Common use of FIRB Approval Clause in Contracts

FIRB Approval. (a) If you state in Item 13 of the Key Terms you are a Foreign Person and have not obtained FIRB Approval prior to the Contract Date, then this clause 24.2 applies. (b) Subject to clause 24.2(c), this Contract is subject to you obtaining the FIRB Approval by the FIRB Approval Date. (c) You must— (i) make the FIRB Application and provide a copy to us within three Business Days of the Contract Date (ii) promptly give us copies of all correspondence between you and FIRB in relation to the FIRB Application (iii) pay any fees or charges in connection with the FIRB Approval when due (iv) do everything reasonably necessary to obtain FIRB Approval by the FIRB Approval Date, and (v) give us Notice the FIRB Approval has been approved or refused within two Business Days of receiving notice from FIRB. (d) If you do not give us Notice in relation to the FIRB Approval by the FIRB Approval Date, then either party may terminate this Contract by Notice to the other. (e) If a termination notice is given under clause (d), then— (i) this Contract will terminate from the date on which the relevant party receives the termination notice (ii) we will arrange for the Deposit and the Interest to be refunded to you (iii) neither party will have any further Claim against the other under this Contract, and (iv) notwithstanding section 12 of the Trust Accounts Act 1973 (Qld), you acknowledge the Deposit and Interest may take up to 45 days from the date of the Notice of termination to be refunded to you having regard to usual APRA investment practice. (f) If you fail to comply with this clause 24, then you will be in breach of an essential term of this Contract and we may, in addition to any other remedy available to us, exercise the Rights expressed in clause 17. (g) If you do not comply with this clause 24, then you indemnify, and keep us indemnified, against any Claims we suffer as a result.

FIRB Approval. (a) If you state in Item 13 the Buyer is a foreign interest for the purposes of the Key Terms you are Foreign Acquisitions and Takeovers Act 1975 and that fact is stated in this Contract then this Contract is conditional on and subject to: (i) the issue by the Treasurer of the Commonwealth of Australia (Treasurer) of a Foreign Person notice stating that the Treasurer does not object to the acquisition of the Property by the Buyer unconditionally other than a condition that the Buyer construct a dwelling on the Property within a certain period; or (ii) the Treasurer being or becoming precluded by law from making any order in respect of the acquisition of the Property by the Buyer; (FIRB Approval), on or before the date being 55 days from the date of this Contract or any other date agreed by the Seller and have not obtained the Buyer in writing (FIRB Approval Date). (b) The Buyer will: (i) give all records and notices in the prescribed forms (if any) to the Treasurer in respect of the acquisition of the Property by the Buyer as required under relevant legislation; and (ii) supply to the Treasurer, as required, all requisite accompanying information, (FIRB Application) within 10 days from the date of this Contract. (c) The Buyer will: (i) use the Buyer’s best endeavours to procure the occurrence of the FIRB Approval prior to the Contract FIRB Approval Date; and (ii) do all things, then this clause 24.2 appliesand provide all information and documents reasonably required by the Treasurer in connection with the FIRB Application promptly and in any event within 5 business days of being notified of the required things, information or documents. (bd) Subject to clause 24.2(c), this Contract The condition in Special Condition 18(a) is subject to you obtaining for the benefit of the Seller and the Buyer and cannot be waived. The Buyer will keep the Seller informed of the progress of the FIRB Application and the FIRB Approval. (e) If there has not been FIRB Approval by the FIRB Approval Date. (c) You must— (i) make Date and the FIRB Application Seller and provide a copy the Buyer hereto have not agreed in writing to us within three Business Days of the Contract Date (ii) promptly give us copies of all correspondence between you and FIRB in relation to the FIRB Application (iii) pay any fees or charges in connection with the FIRB Approval when due (iv) do everything reasonably necessary to obtain FIRB Approval by extend the FIRB Approval Date, and (v) give us Notice the FIRB Approval has been approved or refused within two Business Days of receiving notice from FIRB. (d) If you do not give us Notice in relation to the FIRB Approval by the FIRB Approval Date, then either party may terminate this Contract by Notice to the other. (e) If a termination notice is given under clause (d), then—then:- (i) this Contract will automatically terminate from without notice (other than the provisions of this clause) on the date on which is the relevant party receives day following the termination noticeFIRB Approval Date; (ii) we will arrange for the Deposit and any other monies paid by the Interest to Buyer under this Contract will be immediately refunded to youthe Buyer; and (iii) neither party the Seller nor the Buyer will have any further Claim claim against the other under this Contract, and (iv) notwithstanding section 12 of the Trust Accounts Act 1973 (Qld), you acknowledge the Deposit and Interest may take up to 45 days from the date of the Notice of termination to be refunded to you having regard to usual APRA investment practiceother. (f) If you fail to comply with this clause 24, then you will be in breach of an essential term of this Contract and we may, in addition to any other remedy available to us, exercise the Rights expressed in clause 17. (g) If you do not comply with this clause 24, then you indemnify, and keep us indemnified, against any Claims we suffer as a result.

FIRB Approval. Buyer application‌ (a) If you state the Buyer has indicated in Item 13 of the Key Terms you are Reference Schedule that the Buyer is a Foreign Person and have not Non Australian Resident, this clause 29.3 applies unless the Seller has obtained the FIRB Approval prior to Pre-Approval. If at the Contract Date, then this clause 24.2 appliesthe Seller has obtained FIRB Pre-Approval, the Seller agrees to notify the Buyer to that effect as soon as practicable after the Contract Date. (b) Subject to clause 24.2(c), this Contract This contract is subject to you obtaining conditional upon the FIRB Approval by occurrence of the following on or before the FIRB Approval Date: (1) FIRB providing a written statement that it has no objection to (or approves) the Buyer’s purchase of the Property with or without conditions (FIRB Approval); or (2) the expiry of any relevant period under which FIRB must make a decision without any order of prohibition being made under the FAT Act. (c) You Subject to the other provisions of this clause 29.3, the Buyer must—: (i1) make application for the FIRB Application and provide a copy to us Approval within three Business Days of 7 days after the Contract Date; (ii2) promptly give us in making the application, ensure that all documents and forms required by FIRB are duly completed and signed (including any notice or declaration under section 26A of the FAT Act) and that the Buyer has included copies of any other documents and all correspondence between you and other information required by FIRB in relation to make a decision on the application deliver to the FIRB ApplicationSeller a copy of the Buyer’s application immediately after it has been made and in any event no later than 1 business day after the making of the application; (iii3) pay any fees or charges in connection with diligently prosecute and pursue the FIRB Approval when due (iv) do everything reasonably necessary to obtain FIRB Approval by the FIRB Approval Date, application; and (v4) give us Notice provide to the FIRB Approval has been approved Seller as soon as is practicable copies of any correspondence or refused within two Business Days of receiving other written communication or notice from FIRBFIRB and otherwise keep the Seller informed as to the progress of the application when requested by the Seller. (d) If you the Seller elects to do not give us Notice in relation to so, the Seller may make the application for the FIRB Approval by on behalf of the Buyer and in that case: (1) the Buyer must fully cooperate with the Seller in the making of the application and provide all information necessary to enable the Seller to prepare and lodge the application (including signing the application if necessary; and (2) the Buyer authorises the Seller to sign the application on behalf of the Buyer. (e) Subject to clause 29.3(f), if the condition in clause 29.3(b) is not satisfied on or before 5.00pm on the FIRB Approval Date, then either the Buyer or the Seller may by written notice to the other party may terminate this Contract by Notice to the other.contract and in that case: (e1) If a termination notice is given under clause (d), then— (i) this Contract will terminate from the date on which the relevant party receives the termination notice (ii) we will arrange for the Deposit and the Interest to must be refunded to youthe Buyer together with any interest earned on the investment of the Deposit; and (iii2) neither party will have any further Claim against the other under this Contract, and (iv) notwithstanding section 12 of the Trust Accounts Act 1973 (Qld), you acknowledge the Deposit and Interest may take up to 45 days from the date of the Notice of termination to be refunded to you having regard to usual APRA investment practiceparty. (f) If you fail Where either the Buyer or the Seller do not exercise the right to comply with terminate this contract under clause 2429.3(e) within 2 business days following the FIRB Approval Date, then you the Buyer will be in breach of an essential term of this Contract deemed to have warranted to the Seller that is has obtained the FIRB Approval and we may, in addition to any other remedy available to us, exercise the Rights expressed condition in clause 1729.3(b) will no longer apply. (g) If you do not comply with this clause 24, then you indemnify, and keep us indemnified, against any Claims we suffer as a result.

FIRB Approval. (a) If you state in Item 13 of Alkane shall: (i) to the Key Terms you are a Foreign Person and have extent it has not obtained FIRB Approval already done so prior to the Contract Datedate of this Agreement, then promptly, and in any event, within 15 Business Days after the date of this clause 24.2 appliesAgreement, lodge the FIRB application with FIRB; (ii) use commercially reasonable efforts to pursue and take all reasonable steps to obtain the FIRB Approval and to otherwise satisfy the condition precedent set out in Section 6.1(i) of this Agreement; (iii) respond in a timely manner to ▇▇▇▇▇▇▇▇'s requests for updates as to the progress and processing of the FIRB Application; and (iv) keep ▇▇▇▇▇▇▇▇ informed in a timely manner of the progress of the FIRB Application and the status of any discussions or negotiations with FIRB in connection with the FIRB Application and/or the condition precedent set out in Section 6.1(i) of this Agreement. (b) Subject Mandalay shall: (i) promptly upon request by ▇▇▇▇▇▇ provide Alkane with such information reasonably available to clause 24.2(c), this Contract is subject to you obtaining Mandalay and as the Treasurer (or their delegate) may require for the purpose of considering the FIRB Approval Application; (ii) promptly do all things reasonably required by ▇▇▇▇▇▇ to assist or allow ▇▇▇▇▇▇ to make the FIRB Approval DateApplication, including: (A) not objecting to any FIRB Application; and (B) signing and returning as soon as reasonably practicable (but in any event, not later than 10 Business Days) after a written request from Alkane all documents, objections, submissions, consents, plans and/or applications requested by Alkane in connection with the FIRB Application, provided that, before providing such documents, objections, submissions, consents, plans and/or applications, Mandalay may redact any part of that document, objection, submission, consent, plan and/or application, or not disclose any part of that information, which contains or constitutes confidential, competitively sensitive or privileged information relating to the existing business or affairs of Mandalay or private information in respect of its personnel, to the extent that Mandalay reasonably considers that the disclosure of such information to Alkane would be unlawful or damaging to the commercial or legal interest of Mandalay, or would be reasonably. (c) You must— (i) make the FIRB Application Alkane and provide a copy to us within three Business Days Mandalay shall share evenly all of the Contract Date (ii) promptly give us copies of all correspondence between you costs and FIRB in relation to fees associated with preparing and submitting the FIRB Application (iii) pay any fees or charges in connection with the FIRB Approval when due (iv) do everything reasonably necessary to obtain FIRB Approval by the FIRB Approval Date, and (v) give us Notice the FIRB Approval has been approved or refused within two Business Days of receiving notice from FIRB. (d) If you do not give us Notice in relation to the FIRB Approval by the FIRB Approval Date, then either party may terminate this Contract by Notice to the other. (e) If a termination notice is given under clause (d), then— (i) this Contract will terminate from the date on which the relevant party receives the termination notice (ii) we will arrange for the Deposit and the Interest to be refunded to you (iii) neither party will have any further Claim against the other under this Contract, and (iv) notwithstanding section 12 of the Trust Accounts Act 1973 (Qld), you acknowledge the Deposit and Interest may take up to 45 days from the date of the Notice of termination to be refunded to you having regard to usual APRA investment practice. (f) If you fail to comply with this clause 24, then you will be in breach of an essential term of this Contract and we may, in addition to any other remedy available to us, exercise the Rights expressed in clause 17. (g) If you do not comply with this clause 24, then you indemnify, and keep us indemnified, against any Claims we suffer as a result.

FIRB Approval. Buyer application‌ (a) If you state the Buyer has indicated in Item 13 of the Key Terms you are Reference Schedule that the Buyer is a Foreign Person and have not Non-Australian Resident, this clause 29.3 applies unless the Seller has obtained the FIRB Approval prior to Pre-Approval. If at the Contract Date, then this clause 24.2 appliesthe Seller has obtained FIRB Pre-Approval, the Seller agrees to notify the Buyer to that effect as soon as practicable after the Contract Date. (b) Subject to clause 24.2(c), this Contract This contract is subject to you obtaining conditional upon the FIRB Approval by occurrence of the following on or before the FIRB Approval Date: (1) FIRB providing a written statement that it has no objection to (or approves) the Buyer’s purchase of the Property with or without conditions (FIRB Approval); or (2) the expiry of any relevant period under which FIRB must make a decision without any order of prohibition being made under the FAT Act. (c) You Subject to the other provisions of this clause 29.3, the Buyer must—: (i1) make application for the FIRB Application and provide a copy to us Approval within three Business Days of 7 days after the Contract Date; (ii2) promptly give us in making the application, ensure that all documents and forms required by FIRB are duly completed and signed (including any notice or declaration under section 26A of the FAT Act) and that the Buyer has included copies of any other documents and all correspondence between you and other information required by FIRB in relation to make a decision on the application deliver to the FIRB ApplicationSeller a copy of the Buyer’s application immediately after it has been made and in any event no later than 1 business day after the making of the application; (iii3) pay any fees or charges in connection with diligently prosecute and pursue the FIRB Approval when due (iv) do everything reasonably necessary to obtain FIRB Approval by the FIRB Approval Date, application; and (v4) give us Notice provide to the FIRB Approval has been approved Seller as soon as is practicable copies of any correspondence or refused within two Business Days of receiving other written communication or notice from FIRBFIRB and otherwise keep the Seller informed as to the progress of the application when requested by the Seller. (d) If you the Seller elects to do not give us Notice in relation to so, the Seller may make the application for the FIRB Approval by on behalf of the Buyer and in that case: (1) the Buyer must fully cooperate with the Seller in the making of the application and provide all information necessary to enable the Seller to prepare and lodge the application (including signing the application if necessary; and (2) the Buyer authorises the Seller to sign the application on behalf of the Buyer. (e) Subject to clause 29.3(f), if the condition in clause 29.3(b) is not satisfied on or before 5.00pm on the FIRB Approval Date, then either the Buyer or the Seller may by written notice to the other party may terminate this Contract by Notice to the other.contract and in that case: (e1) If a termination notice is given under clause (d), then— (i) this Contract will terminate from the date on which the relevant party receives the termination notice (ii) we will arrange for the Deposit and the Interest to must be refunded to youthe Buyer together with any interest earned on the investment of the Deposit; and (iii2) neither party will have any further Claim against the other under this Contract, and (iv) notwithstanding section 12 of the Trust Accounts Act 1973 (Qld), you acknowledge the Deposit and Interest may take up to 45 days from the date of the Notice of termination to be refunded to you having regard to usual APRA investment practiceparty. (f) If you fail Where either the Buyer or the Seller do not exercise the right to comply with terminate this contract under clause 2429.3(e) within 2 business days following the FIRB Approval Date, then you the Buyer will be in breach of an essential term of this Contract deemed to have warranted to the Seller that is has obtained the FIRB Approval and we may, in addition to any other remedy available to us, exercise the Rights expressed condition in clause 1729.3(b) will no longer apply. (g) If you do not comply with this clause 24, then you indemnify, and keep us indemnified, against any Claims we suffer as a result.