Common use of Significant Change in Circumstances Clause in Contracts

Significant Change in Circumstances. For purposes of this agreement, a significant change in circumstances includes-- (A) An acquisition of all, or substantially all, of a participating FFI's assets in any transaction in which the participating FFI is not the surviving legal entity; (B) A change in U.S. federal law that affects the validity of any provision of this agreement, materially affects the provisions contained in this agreement, or materially affects the participating FFI's ability to perform its obligations under this agreement; (C) A ruling of any court that materially affects the validity of any provision of this agreement; (D) A case in which a participating FFI (other than a reporting Model 2 FFI) maintains a limited branch that cannot fulfill the requirements for participating FFI or deemed-compliant FFI status after the expiration of the transitional rule for limited branches under §1.1471-4(e)(2)(v) or a participating FFI (other than a reporting Model 2 FFI) is a member of an expanded affiliated group that includes a limited FFI after the expiration of the transitional rule for limited FFIs under §1.1471-4(e)(3)(iv); and (E) A significant change in a participating FFI's business practices or applicable foreign law that materially affects the participating FFI's ability to meet its obligations under this agreement.

Significant Change in Circumstances. For purposes of this agreement, a significant change in circumstances includes-- (A) An acquisition of all, or substantially all, of a participating FFI's assets in any transaction in which the participating FFI is not the surviving legal entity; (B) A change in U.S. federal law or policy, or applicable foreign law or policy, that affects the validity of any provision of this agreement, materially affects the provisions contained in this agreement, or materially affects the participating FFI's ability to perform its obligations under this agreement; (C) A ruling of any court that materially affects the validity of any provision of this agreement; (D) A case in which a participating FFI (other than a reporting Model 2 FFI) maintains a limited branch that cannot fulfill the requirements for participating FFI or deemed-compliant FFI status after the expiration of the transitional rule for limited FFIs and limited branches under §1.1471-4(e)(2)(v) or a participating FFI (other than a reporting Model 2 FFI) is a member of an expanded affiliated group that includes a limited FFI after the expiration of the transitional rule for limited FFIs under §1.1471-4(e)(3)(iv); anda (E) A significant change in a participating FFI's business practices or applicable foreign law that materially affects the participating FFI's ability to meet its obligations under this agreement.