Pending Approval Clause Samples
The "Pending Approval" clause establishes that certain actions, decisions, or obligations within an agreement are subject to receiving formal approval from a designated party before they can proceed. In practice, this means that specific steps—such as commencing work, making payments, or implementing changes—cannot occur until the required approval is granted, often in writing or through another agreed-upon method. This clause ensures that control is maintained over key aspects of the agreement, preventing unauthorized actions and reducing the risk of misunderstandings or premature commitments.
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Pending Approval. The Board shall make the decision whether or not to approve Concar, First & Howa▇▇, ▇▇rry Building and Fair Isaa▇ ▇▇ Approved Projects and EOP shall determine whether such Projects (except First & Howa▇▇ ▇▇▇ldings 1 and 4) will be EOP Projects by a date to be mutually and reasonable agreed by EOP and Wils▇▇, ▇▇d the Board and EOP will make the same determinations with respect to Larkspur Landing by a date to be mutually and reasonably agreed by EOP and Wils▇▇ (▇▇ch such date, with respect to such Projects, the "DECISION DATE"). Prior to such decision, the Company shall manage the development of such Projects as if they were EOP Projects owned by an EOP Project Entity.
Pending Approval. Borrower shall: (i) promptly commence and diligently prosecute the obtaining and implementing of the 421-a Tax Benefits; (ii) obtain and cause to be implemented the 421-a Tax Benefits for the entire Property no later than July 1, 2026, which such deadline shall be extended as necessary for up to two (2) additional thirty (30) day periods each so long as, prior to each such upcoming deadline, Borrower shall have provided Lender with a written certification in form and substance satisfactory to Lender that (x) Borrower has been using commercially reasonable efforts to obtain the 421-a Tax Benefits for the Property, (y) the delay in receipt of the Property’s 421-a Tax Benefits is caused solely by administrative processing delays and not due to any act or failure to act by Borrower, Guarantor or any Affiliate of Borrower or Guarantor, and (z) the Property remains eligible for 421-a Tax Benefits in all respects; and (iii) on a monthly basis, provide Lender with written updates as to the status of obtaining the 421-a Tax Benefits (including, without limitation, providing Lender with true, correct and complete copies of any applications, agreements, declarations, certificates or other submissions related thereto which are issued or provided in connection with the Restrictive Declaration and/or 421-a Tax Benefits) until the same have been obtained and implemented with respect to the Property.
Pending Approval. Borrower shall: (i) promptly commence and diligently prosecute the obtaining and implementing of the Completion Notice; (ii) obtain the Completion Notice with respect to all Inclusionary Units no later than the earlier of (x) January 1, 2026, which such deadline shall be extended as necessary for up to two (2) additional thirty (30) day periods each so long as, prior to each such upcoming deadline, Borrower shall have provided Lender with a written certification in form and substance satisfactory to Lender that (x) Borrower has been using commercially reasonable efforts to obtain the Completion Notice with respect to all Inclusionary Units, (y) the delay in receipt of the Completion Notice is caused solely by administrative processing delays and not due to any act or failure to act by Borrower, Guarantor or any Affiliate of Borrower or Guarantor, and (z) the Property remains eligible to obtain the Completion Notice in all respects, and (y) the Completion Deadline, as the same may be extended in writing by the Regulatory Agency; and (iii) on a monthly basis, provide Lender with written updates as to the status of obtaining the Completion Notice (including, without limitation, providing Lender with true, correct and complete copies of any applications, agreements, declarations, certificates or other submissions related thereto which are issued or provided in connection with the Regulatory Agreement) until the same have been obtained and implemented with respect to the Property.