Common use of Consent Procedure Clause in Contracts

Consent Procedure. If the Vendor proposes that the Sold Company do or omit to do anything the doing or omission of which requires the consent of the Purchaser under Section 5.2: (a) the Vendor must notify the Purchaser of any such action or omission including reasonable information for the Purchaser to assess the merits of the proposal; (b) the Vendor will consult with the Purchaser in respect of such action or omission; and (c) the Vendor may take such action or make such omission without the Purchaser’s consent if the Purchaser does not advise the Vendor in writing within five (5) Business Days that it objects and the basis of the objection (which may be insufficiency of information).

Consent Procedure. If the Vendor proposes that the Sold Company or its Subsidiaries do or omit to do anything the doing or omission of which requires the consent of the Purchaser under Section 5.2: (a) the Vendor must notify the Purchaser of any such action or omission including reasonable information for the Purchaser to assess the merits of the proposal; (b) the Vendor will consult with the Purchaser in respect of such action or omission; and (c) the Vendor may take such action or make such omission without the Purchaser’s consent if the Purchaser does not advise the Vendor in writing within five (5) Business Days that it objects and the basis of the objection (which may be insufficiency of information).