Common use of Occurrence of Change Clause in Contracts

Occurrence of Change. 4.5.1 Subject to paragraph 10, for the purposes of this Schedule, a change in a Variable Assumption or a Termination Assumption shall be regarded as having occurred if: (a) without prejudice to sub-paragraphs (b) to (d) (inclusive) below, the Lessor determines such Variable Assumption or Termination Assumption is incorrect; (b) any statute or statutory instrument embodying such change becomes law or if earlier when HM Government or other regulatory body makes an official announcement of a change even though such change will only take effect in the future and a Cash Flow prepared, in such a case and at that time, shall immediately take into account all changes so embodied or announced provided that a further change shall be regarded as having occurred if, following an announcement of a change, such change is not implemented in accordance with such announcement; (c) the Lessor receives a determination, decision, assessment, notice or other written communication from any Tax Authority from which it appears that any matter relating to or affecting any Variable Assumption or Termination Assumption is being disputed by such Tax Authority, regardless of any right or decision to dispute, challenge or appeal the same (but without prejudice to the terms of the Tax Contest Letter) and, in the reasonable opinion of the Lessor, such dispute cannot be resolved promptly by negotiation with such Tax Authority on a basis which would confirm the correctness of such Variable Assumption or Termination Assumption provided that a further change shall be deemed to occur depending on the final outcome of any such dispute, challenge or appeal concerning the disputed matter; and