Common use of Governmental Applications Clause in Contracts

Governmental Applications. The Members agree to cooperate and exercise due diligence in securing any necessary regulatory approvals and such other matters as may be necessary or appropriate for purposes of effectuating the business of the Company. Notwithstanding the foregoing, in the event any Member is a regulated entity, as defined below, or has an Affiliate that is a regulated entity, nothing in this Section 2.8 shall be construed to obligate that Member to seek, or join in, any regulatory approval if that Member reasonably concludes that such action may have a material adverse impact on that Member or any Affiliate, or to accept any issued approval if such issued approval contains conditions not requested by such Member and reasonably unacceptable to such Member. For purposes of this Section 2.8, a regulated entity is one whose ongoing business is subject to review, approval or oversight by a federal or state regulatory body or agency.

Governmental Applications. The Members agree to cooperate and exercise due diligence in securing any necessary regulatory approvals and such other matters as may be necessary or appropriate for purposes of effectuating the business of the Company. Notwithstanding the foregoing, in the event any Member is a regulated entity, as defined below, or has an Affiliate that is a regulated entity, nothing in this Section 2.8 shall be construed to obligate that Member to seek, or join in, any regulatory approval if that Member reasonably concludes that such action may have a material adverse impact on that Member or any Affiliate, or to accept any issued approval if such issued approval contains conditions not requested by such Member and reasonably unacceptable to such Member. For purposes of this Section 2.8, 2.8 a regulated entity is one whose ongoing business is subject to review, approval or oversight by a federal or state regulatory body or agency.