Common use of CONDITIONS AND COMPLETION Clause in Contracts

CONDITIONS AND COMPLETION. 4.1 The obligations of the parties to proceed to Completion shall be conditional upon satisfaction of the following conditions: 4.1.1 receipt of approval ("concession") to the purchase of the Sale Shares from the Norwegian Ministry of Oil and Energy under the Industrial Concessions and Licenses Act, 1917 of Norway (such approval being given unconditionally or with such conditions as may be acceptable to Philipps, acting reasonably); and 4.1.2 receipt of approval to the purchase of the Sale Shares from the Norwegian Ministry of Trade and Industry under the Business Acquisitions ▇▇▇ ▇▇▇▇ of Norway (such approval being given unconditionally or with such conditions as may be acceptable to Philipps, acting reasonably), or the expiry of any waiting period (and any extension thereof) under such Act, whichever shall occur sooner. 4.2 Each party undertakes to the other to use its best endeavors to procure satisfaction of the conditions referred to in clause 4.1 as soon as reasonably practicable following execution of this Agreement, provided that Philipps shall be entitled at any time by written notice to BOC to waive in whole or part any or all of such conditions. Without prejudice to the generality of the foregoing, Philipps shall promptly after the date hereof submit to the Ministries referred to in clause 4.1 duly completed applications for approval under the Acts referred to therein, and will promptly supply to the Ministries all such information as they may lawfully request in respect of such applications. BOC shall assist, and shall cause the Company to assist, by procuring such information relating to the Company as Philipps may reasonably require. 4.3 Subject to satisfaction of such conditions, or waiver thereof by Philipps, Completion shall take place at the office of Messrs ▇▇▇▇ & Co, Oslo, on the date which is 3 business days after satisfaction or waiver of all such conditions, or on such other date as the parties may agree.

CONDITIONS AND COMPLETION. 4.1 The obligations of the parties to proceed to Completion shall be conditional upon satisfaction of the following conditions: 4.1.1 receipt of approval ("concession") to the purchase of the Sale Shares from the Norwegian Ministry of Oil and Energy under the Industrial Concessions and Licenses Act, 1917 of Norway (such approval being given unconditionally or with such conditions as may be acceptable to Philipps▇▇▇▇▇▇▇▇, acting reasonably); and 4.1.2 receipt of approval to the purchase of the Sale Shares from the Norwegian Ministry of Trade and Industry under the Business Acquisitions ▇▇▇ ▇▇▇▇ Act 1994 of Norway (such approval being given unconditionally or with such conditions as may be acceptable to Philipps▇▇▇▇▇▇▇▇, acting reasonably), or the expiry of any waiting period (and any extension thereof) under such Act, whichever shall occur sooner. 4.2 Each party undertakes to the other to use its best endeavors to procure satisfaction of the conditions referred to in clause 4.1 as soon as reasonably practicable following execution of this Agreement, provided that Philipps ▇▇▇▇▇▇▇▇ shall be entitled at any time by written notice to BOC to waive in whole or part any or all of such conditions. Without prejudice to the generality of the foregoing, Philipps ▇▇▇▇▇▇▇▇ shall promptly after the date hereof submit to the Ministries referred to in clause 4.1 duly completed applications for approval under the Acts referred to therein, and will promptly supply to the Ministries all such information as they may lawfully request in respect of such applications. BOC shall assist, and shall cause the Company to assist, by procuring such information relating to the Company as Philipps ▇▇▇▇▇▇▇▇ may reasonably require. 4.3 Subject to satisfaction of such conditions, or waiver thereof by Philipps▇▇▇▇▇▇▇▇, Completion shall take place at the office of Messrs ▇▇▇▇ & Co, Oslo, on the date which is 3 business days after satisfaction or waiver of all such conditions, or on such other date as the parties may agree.