FAILURE TO SELL FACILITY Clause Samples

FAILURE TO SELL FACILITY. If a definitive contract (which contract may be subject to due diligence contingencies and other conditions as agreed to by the Managing Member) for the sale of the Offered Facilities or Designated Facilities is not entered into pursuant to this Section 22 within one hundred twenty (120) days after the Investor Member or the Managing Member, as the case may be, makes its marketing election under this Section 22, the Offered Facilities or Designated Facilities shall be removed from the market. Once an Offered Facility or a Designated Facility is removed from the market, either the Investor Member or the Managing Member may elect to remarket the Offered Facility or Designated Facility pursuant to the terms of Section 22.1 and 22.3 respectively.