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:<br> | ||
::'''{{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;<br> | ||
::'''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}} <br> | ||
: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> | ||
Revision as of 14:20, 4 October 2022
- (1) If before the Delivery Date the European Community officially discontinues the Scheme either party may terminate the 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 6(e).
- (2) Upon such a termination:
- Forwards and Calls: Delivering Party must promptly refund any amount Receiving Party has paid under Forwards and Calls;
- Puts: Receiving Party must promptly refund any amounts Delivering Party paid under a Put
- Forwards and Calls: Delivering Party must promptly refund any amount Receiving Party has paid under Forwards and Calls;
- together with interest from the payment date to termination date, at the prevailing overnight deposit rate in the interbank market.