Conditional Approvals Clause Samples
The Conditional Approvals clause establishes that certain permissions or consents are granted only if specific conditions are met. In practice, this means that a party may proceed with an action—such as commencing work, making a purchase, or implementing a change—only after fulfilling predefined requirements, like obtaining regulatory clearance or providing additional documentation. This clause ensures that approvals are not absolute but are contingent on meeting agreed-upon criteria, thereby managing risk and ensuring that all necessary safeguards are in place before proceeding.
Conditional Approvals. 3.5.1 If:
(a) any term and/or condition is imposed in respect of any of the approvals referred to in Clause 3.1; and
(b) the term and/or condition affects either one of the Parties (“the Affected Party”) and the Affected Party is not satisfied with the conditions imposed, the Affected Party may, within a period of fourteen (14) days from the date the Affected Party receives notice of such term and/or condition or such other time period as the Parties may mutually agree in writing (“the Notice Period”), notify the other Parties in writing of the Affected Party’s election to:
a) reject the terms and/or conditions imposed, in which case the relevant approval shall be deemed not to have been obtained and the Affected Party shall thereafter be entitled but not obligated to rescind this Agreement by notice in writing to the other Party and upon such rescission the provisions of Clause 3.11 in relation to the consequences of rescission shall apply mutatis mutandis; or
b) appeal against the terms and/or conditions imposed.
3.5.2 In the event that the Affected Party elects to appeal against the terms and/or conditions imposed, the Affected Party shall submit or procure the submission of the appeal within thirty (30) days from the date the Affected Party receives notice of the terms and/or conditions (“the Appeal Period”).
3.5.3 In the event that the Affected Party does not :
i) notify the other Party of its rejection of the terms and/or conditions imposed or of its intention to appeal against the terms and/or conditions within the Notice Period; or
ii) appeal against the terms and/or conditions within the Appeal Period, the Affected Party shall be deemed to have accepted the terms and/or conditions and the relevant approval shall be deemed to have been obtained.
Conditional Approvals. The Parties have submitted relevant amendment applications and the Michigan Marijuana Regulatory Agency has granted conditional approval for WDB Holding MI, Inc. to acquire the ownership of AEY Holdings, LLC, Thrive Enterprises LLC, and RKD Ventures, LLC.
Conditional Approvals. VC and Merger Sub shall be satisfied in their sole and absolute discretion that any conditions of approvals from the FCC, FAA, FTC, Department of Justice, any state or local public utility commission or Other Governmental Entities, placed upon VC or Merger Sub, will not have an adverse effect on the business, operations, financial performance or prospects of any of VC, Merger Sub or OP from and after the Closing.
Conditional Approvals. During the term of this Agreement and at Buyer’s sole cost and expense, Buyer will have the right to seek conditional permits, approvals, entitlements, zoning relief and similar governmental rights and privileges from any governmental authority (“Conditional Approvals”) with respect to the Property, conditioned upon Buyer closing under the terms of this Agreement and Buyer’s acquisition of the Property. Buyer covenants and warrants that it will not seek any such Conditional Approvals (and will not agree to any condition or covenant imposed upon it as a condition of such Conditional Approval) that would be binding upon Seller or that would affect the Property if the Closing does not occur. At Buyer’s written reasonable request, Seller will execute applications and other instruments as may be reasonably required for Buyer to obtain the Conditional Approvals, and Seller will otherwise reasonably cooperate with Buyer’s efforts to obtain the Conditional Approvals, so long Buyer’s requests are consistent with the requirements of this paragraph and such cooperation is at no cost to Seller. Whether or not Buyer seeks to obtain any Conditional Approvals, Buyer is responsible to apply for and obtain, at Buyer’s sole cost and expense, any Certificate of Occupancy, and all other certificates and/or approvals required by municipal, state or federal law. All repairs required in order to comply with applicable laws are Buyer’s responsibility and will be accomplished at Buyer’s sole cost and expense. Notwithstanding the foregoing, such Conditional Approval(s) that may be sought by Buyer is/are not a condition to Closing and shall in no way affect Buyer’s obligation to close on the Closing Date.
Conditional Approvals. (i) Prior to the filing of the Final Prospectus with the Qualifying Authorities, the Company shall deliver to the Underwriters, copies of correspondence from the Toronto Stock Exchange (the “TSX”) indicating that the application for the listing and posting for trading on the TSX of the Flow-Through Shares has been approved for listing subject only to satisfaction by the Company of certain standard post-closing conditions imposed by the TSX; and
(ii) prior to the Closing Time, the Company shall deliver to the Underwriters, copies of correspondence from the NYSE Amex Equities (“AMEX”) indicating that the application for the listing and posting for trading on the AMEX of the Flow-Through Shares has been approved for listing.
Conditional Approvals. In the event Lessor approves or conditionally approves any such Redevelopment Plan, then prior to commencing any construction work contemplated by such Redevelopment Plan, Lessee shall submit proposed Final Plans and Specifications to Lessor for approval, which approval shall not be unreasonably withheld or delayed provided the proposed Final Plans and Specifications are, in Lessor's reasonable judgment, consistent with and a logical extension of the previously approved Redevelopment Submittal or Redevelopment Plan in all material respects. In constructing any new Buildings or other Improvements, Lessee shall at all times comply with the terms and provisions of this Lease including, without limitation, the conditions set forth in Section 5.2, as if in said provisions all references to "Buildings" and "Improvements" or "Initial Project" instead referred to the new Buildings and other Improvements that are to be constructed pursuant to the Redevelopment Plan.