Initial Approval Period definition

Initial Approval Period has the meaning set forth in Section 4.3(a) hereof.
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Initial Approval Period shall have the meaning given such term in Section 3.2(b).
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Initial Approval Period means the period commencing upon the date on which the Purchaser receives the last of the Review Materials and ending on the earlier of: (a) 5:00 p.m. P.S.T. on the day which is 60 days after such date (but not later than January 20, 2006); or (b) the removal or waiver of the Conditions Precedent.
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Examples of Initial Approval Period in a sentence

  • If Purchaser elects to exercise an Extension Option as provided herein, Purchaser shall notify Seller of such election in writing prior to the end of the Initial Approval Period or the then current Extended Approval Period, as the case may be, and shall in each instance simultaneously deliver to Seller’s Solicitors, as an additional deposit, the sum of ten thousand dollars ($10,000.00) (collectively, the “Extension Deposits”, and each individually, an “Extension Deposit”).

  • At the expiration of the Initial Approval Period, regardless of any extensions that may be exercised or granted hereunder, the Deposits shall be nonrefundable to Purchaser, except upon a termination of this Agreement due to a default by Seller or as otherwise specifically provided herein.

  • In the event Purchaser has made diligent efforts but is unable to obtain the Approvals prior to the end of the Initial Approval Period, Purchaser shall have the right, at Purchaser’s election, to extend the Initial Approval Period (the “Extended Approval Period”) for three (3) successive periods of thirty (30) days each (each, an “Extension Option”).

  • The “Approval Period” shall consist of the Initial Approval Period and, if applicable, the Extended Approval Period (each as defined herein).

  • To that end, subject to the provisions of Section 8 below, Purchaser shall make all necessary applications and submittals to all applicable governmental authorities in sufficient time to obtain all Approvals within the Initial Approval Period.

  • Further, from and after the expiration of the Initial Approval Period, the Deposits may be released to Seller at any time, upon Seller’s written request to Seller’s Solicitors.

  • At the expiration of the Initial Approval Period (as herein defined) Purchaser shall deposit the additional sum of Fifty Thousand Dollars ($50,000.00) with the Title Company, which sum shall be non-refundable (except under Sections 4, 11 and15) and applicable to the Purchase Price at Closing.

  • The Property Manager shall process the written approvals and disapprovals received within the Initial Approval Period, only, and in the event the Budget is not approved in its entirety, the Property Manager shall notify the Tenants in Common of same and specify which items were disapproved of by 50% or more of the Tenants in Common interests (the “Notice of Disapproval”).

  • At least 5 days prior to the end of the Initial Approval Period, the Vendor shall use its best efforts to provide the Purchaser with a true and complete list of all material transactions (including a description of the material terms thereof) which the Vendor intends to complete prior to the Closing Date with respect to the Partnership, the Business, the Assets and the Excluded Assets including, without limitation, those contemplated in § 2.2.

  • If a written notice has been provided by the Purchaser to the Vendor within the Initial Approval Period that the Conditions Precedent have not been satisfied, or if the Purchaser has not delivered any notice to the Vendor, then this Agreement shall be null and void and of no further force and effect and, except in the case of default by the Purchaser, the refundable portion of the First Deposit, together with accrued interest thereon, shall be returned to the Purchaser.