Impact of Regulatory Changes Clause Samples

The "Impact of Regulatory Changes" clause defines how a contract will adapt if relevant laws or regulations change during its term. Typically, this clause allows either party to request amendments to the agreement to ensure ongoing compliance, or in some cases, to terminate the contract if compliance becomes impossible or unduly burdensome. Its core function is to allocate risk and provide a clear process for addressing unforeseen legal developments, thereby protecting both parties from the negative consequences of regulatory shifts.
Impact of Regulatory Changes. Notwithstanding anything in this Part III to the contrary, Defendants shall not be required to comply with any provision of this Part III should Congress, the Department of Labor, or any other applicable regulatory or self-regulatory body impose substantive requirements that render such compliance unduly burdensome, whether through statute, regulation, guidance, or otherwise (“Regulatory Change”). Defendants shall have the right, at their sole option, to modify any of the commitments described in Sections 3.2 or 3.3 following such a Regulatory Change; provided, however, that, in the event of a Regulatory Change that affects only certain of the provisions of this Part III, Defendants shall be required to continue to comply with all other provisions of Part III that are not affected by the Regulatory Change. In the event of a Regulatory Change, (i) Defendants shall notify Class Counsel about the change and Defendants’ resulting modification, and (ii) Defendants’ compliance with the new regulatory requirements and/or guidance shall be deemed compliant with the terms of this Agreement.
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Impact of Regulatory Changes. 23 (a) Notwithstanding anything in this Part III to the contrary, Defendants shall 24 not be required to comply with any provision of this Part III should Congress, the 25 Department of Labor, or any other applicable regulatory or self-regulatory body impose 26 substantive requirements that render such compliance unlawful, whether through statute, 27 regulation, guidance, or otherwise (“Regulatory Change”).
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Impact of Regulatory Changes. BNZ is subject to financial services laws, regulations, administrative actions and policies in the locations in which it, its parent group and their funding sources operate. Changes in supervision and regulation could materially affect BNZ’s business, the products and services offered or the value of its assets. Although BNZ works closely with its regulators and continually monitors the situation, future changes in regulation, fiscal or other policies can be unpredictable and are beyond the control of BNZ. Governments and other industry participants globally are undertaking a significant amount of further analysis on the underlying factors contributing to recent financial market disturbance and considering possible regulatory and industry responses. Any such regulatory responses implemented may increase the regulatory risk associated with the financial services industry generally and have an impact on the respective operations of BNZ. Governmental and regulatory authorities in New Zealand are implementing measures to increase regulatory control in their respective banking sectors, including imposing enhanced capital requirements or imposing conditions on direct capital injections, funding and liquidity. Such regulatory changes and any future regulatory changes may potentially restrict or interfere with the operations of BNZ and its subsidiaries in the relevant jurisdictions, mandate certain lending activity and impose other compliance costs. It is uncertain how the more onerous regulatory climate will impact financial institutions, including BNZ. BNZ faces competition from both existing financial service providers and new entrants. Customers are able to choose from a number of providers in all of the areas of financial services provided by BNZ, including the residential lending market. Risks that may affect BNZ’s ability to obtain new customers and retain existing customers, thereby affecting the profitability of BNZ, include, but are not limited to, the relative position of BNZ against its competitors in the: (a) pricing and performance of products and services; (b) convenience and ease of access to products and services; (c) level and efficiency of service provided; and (d) ability to develop new products and services to meet the changing needs of customers. Various actions, disputes, arbitrations and legal proceedings, arising from the normal course of business to which members of the BNZ Group are a party, are presently pending. As at the date of this ...
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Related to Impact of Regulatory Changes

  • Regulatory Changes If any legislative, regulatory, judicial or other legal action (other than an Amendment to the Act, which is provided for in Section 29.3) materially affects the ability of a Party to perform any material obligation under this Agreement, a Party may, on thirty (30) days written notice to the other Party (delivered not later than thirty (30) days following the date on which such action has become legally binding), require that the affected provision(s) be renegotiated, and the Parties shall renegotiate in good faith such mutually acceptable new provision(s) as may be required; provided that such affected provisions shall not affect the validity of the remainder of this Agreement.

  • Regulatory Change Without limiting the effect of the provisions of Section 5.01(a), in the event that at any time (by reason of any Regulatory Change or any other circumstances arising after the Closing Date affecting (i) any Lender, (ii) the London interbank market or (iii) such Lender’s position in such market), the Adjusted LIBOR, as determined in good faith by such Lender, will not adequately and fairly reflect the cost to such Lender of funding its LIBOR Loans, then, if such Lender so elects, by notice to the Borrower and the Administrative Agent, the obligation of such Lender to make additional LIBOR Loans shall be suspended until such Regulatory Change or other circumstances ceases to be in effect (in which case the provisions of Section 5.04 shall be applicable).

  • STATUTORY CHANGES All references to sections of the Exchange Act or the Code shall be deemed also to refer to any successor provisions to such sections.

  • Policy Changes If the plan, the amount of reinsurance or the premiums of a Reinsured Policy are changed, the company will promptly inform the Reinsurer. Whenever a Reinsured Policy is changed and the COMPANY'S UNDERWRITING RULES DO NOT REQUIRE that full evidence be obtained, the reinsurance will remain in effect with the Reinsurer. The suicide, contestability and recapture period applicable to the original Reinsured Policy will apply to the reissued Reinsured Policy and the duration will be measured from the effective date of the original Reinsured Policy. Whenever any Reinsured Policy is changed and the COMPANY'S UNDERWRITING RULES REQUIRE that full evidence be obtained, the change will be subject to the Reinsurer's approval, if: 6.2.1 The new amount of the Reinsured Policy would be in excess of the Automatic Acceptance Limit, in effect at the time of the change, as set out in Exhibit E; or 6.2.2 The new amount of the policy and the amount already in force on the same life exceeds the Jumbo Limit stated in Exhibit E; or 6.2.3 The Reinsured Policy is on a facultative basis. The amount of any non-contractual increase will be subject to the terms stated in Exhibit C. The Company will report the details of all changes according to the terms outlined in Exhibit F, Reinsurance Reports. For changes not covered under this Agreement, which affect the terms of any Reinsured Policy, the Company must obtain the Reinsurer's approval before such changes become effective.

  • REQUIRED REGULATORY PROVISIONS (a) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) (12 U.S.C. §1818(e)(3)) or 8(g)(1) (12 U.S.C. §1818(g)(1)) of the Federal Deposit Insurance Act (“FDIA”), as amended by the Financial Institutions Reform, Recovery and Enforcement Act of 1989, the Bank’s obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the Base Salary or other compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. (b) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) (12 U.S.C. §1818(e)(4)) or 8(g)(1) (12 U.S.C. §1818(g)(1)) of the FDIA, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. (c) If the Bank is in default as defined in Section 3(x)(1) (12 U.S.C. §1813(x)(1)) of the FDIA, all obligations under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. (d) All obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank, (i) by the Director of the Office of Thrift Supervision (“OTS”) or a designee, at the time the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) (12 U.S.C. §1823(c)) of the FDIA; or (ii) by the Director of OTS or a designee at the time the Director of OTS or a designee approves a supervisory merger to resolve problems related to operations of the Bank or when the Bank is determined by the Director of OTS or a designee to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. (e) Notwithstanding anything herein contained to the contrary, any payments to Executive by the Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the FDIA, 12 U.S.C. § 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. (f) Notwithstanding anything herein to the contrary, payments to or for the benefit of Executive hereunder shall not exceed three times Executive’s annual average compensation for the five most recent taxable years, within the meaning of Section 310 of the Office of Thrift Supervision Examination Handbook. (g) Notwithstanding anything else in this Agreement to the contrary, Executive’s employment shall not be deemed to have been terminated unless and until Executive has a Separation from Service within the meaning of Code Section 409A. For purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by Executive after the Date of Termination (whether as an employee or as an independent contractor) or the level of further services performed is less than 50% of the average level of bona fide services in the thirty-six (36) months immediately preceding the termination. For all purposes hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). (h) Notwithstanding the foregoing, in the event the Executive is a Specified Employee (as defined herein), then, solely, to the extent required to avoid penalties under Code Section 409A, the Executive’s payments shall be delayed until the first day of the seventh month following the Executive’s Separation from Service. A “Specified Employee” shall be interpreted to comply with Code Section 409A and shall mean a key employee within the meaning of Code Section 416(i) (without regard to paragraph 5 thereof), but an individual shall be a “Specified Employee” only if the Bank or Company is or becomes a publicly traded company.