(1)This section applies where an application for a licence has been made under section 85.
(2)If Monitor is satisfied that the applicant meets the criteria for holding a licence for the time being published under section 86 it must as soon as reasonably practicable grant the application; otherwise it must refuse it.
(3)On granting the application, Monitor must issue a licence to the applicant.
(4)A licence issued under this section is subject to—
(a)such of the standard conditions (see section 94) as are applicable to the licence,
(b)such other conditions included in the licence by virtue of section 95 (referred to in this Chapter as “the special conditions”), and
(c)any conditions included in the licence by virtue of section 111 (imposition of licence conditions on NHS foundation trusts during transitional period).