Common use of Conditional Approvals Clause in Contracts

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.