Common use of CHANGE OF LAW EVENT Clause in Contracts

CHANGE OF LAW EVENT. The Borrower shall promptly inform the Bank if a Change-of-Law Event has occurred or is likely to occur. In such case, or if the Bank has reasonable cause to believe that a Change-of-Law Event has occurred or is about to occur, the Bank may request that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank’s request. If, after the lapse of 30 (thirty) days from the date of such request for consultation, the Bank is of the opinion that: (a) such Change-of-Law Event would materially impair the Borrower’s ability to perform its obligations under this Contract, and (b) the effects of the Change-of-Law Event cannot be mitigated to its satisfaction, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. For the purposes of this Article "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation), or the imposition of any Sanctions, that occurs after the date of this Contract and which could impair the Borrower's ability to perform its obligations under this Contract.

CHANGE OF LAW EVENT. The Borrower shall promptly inform the Bank if a Change-of-Law Event has occurred or is likely to occur. In such case, or if the Bank has reasonable cause to believe that a Change-of-Law Event has occurred or is about to occur, the Bank may request that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank’s request. If, after the lapse of 30 (thirty) days from the date of such request for consultation, consultation the Bank is of the opinion that: (a) such Change-of-Law Event would materially impair the Borrower’s ability to perform its obligations under this Contract, Contract or the Promoter’s ability to perform its obligations under the Technical Side Letter; and (b) the effects of the Change-of-Law Event cannot be mitigated to its satisfaction, the Bank may may, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. For the purposes of this Article "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation), or the imposition of any Sanctions, that occurs after the date of this Contract and which could materially impair the Borrower's ability to perform its obligations under this ContractContract or the Promoter’s ability to perform its obligations under the Technical Side Letter (as applicable).

CHANGE OF LAW EVENT. The Borrower shall promptly inform the Bank if a Change-of-Law Event has occurred or is likely to occur. In such case, or if the Bank has reasonable cause to believe that a Change-of-Law Event has occurred or is about to occur, the Bank may request that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank’s request. If, after the lapse of 30 (thirty) days from the date of such request for consultation, the Bank is of the opinion that: (a) such Change-of-Law Event would materially impair the Borrower’s ability to perform its obligations under this Contract, and (b) the effects of the Change-of-Law Event cannot be mitigated to its satisfaction, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. For the purposes of this Article "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation), or the imposition of any Sanctions, that occurs after the date of this Contract and which could materially impair the Borrower's ability to perform its obligations under this Contract.

CHANGE OF LAW EVENT. The Borrower shall promptly inform the Bank if a Change-of-Law Event has occurred or is likely to occur. In such case, or if the Bank has reasonable cause to believe that a Change-of-Law Event has occurred or is about to occur, the Bank may request that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank’s request. If, after the lapse of 30 (thirty) days from the date of such request for consultation, the Bank is of the opinion that: (a) : such Change-of-Law Event would materially impair the Borrower’s ability to perform its obligations under this Contract, and (b) the effects of the Change-of-Law Event cannot be mitigated to its satisfaction, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. For the purposes of this Article "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation), or the imposition of any Sanctions, that occurs after the date of this Contract and which could impair the Borrower's ability to perform its obligations under this Contract. Illegality EVENT Upon becoming aware of an Illegality Event: the Bank shall promptly notify the Borrower, and the Bank may immediately (A) suspend or cancel the undisbursed portion of the Credit, and/or (B) demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract on the date indicated by the Bank in its notice to the Borrower. For the purposes of this Article, "Illegality Event" means that: it becomes unlawful in any applicable jurisdiction, or it becomes or is likely to become contrary to any Sanctions, for the Bank to: perform any of its obligations as contemplated in this Contract; or fund or maintain the Loan; or the Framework Agreement is or is likely to be: repudiated by the Republic of Serbia or not binding on the Republic of Serbia in any respect; not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance with its terms; breached by the Republic of Serbia, in that any obligation assumed by the Republic of Serbia under the Framework Agreement ceases to be fulfilled as regards any financing made to any borrower in the territory of the Republic of Serbia from the resources of the Bank, or the EU; or not applicable to the Project or the rights of the Bank under the Framework Agreement cannot be enforced in respect of the Project. in respect of the EFSD+ DIW1 Guarantee: it is no longer valid or in full force and effect; the conditions for cover thereunder are not fulfilled; it is not effective in accordance with its terms or is alleged to be ineffective in accordance with its terms; or the Republic of Serbia ceases to be an eligible country pursuant to the NDICI-GE Regulation, the IPA III Regulation, or any other applicable law or instrument governing EFSD+.

CHANGE OF LAW EVENT. The Borrower shall promptly inform the Bank if a Change-of-Law Event has occurred or is likely to occur. In such case, or if the Bank has reasonable cause to believe that a Change-of-Law Event has occurred or is about to occur, the Bank may request that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank’s request. If, after the lapse of 30 (thirty) days from the date of such request for consultation, consultation the Bank is of the opinion that: (a) such Change-of-Law Event would materially impair the Borrower’s ability to perform its obligations under this Contract, ; and (b) the effects of the Change-of-Law Event cannot be mitigated to its satisfaction, the Bank may may, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. For the purposes of this Article "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation), or the imposition of any Sanctions, that occurs after the date of this Contract and which could materially impair the Borrower's ability to perform its obligations under this Contract.

CHANGE OF LAW EVENT. The Borrower shall promptly inform the Bank if a Change-of-Law Event has occurred or is likely to occur. In such case, or if the Bank has reasonable cause to believe that a Change-of-Law Event has occurred or is about to occur, the Bank may request that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank’s request. If, after the lapse of 30 (thirty) days from the date of such request for consultation, consultation the Bank is of the opinion that: (a) : such Change-of-Law Event would materially impair the Borrower’s ability to perform its obligations under this Contract, Contract or the Promoter’s ability to perform its obligations under the Technical Side Letter; and (b) the effects of the Change-of-Law Event cannot be mitigated to its satisfaction, the Bank may may, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. For the purposes of this Article "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation), or the imposition of any Sanctions, that occurs after the date of this Contract and which could materially impair the Borrower's ability to perform its obligations under this ContractContract or the Promoter’s ability to perform its obligations under the Technical Side Letter (as applicable). Illegality EVENT Upon becoming aware of an Illegality Event: the Bank shall promptly notify the Borrower, and the Bank may, immediately (A) suspend or cancel the undisbursed portion of the Credit, and/or (B) demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract on the date indicated by the Bank in its notice to the Borrower. For the purposes of this Article, "Illegality Event" means that: it becomes unlawful in any applicable jurisdiction, or it becomes or is likely to become contrary to any Sanctions, for the Bank to: perform any of its obligations as contemplated in this Contract and/or the Technical Side Letter; or fund or maintain the Loan; or the Framework Agreement is or is likely to be: repudiated by the Republic of Serbia or not binding on the Republic of Serbia in any respect; not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance with its terms breached by the Republic of Serbia, in that any obligation assumed by the Republic of Serbia under the Framework Agreement ceases to be fulfilled as regards any financing made to any borrower in the territory of the Republic of Serbia from the resources of the Bank, or the EU; or not applicable to the Project or the rights of the Bank under the Framework Agreement cannot be enforced in respect of the Project. in respect of the EFSD+ DIW1 Guarantee: it is no longer valid or in full force and effect; the conditions for cover thereunder are not fulfilled; it is not effective in accordance with its terms or is alleged to be ineffective in accordance with its terms; or the Republic of Serbia ceases to be an eligible country pursuant to the NDICI-GE Regulation, the IPA III Regulation, or any other applicable law or instrument governing EFSD+.

CHANGE OF LAW EVENT. The Borrower shall promptly inform the Bank if a Change-of-Law Event has occurred or is likely to occur. In such case, or if the Bank has reasonable cause to believe that a Change-Change- of-Law Event has occurred or is about to occur, the Bank may request that the Borrower consult with it. Such consultation shall take place within 30 (thirty) days from the date of the Bank’s request. If, after the lapse of 30 (thirty) days from the date of such request for consultation, consultation the Bank is of the opinion that: (a) such Change-of-Law Event would materially impair the Borrower’s ability to perform its obligations under this Contract, ; and (b) the effects of the Change-of-Law Event cannot be mitigated to its satisfaction, the Bank may may, by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract. The Borrower shall effect payment of the amount demanded on the date specified by the Bank, such date being a date falling not less than 30 (thirty) days from the date of the demand. For the purposes of this Article "Change-of-Law Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation), or the imposition of any Sanctions, that occurs after the date of this Contract and which could materially impair the Borrower's ability to perform its obligations under this Contract.