Template:Nutshell EUA Annex Abandonment of Scheme: Difference between revisions
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{{euaprov|(d)(iv)}} '''{{euaprov|Abandonment of Scheme}}''' <br> | {{euaprov|(d)(iv)}} '''{{euaprov|Abandonment of Scheme}}''' <br> | ||
:(1) If before the {{euaprov|Delivery Date}} the {{euaprov|European Community}} officially discontinues the {{euaprov|Scheme}} either party may terminate the {{euaprov|Transaction}} by notice, there will be no further delivery or payment obligations (other than payments due for already-performed deliveries) and no payments will be due under Section {{isdaprov|6(e)}}. <br> | :(1) If before the {{euaprov|Delivery Date}} the {{euaprov|European Community}} officially discontinues the {{euaprov|Scheme}} either party may terminate the {{euaprov|Transaction}} by notice, there will be no further delivery or payment obligations (other than payments due for already-performed deliveries) and no payments will be due under Section {{isdaprov|6(e)}}. <br> | ||
:(2) Upon such a termination: | :(2) Upon such a termination: | ||
::'''{{euaprov|Forward}}s and {{euaprov|Call}}s''': {{euaprov|Delivering Party}} must promptly refund any amount {{euaprov|Receiving Party}} has paid under {{euaprov|Forward}}s and {{euaprov|Call}}s; | ::'''{{euaprov|Forward}}s and {{euaprov|Call}}s''': {{euaprov|Delivering Party}} must promptly refund any amount {{euaprov|Receiving Party}} has paid under {{euaprov|Forward}}s and {{euaprov|Call}}s; | ||
::'''Puts''': {{euaprov|Receiving Party}} must promptly refund any amounts {{euaprov|Delivering Party}} paid under a {{euaprov|Put}} | ::'''Puts''': {{euaprov|Receiving Party}} must promptly refund any amounts {{euaprov|Delivering Party}} paid under a {{euaprov|Put}} | ||
:together with interest from the payment date to termination date, at the prevailing overnight deposit rate in the interbank market. <br> | :together with interest from the payment date to termination date, at the prevailing overnight deposit rate in the interbank market. <br> |