FIRB Approval Sample Clauses
The FIRB Approval clause requires that a transaction, typically involving the acquisition of certain assets or shares, is subject to approval by the Foreign Investment Review Board (FIRB) of Australia. In practice, this means that the parties cannot complete the transaction until FIRB has reviewed and granted consent, which may involve submitting an application and waiting for a decision within a specified timeframe. This clause ensures compliance with Australian foreign investment laws and protects the parties from proceeding with a transaction that could later be invalidated or penalized due to lack of regulatory approval.
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FIRB Approval. Buyer application
(a) If the Buyer has indicated in the Reference Schedule that the Buyer is a Non Australian Resident, this clause 29.3 applies unless the Seller has obtained the FIRB Pre-Approval. If at the Contract Date, the 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) This contract is conditional upon the 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) Subject to the other provisions of this clause 29.3, the Buyer must:
(1) make application for the FIRB Approval within 7 days after the Contract Date;
(2) 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 other information required by FIRB to make a decision on the application deliver to the Seller 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;
(3) diligently prosecute and pursue the application; and
(4) provide to the Seller as soon as is practicable copies of any correspondence or other written communication or notice from FIRB and otherwise keep the Seller informed as to the progress of the application when requested by the Seller.
(d) If the Seller elects to do so, the Seller may make the application for the FIRB Approval 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, the Buyer or the Seller may by written notice to the other party terminate this contract and in that case:
(1) the Deposit must be refunded to the Buyer together with any interest earned ...
FIRB Approval. Parent and Merger Sub shall not have received FIRB Approval.
FIRB Approval. The Treasurer of the Commonwealth of Australia (or his or her delegate) (i) shall have provided written notice that there are no objections under the FATA to the acquisition contemplated by this Agreement, either on an unconditional basis or subject only to conditions acceptable to Parent, acting reasonably; or (ii) shall have become precluded by passage of time from making any order or decision under Division 2 of Part 3 of the FATA in respect of the acquisition contemplated by this Agreement; whichever first occurs first (the “FIRB Condition”). For the purposes of the FATA, Sections 1.01, 1.02, 1.03, and 1.08 of this Agreement will not bind the parties and the Merger Closing will not proceed unless and until this condition is satisfied. For purposes of the FIRB Condition, Parent acknowledges that standard tax compliance conditions imposed by Treasurer of the Commonwealth of Australia (or his delegate) consistent with those set out in Part A of Attachment A of Guidance Note 47 (Tax Conditions) issued by the Foreign Investment Review Board (updated 24 November 2016) will be acceptable to Parent.
FIRB Approval. 15 Form S-4........................................................................................
FIRB Approval. (a) Westgold shall:
(i) within 10 Business Days after the date of this Agreement, make or cause to be an application for the FIRB Approval (the “FIRB Application”);
(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(j) of this Agreement;
(iii) provide to Karora a copy of the FIRB Application;
(iv) respond in a timely manner to ▇▇▇▇▇▇’s requests for updates as to the progress and processing of the FIRB Application; and
(v) 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(j) of this Agreement.
(b) Karora shall:
(i) promptly upon request by ▇▇▇▇▇▇▇▇ provide Westgold with such information reasonably available to Karora and as the Treasurer (or his delegate) may require for the purpose of considering the FIRB Application;
(ii) promptly do all things reasonably required by ▇▇▇▇▇▇▇▇ to assist or allow Westgold to make the FIRB Application, including:
(A) consenting to any FIRB Application if required;
(B) not objecting to any FIRB Application; and
(C) signing and returning as soon as reasonably practicable (but in any event, not later than 10 Business Days) after a written request from Westgold all documents, objections, submissions, consents, plans and/or applications requested by ▇▇▇▇▇▇▇▇ in connection with the FIRB Application.
FIRB Approval. Either (i) Buyer shall have received a notice from the Treasurer of the Commonwealth of Australia (the "Treasurer") or his agent to the effect that there is no objection to the purchase of the Australia Shares under the Commonwealth Government of Australia's foreign investment policy, such notice being either unconditional or imposing conditions which are acceptable to Buyer in its sole discretion; (ii) the period provided under the FATA, during which the Treasurer may make an order under Section 17 of the FATA or and interim order under Section 22 of the FATA in relation to the purchase of the Shares, elapsing without such an order being made; or (iii) if an interim order under Section 22 of the FATA is made, the subsequent period for making a final order prohibiting the purchase of the Australia Shares elapsing without a final order being made.
FIRB Approval. Subject to Section 9.01(i), the Company has received a written notice under Foreign Acquisitions and Takeovers ▇▇▇ ▇▇▇▇ (Cth) (“FATA”) from the Treasurer (or the Treasurer’s delegate) stating that, or to the effect that, the Commonwealth Government does not object to the transaction contemplated by this Agreement either without condition (other than standard tax conditions) or otherwise on terms acceptable to the Company acting reasonably, or following the Company giving notice of the Transactions pursuant to the terms of this Agreement to the Treasurer under FATA, the Treasurer ceases to be empowered to make any order under Part 3 of FATA.
FIRB Approval. The Buyer acknowledges and agrees that, if the warranty in clause 10.2 is false or untrue in any respect whatsoever, the Buyer indemnifies the Seller against any loss that the Seller may suffer as a direct or indirect result of the Seller having relied on this warranty when entering into this contract including any consequential loss that the Seller may sustain.
FIRB Approval. The Treasurer of the Commonwealth of Australia (i) shall have issued a notice pursuant to the Australian Foreign Acquisitions and Takeovers Act 1975 (Cth) stating that the Commonwealth Government does no▇ ▇▇▇▇▇▇ to the transactions contemplated by this Agreement and the Capital Raising and the Listing or (ii) shall have become or been precluded from making an order in respect of the completion of the transactions contemplated by this Agreement and the Capital Raising and the Listing, including by reason of a change in the law so that such approval is no longer required.
FIRB Approval. Either:
(i) the ▇▇▇▇ ▇▇▇▇▇▇▇ have received a written notice under the FATA from the Treasurer (or the Treasurer’s delegate) stating that, or to the effect that, the Commonwealth Australian Government does not object to the consummation of the transactions contemplated hereby, the issue of the Share Consideration and the Notes and the other transactions contemplated herein, without conditions, subject to the Taxation Conditions or subject to such other conditions that are acceptable to the ▇▇▇▇ ▇▇▇▇▇▇▇ and Buyers; or
(ii) following notice of: (x) the issue of the Share Consideration and the Notes and (y) the other transactions contemplated hereby having been given by the ▇▇▇▇ ▇▇▇▇▇▇▇ to the Treasurer under FATA, the Treasurer ceases to be empowered to make any order under Part 3 of FATA.