If a transfer of an interest in a licensed gaming operation, in a licensee, or in a holding company is contemplated and, in the opinion of the Arkansas Racing Commission, the exigencies of the situation require that the proposed transferee or transferees be permitted to take part in the conduct of gaming operations or in the operation of the establishment wherein such gaming operations are conducted, or to make available funds or credit for use in connection with such licensed gaming operation or establishment during the pendency of an application for license or to be permitted to acquire such interest, the commission or any three (3) members thereof may waive the requirements of 23 CAR § 358-705 and § 358-706, or either of them, in accordance with the procedures hereinafter set forth.