CONSEQUENCES OF QUALIFYING CHANGE IN LAW Sample Clauses

The "Consequences of Qualifying Change in Law" clause defines the actions and adjustments required when a change in law significantly affects the parties' rights or obligations under a contract. Typically, this clause outlines procedures for notifying the other party, renegotiating terms, or adjusting prices, timelines, or responsibilities to reflect the impact of the new legal requirements. Its core function is to ensure that both parties are protected and can adapt fairly to unforeseen legal changes, thereby reducing the risk of disputes or contract frustration due to regulatory shifts.
CONSEQUENCES OF QUALIFYING CHANGE IN LAW. 12.1.1 If a Qualifying Change in Law occurs, then within 90 (Ninety) Days of its occurrence either Party may notify the other expressing its opinion on its likely effects, giving details of its opinion of: (a) any necessary change in the O&M or in the Services to be performed; (b) whether any changes are required to the terms of this Agreement to deal with such Qualifying Change in Law; (c) whether relief from compliance with obligations is required, including the obligation of the Operator to meet the KPIs, on occurrence of any relevant Qualifying Change in Law; (d) any increase in costs or delay that will result from the Qualifying Change in Law; (e) any capital expenditure that is required or no longer required as a result of a Qualifying Change in Law taking effect during the Services Period; and (f) in each case giving in full detail the procedure for implementing the change in the O&M or in performance of the Services. A Party suffering from a Qualifying Change in Law shall not be entitled to claim any relief under this Article 12.1 unless it has served the notice within the time period set out above. 12.1.2 As soon as practicable after receipt of any notice from either Party under Article 12.1.1 above, the Parties shall discuss and attempt to agree the issues referred therein and any ways in which the Operator can mitigate the effect of the Qualifying Change in Law, including: (a) providing evidence that the Operator has used reasonable endeavors to minimize any increase in costs and maximize any reduction in costs; (b) demonstrating to the Authority that the Qualifying Change in Law is the direct and primary cause of the increase in costs and/or delay and the estimated increase in costs or delay could not reasonably be expected to be mitigated or recovered by the Operator; and (c) demonstrating that any expenditure which was anticipated to be incurred to replace or maintain assets that have been affected by the Qualifying Change in Law, has been taken into account in the amount stated in its opinion presented under Article 12. 12.1.3 If the Parties have complied with Articles 12.1.1 and 12.1.2 and the Parties mutually agree or it is determined by the Independent Expert or Independent Auditor in accordance with Article 18.1.2 that the Operator is required to incur additional capital expenditure or the Operator has suffered any increase in costs due to a Qualifying Change in Law, then the Operator shall (subject to the provisions of this Article 12.1...
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CONSEQUENCES OF QUALIFYING CHANGE IN LAW. If a Qualifying Change in Law occurs or is shortly to occur, then a Party may notify the other Parties expressing its opinion on the likely effects of the Qualifying Change in Law, giving details of its opinion on whether:
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CONSEQUENCES OF QUALIFYING CHANGE IN LAW. 2.1 If a Qualifying Change in Law occurs, then the Operator shall notify the Authority and the Technical Auditor of such Qualifying Change in Law along with details of: a) any necessary change in the Agreed SIP, Agreed THP, O&M Plan, O&M Manual or the Technical Specifications or Performance Standards on the basis of which construction & rehabilitation works and O&M services are required to be undertaken for the Project Facilities; b) any changes that are required to the terms of this Agreement to deal with such Qualifying Change in Law c) any extension of the Scheduled TCD or Scheduled SPCD or Scheduled Progressive Handover Date or scheduled date of commissioning of a DMA or any scheduled payment date, to account for the delay, if any, resulting from the Qualifying Change in Law; and/or
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CONSEQUENCES OF QUALIFYING CHANGE IN LAW. 11.1.1 If a Qualifying Change in Law occurs, then within ninety (90) Days of its occurrence, either Party may notify the other, expressing its opinion on its likely effects, giving details of its opinion of:
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Related to CONSEQUENCES OF QUALIFYING CHANGE IN LAW

  • Change in Laws If the Lender shall determine that any change in any applicable law, regulation or guideline (including, without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or any new law, regulation or guideline, or any interpretation of any of the foregoing by any governmental authority charged with the administration thereof or any central bank or other fiscal, monetary or other authority having jurisdiction over the Lender (whether or not having the force of law), shall: (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against the Letters of Credit, or the Lender's or the Company's liability with respect thereto; or (ii) impose on the Lender any penalty with respect to the foregoing or any other condition regarding this Agreement, the Applications or the Letters of Credit; and the Lender shall determine that the result of any of the foregoing is to increase the cost (whether by incurring a cost or adding to a cost) to the Lender of issuing or maintaining the Letters of Credit hereunder (without benefit of, or credit for, any prorations, exemptions, credits or other offsets available under any such laws, regulations, guidelines or interpretations thereof), then the Company shall pay on demand to the Lender from time to time as specified by the Lender such additional amounts as the Lender shall determine are sufficient to compensate and indemnify it for such increased cost. If the Lender makes such a claim for compensation, it shall provide the Company a certificate setting forth the computation of the increased cost as a result of any event mentioned herein in reasonable detail and such certificate shall be conclusive if reasonably determined (absent manifest error).

  • Change in Law To the extent that a change in Delaware law (whether by statute or judicial decision) shall permit broader indemnification or advancement of expenses than is provided under the terms of the By-laws and this Agreement, Indemnitee shall be entitled to such broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent.

  • No Change in Law Purchaser shall not have determined that the introduction of or a change in any Requirement of Law or in the interpretation or administration of any Requirement of Law has made it unlawful, and no Governmental Authority shall have asserted that it is unlawful, for Purchaser to enter into Transactions.

  • Relief for Change in Law 12.2.1 The aggrieved Party shall be required to approach the Appropriate Commission for seeking approval of Change in Law. 12.2.2 The decision of the Appropriate Commission to acknowledge a Change in Law and the date from which it will become effective, provide relief for the same, shall be final and governing on both the Parties.

  • Deferral Pending Change in Control The obligation of the Company to prepay Notes pursuant to the offers required by subparagraph (b) and accepted in accordance with subparagraph (d) of this Section 8.7 is subject to the occurrence of the Change in Control in respect of which such offers and acceptances shall have been made. In the event that such Change in Control does not occur on the Proposed Prepayment Date in respect thereof, the prepayment shall be deferred until and shall be made on the date on which such Change in Control occurs. The Company shall keep each holder of Notes reasonably and timely informed of (i) any such deferral of the date of prepayment, (ii) the date on which such Change in Control and the prepayment are expected to occur, and (iii) any determination by the Company that efforts to effect such Change in Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section 8.7 in respect of such Change in Control shall be deemed rescinded).