Common use of ADVERSE CHANGE DEFAULT Clause in Contracts

ADVERSE CHANGE DEFAULT. There shall have occurred a change of law or of any regulation having the force of law which has a Material Adverse Effect; or it shall have become unlawful for the Company, Cyprus Amax, Cyprus Gold, any Shareholder or the Contractor to perform any material obligation under this Agreement, any other Financing Agreement or any Project Agreement; or there shall have occurred any action by any governmental body or agency or any enactment, modification or change in the interpretation of any law, de, order or regulation which restricts or prohibits in any material way the perform by the Company, Cyprus Amax, Cyprus Gold, any Shareholder or the Contractor of their respective obligations under this Agreement, any other Financing Agreement or any Project Agreement; or there shall have occurred a change in the political or economic situation in the Russian Federation or other adverse change in circumstances or in the business situation of the Company, any Shareholder or the Contractor which, in the reasonable opinion of the Bank, has a Material Adverse Effect.

ADVERSE CHANGE DEFAULT. There shall have occurred a change of law or of any regulation having the force of law which has a Material Adverse Effect; or it shall have become unlawful for the Company, Cyprus Amax, Cyprus Gold, any Shareholder or the Contractor to perform any material obligation under this Agreement, any other Financing Agreement or any Project Agreement; or there shall have occurred any action by any governmental body or agency or any enactment, modification or change in the interpretation of any law, dedecree, order or regulation which restricts or prohibits in any material way the perform performance by the Company, Cyprus Amax, Cyprus Gold, any Shareholder or the Contractor of their respective obligations under this Agreement, any other Financing Agreement or any Project Agreement; or there shall have occurred a change in the political or economic situation in the Russian Federation or other adverse change in circumstances or in the business situation of the Company, any Shareholder or the Contractor which, in the reasonable opinion of the BankOPIC, has a Material Adverse Effect.