Approval Periods. The "Approval Period" shall mean the following periods, as applicable:
Approval Periods. As the project moves into its phases, NARA shall approve or disapprove any contracts, drawings, or other items within the time periods set forth in the project schedules (based on the Milestones.) If the Milestones do not specify a review period for an item, NARA shall have fifteen (15) business days to conduct its review and notify the Foundation of its approval or disapproval. The Parties may agree in writing to a longer review period. As an exception to the 15 business day review period, the project schedules will specify a review period of at least 20 business days for NARA reviews of the exhibit script, which requires both content and editorial review. This time requirement may be adjusted at the discretion of the Library Director. This Agreement is not intended to limit the Parties’ ability to amend the Milestones. If NARA fails to respond to a request for approval from the Foundation within the time periods set forth in the Milestones for the applicable item, the Foundation shall provide NARA a written reminder, which may be in the form of an email [the “Reminder Notice”] and request that XXXX xxxxx or withhold its approval of the applicable item within three (3) business days.
Approval Periods. Section 2.6 of the Agreement is hereby amended as follows:
(a) The fourth and fifth lines of Section 2.6 are amended to replace the phrase “one (1) twelve (12) day period (ending at 5:00 p.m. on August 2, 2017) and three (3) subsequent thirty (30) day periods” with “three (3) thirty (30) day periods…”
(b) The last sentence of Section 2.6 is deleted and replaced with the following sentence: “If Buyer fails to obtain one or more Approvals prior to the expiration of the then-current Approvals Period and notifies Seller of its intent to terminate this Agreement prior to the expiration of the then-current Approvals Period, Title Company shall promptly refund the Xxxxxxx Money to Buyer without further demand therefor; provided, however, that Twenty-Five Thousand and No/100 Dollars ($25,000.00) of the Xxxxxxx Money shall become non-refundable to Buyer (although applicable to the Purchase Price at Closing) and fully-earned by Seller (other than in the event of a default by Seller hereunder) upon the commencement of each Approvals Period exercised by Buyer (i.e., if Buyer properly terminates this Agreement during the third 30-day Approvals Period, $125,000 of the Xxxxxxx Money shall be refunded to Buyer, and $75,000 shall be remitted to Seller).”
