Commitment has to come first, which is uncomfortable. The capital must already be irrevocably at risk when the application is decided, so a deal held open pending the outcome will not qualify. The workable sequence uses properly advised escrow and a plan for the business if the application is refused.
The uncomfortable order is the required one
Buyers understandably want the status secured before the money moves, and the requirement points the other way. Corinne should assume that by the time the application is assessed she will be the committed owner of a Michigan pellet plant, with the fibre supply contracted and the first payroll due. The planning that follows from that is practical rather than legal.
Decide in advance who operates the plant if she is not admitted, and put that arrangement in writing with the manager. Time the closing so that the first operating months do not fall in the least forgiving part of the year. Complete the corporate restructuring, the shareholders agreement and the security documents before closing rather than in the weeks after it, because amending them later invites the question of when control actually passed.
And expect the whole sequence, from term sheet to a decision, to take longer than the vendor wants.