APPROVAL DENIED Sample Clauses
APPROVAL DENIED. If any regulatory application filed pursuant to Section 4.5 or Section 5.1 hereof should be finally denied or disapproved by the respective regulatory authority, then this Agreement thereupon shall be deemed terminated and canceled. However, it is understood that a request for additional information or undertaking by F&M, F&M Bank or ▇▇▇▇▇▇▇ or ▇▇▇▇▇▇▇ Bank, as a condition for approval, shall not be deemed to be a denial or disapproval so long as F&M or F&M Bank or ▇▇▇▇▇▇▇ or ▇▇▇▇▇▇▇ Bank diligently provides the requested information or, in its sole discretion, accepts such undertaking. In the event an application is denied subject to the right of an appeal, petition for review, or similar such act on the part of F&M, F&M Bank or ▇▇▇▇▇▇▇ (hereinafter referred to as the "APPEAL"), then the application will be deemed denied unless F&M, F&M Bank or ▇▇▇▇▇▇▇ promptly and diligently prepares and files such Appeal and continues the appellate process for purposes of obtaining the necessary approval.
APPROVAL DENIED. If any regulatory application filed pursuant to Section 4.4 or Section 5.1 hereof should be finally denied or disapproved by the respective regulatory authority, then this Agreement thereupon shall be deemed terminated and canceled. However, it is understood that a request for additional information or undertaking by Horizon or Alliance , as a condition for approval, shall not be deemed to be a denial or disapproval so long as Horizon or Alliance diligently provides the requested information or, in its sole discretion, accepts such undertaking. In the event an application is denied subject to the right of an appeal, petition for review, or similar such act on the part of Horizon or Alliance (hereinafter referred to as the "APPEAL"), then the application will be deemed denied unless Horizon or Alliance promptly and diligently prepares and files such Appeal and continues the appellate process for purposes of obtaining the necessary approval.