Common use of Failure of Regulatory Approval Clause in Contracts

Failure of Regulatory Approval. To the extent approval of any governmental authority is necessary either (a) for the Company to satisfy its obligations under Section E.1, or (b) for a holder of Preference Shares or Warrants to exercise its exchange right under clause (3) above, and such approval has not occurred at the time a holder gives an exchange notice, the Company will hold Newco, the assets and operations to be contributed in Newco, and ARC in trust for the benefit of such exchanging holder, and shall use best efforts to restructure such holdings, if necessary, to obtain such approval, or to provide the same economic and governance benefit as intended to be provided by the exchange right for preference shares and warrants of Newco.

Failure of Regulatory Approval. To the extent approval of any governmental authority is necessary either (a) for the Company to satisfy its obligations under Section E.1, or (b) for a holder of Preference Shares or Warrants to exercise its exchange right under clause (3) aboveSection E.3, and such approval has not occurred at the time a holder gives an exchange notice, the Company will hold Newco, the assets and operations to be contributed in Newco, and ARC in trust for the benefit of such exchanging holder, and shall use best efforts to restructure such holdings, if necessary, to obtain such approval, or to provide the same economic and governance benefit as intended to be provided by the exchange right for preference shares and warrants of Newco.