EFFECTIVENESS OF THIS CONTRACT. This Contract is conditional upon and shall become effective only after receipt by the Bank, in a form and substance acceptable to the Bank, of: (a) the legal opinion of the Minister of Justice of the Borrower pursuant to Article 1.04A(a), and (b) a favourable opinion of the European Commission in respect of the Credit in accordance with Statute of the Bank. This Contract shall not become effective until the Bank sends to the Borrower a letter confirming fulfilment of the above mentioned conditions and providing the date that this Contract becomes effective (the “Date of Effectiveness”), and such letter shall be conclusive evidence that this Contract has become effective. For the avoidance of doubt, until such time as such letter has been issued by the Bank, neither the Borrower nor the Bank shall have any claims against each other or have any liability whatsoever under or in connection with this Contract. In case the above mentioned conditions are not fulfilled within 24 (twenty-four) months from the date of signature of this Contract, this Contract shall not enter into force without any further action being necessary or required.
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Sources: Finance Contract, Finance Contract