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Template:IETA Master Agreement 13.2: Difference between revisions
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{{ietaprov|13.2}} '''{{ietaprov|Force Majeure Termination Payment}}'''. If an FM Affected {{ietaprov|Transaction}} is terminated in accordance with Clause {{ietaprov|13.1}} ({{ietaprov|Force Majeure}} and {{ietaprov|Suspension Event}}), the Parties’ corresponding {{ietaprov|Transfer}} and acceptance obligations shall be released and discharged and the {{ietaprov|Force Majeure}} termination payment to be made between the Parties (if any) shall be calculated in accordance with paragraph (a), (b) or (c) below, as selected by the Parties in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’).<br> | {{ietaprov|13.2}} '''{{ietaprov|Force Majeure Termination Payment}}'''. If an FM Affected {{ietaprov|Transaction}} is terminated in accordance with Clause {{ietaprov|13.1}} ({{ietaprov|Force Majeure}} and {{ietaprov|Suspension Event}}), the Parties’ corresponding {{ietaprov|Transfer}} and acceptance obligations shall be released and discharged and the {{ietaprov|Force Majeure}} termination payment to be made between the Parties (if any) shall be calculated in accordance with paragraph (a), (b) or (c) below, as selected by the Parties in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’).<br> | ||
:{{ietaprov|13.2(a)}} No {{ietaprov|Termination Payment}}. No {{ietaprov|Force Majeure}} termination payment shall be made between Parties; provided, however, that the obligation to pay any {{ietaprov|Unpaid Amounts}} shall survive the termination of the {{ietaprov|FM Affected Transaction}}.<br> | :{{ietaprov|13.2(a)}} No {{ietaprov|Termination Payment}}. No {{ietaprov|Force Majeure}} termination payment shall be made between Parties; provided, however, that the obligation to pay any {{ietaprov|Unpaid Amounts}} shall survive the termination of the {{ietaprov|FM Affected Transaction}}.<br> | ||
:{{ietaprov|13.2(c)}} Two-way Loss {{ietaprov|Termination Payment}}. Each Party will determine its {{ietaprov|Loss}} in respect of the FM Affected {{ietaprov|Transaction}} and an amount will be payable in the Termination Currency equal to one half of the difference between the {{ietaprov|Loss}} of the Party with the higher {{ietaprov|Loss}} (“X”) and the {{ietaprov|Loss}} of the Party with the lower {{ietaprov|Loss}} (“Y”). If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of such amount to Y.<br> | |||