board of Directors of ESI but all the conditions precedent to the Distribution set forth in this Agreement have not theretofore been fulfilled or waived, or ESI does not reasonably anticipate that they will be fulfilled or waived, on or prior to the date established as the Distribution Date, ESI may, by resolution of its Board of Directors (or a committee thereof, so authorized), defer the Distribution Date to a later date.