Common use of Trustee Approval Clause in Contracts

Trustee Approval. At the conclusion of XXXX’s due diligence and receipt of all documentation or information requested by XXXX, including any requested opinions of legal counsel to the Owner and legal counsel to the proposed Transferee, the recommendations of OHFA Staff will be presented to the Trustees for their consideration, approval, conditional approval, or denial. Any approval of the Trustees shall be conditioned upon correction of any condition of default, breach or violation of any of the terms or conditions of this Agreement and will establish any additional information or documentation which may be required by the Trustees. At their sole discretion, the Trustees may conduct an individual proceeding under the Oklahoma Administrative Procedures Act to consider a requested Transfer.