Common use of CHANGE IN CONSTITUTION Clause in Contracts

CHANGE IN CONSTITUTION. In the event there is any change in constitution of the Purchaser company due to amalgamation, merger, de-merger, takeover, court order or change in ownership/shareholding pattern etc., in this regard, the Purchaser shall give a written notice to the Seller within thirty (30) days of such change taking effect, along with the supporting documents/information seeking continuation of this Agreement with respect to the said change. Within sixty (60) days thereafter, the Seller shall verify the said documents/information submitted by the Purchaser/resultant company in respect of compliance with in the Office Memorandum of the MOC dated April 7, 2015 and/or any other directive/guideline as may be issued by the MOC in this regard and arrive at a decision. Subject to the Seller‟s satisfaction in this regard, an amendment agreement/novation agreement shall be entered into between the Seller, the Purchaser and the resultant company, as applicable, failing which the Seller shall have a right to suspend supply of Coal as per Clause 15 of this Agreement and other provisions set out in Clause 15.5 and Clause 18.2 shall accordingly also apply.

CHANGE IN CONSTITUTION. In the event there is any change in constitution of the Purchaser company due to amalgamation, merger, de-merger, takeover, court order or change in ownership/shareholding pattern etc., in this regard, the Purchaser shall give a written notice to the Seller within thirty (30) days of such change taking effect, along with the supporting documents/information seeking continuation of this Agreement with respect to the said change. Within sixty (60) days thereafter, the Seller shall verify the said documents/information submitted by the Purchaser/resultant company in respect of compliance with in the Office Memorandum of the MOC dated April 7, 2015 and/or any other directive/guideline as may be issued by the MOC in this regard and arrive at a decision. Subject to the Seller‟s Seller’s satisfaction in this regard, an amendment agreement/novation agreement shall be entered into between the Seller, the Purchaser and the resultant company, as applicable, failing which the Seller shall have a right to suspend supply of Coal as per Clause 15 of this Agreement and other provisions set out in Clause 15.5 and Clause 18.2 shall accordingly also apply.