Approval Condition Sample Clauses
An Approval Condition clause sets out specific requirements that must be met before a party is obligated to proceed with a contract or a particular contractual obligation. Typically, this clause will identify certain consents, permits, or third-party approvals that are necessary, such as regulatory clearances or board authorizations, and may outline the process and timeline for obtaining them. Its core practical function is to protect parties from being bound to perform under the contract until all essential approvals are secured, thereby reducing risk and ensuring that contractual commitments are only triggered when all necessary conditions are satisfied.
Approval Condition. Seller’s obligation to consummate the Closing shall be conditioned upon Seller having obtained from Seller’s investors prior to Closing approval to consummate the Closing in accordance with the terms of this Agreement (the “Approval”). Seller agrees (a) to use commercially reasonable efforts to secure the Approval prior to February 14, 2020, and, in the event the Approval is not obtained prior to February 14, 2020, shall continue to use commercially reasonable efforts to secure the Approval prior to the scheduled Closing Date, and (b) to promptly notify Buyer if and when such approval has been obtained.
Approval Condition. The Approval Condition shall have been satisfied or the Payment Condition shall have been satisfied.
Approval Condition. Landlord and ▇▇▇▇▇▇ acknowledge and agree that the submission of the License Application in pursuit of the License as well as the inclusion herein of the Approval Condition (hereinafter defined) is a material consideration of the Parties to enter into this Lease. In the event that the Approval Condition has not been satisfied or waived by the Parties on or before the date that is the third (3rd) anniversary of the Term Commencement Date despite Tenant’s application of commercially reasonable efforts as hereinafter discussed (the “Outside Approval Date”), then, Tenant shall thereafter have the right, provided Tenant is not otherwise in default hereunder, to terminate this Lease by giving thirty (30) calendar days’ written notice to Landlord, whereupon this Lease shall terminate after the expiration of such thirty (30) calendar day period unless the Approval Condition shall have been satisfied or waived by Tenant during such period, in which case such right of Tenant to terminate this Lease shall be immediately null and void and of no further force or effect. To the extent satisfaction of the Approval Condition is dependent upon Tenant taking some action to achieve the same, including but not limited to the submission of the License Application in pursuit of the License, Tenant shall be obligated to act in good faith and use commercially reasonable efforts to cause the same to be satisfied and to pursue the same with diligence and continuity, unless and until such time (if any) as it shall become apparent that continuing to do so is futile and that satisfaction of the Approval Condition is impossible, commercially impracticable or unlikely to a reasonable degree of certainty, in which case Tenant shall provide written notice thereof to Landlord and may thereafter exercise Tenant’s termination rights under this Section 6.06 prior to the Outside Approval Date. Tenant shall keep Landlord reasonably apprised on a periodic basis of its progress in achieving the satisfaction of Approval Condition. For the avoidance of doubt, failure by Tenant to satisfy the Approval Condition on or before the date that is the third (3rd) annual anniversary of the Term Commencement Date shall not be an Event of Default under this Lease or give Landlord any right to terminate this Lease. Without limiting Landlord’s other cooperation obligations hereunder, at Tenant’s request and expense, Landlord shall, at no cost to Landlord (unless paid by ▇▇▇▇▇▇), fully cooperate in good faith wi...
Approval Condition. The conversion of The Town Bank and their inclusion in this Agreement is conditioned upon The Town Bank being acquired by or merged into a common holding company with Two River Community Bank. If such transaction is not completed, those portions of this Agreement that apply to The Town Bank shall be terminated, and Customer shall have no obligation with respect fees described herein which relate to The Town Bank, including without limitation, the implementation, one time or monthly fees associated with The Town Bank. However, Customer shall pay HFS for all services performed by HFS in furtherance of this Agreement.
Approval Condition. This Sublease shall be void and without force or effect unless and until the Approval Condition, as defined in Section 1.3 hereof, has occurred.