Template:Nutshell EUA Annex (d)(i)(4): Difference between revisions

:(A) '''Notification''': Either party may notify the other party in writing of a {{euaprov|Settlement Disruption Event}} and the impacted {{isdaprov|Transaction}}s. If the affected party is the one giving notice, it must also give details of the {{euaprov|Settlement Disruption Event}} and a non-binding estimate of the extent and expected duration of its resultant inability to perform.

:(B) '''Effect''': Upon a {{euaprov|Settlement Disruption Event}} both parties’ olibgations will be suspended, subject to {{euaprov|Continuing Settlement Disruption Event}} below, until the {{euaprov|Settlement Disruption Event}} is no longer preventing settlement. During the {{euaprov|Settlement Disruption Event}}, the affected party must continue to use all reasonable endeavours to overcome it.  

:(C) '''Delayed Performance''': Subject to {{euaprov|Continuing Settlement Disruption Event}} below, once the {{euaprov|Settlement Disruption Event}} no longer prevents settlement, both parties must, promptly and within two {{euaprov|Delivery Business Day}}s, resume their obligations under the relevant {{isdaprov|Transaction}}s.

::(II) for the period ending on a {{euaprov|Reconciliation Deadline}} falling on after the originally scheduled {{euaprov|Delivery Date}}; or, if shorter:

::(III) for the period ending on the day 3 {{euaprov|Delivery Business Day}}s before the {{euaprov|End of Phase Reconciliation Deadline}} falling on or after the originally scheduled {{euaprov|Delivery Date}},

:then at the end of the relevant period, an {{isdaprov|Illegality}} will occur where the relevant {{isdaprov|Transaction}} is the sole {{isdaprov|Affected Transaction}}, both parties are {{isdaprov|Affected Parties}}, no {{isdaprov|Waiting Period}} will apply and, if an {{isdaprov|Early Termination Date}} results, then, when determining the {{isdaprov|Early Termination Amount}} if “{{euaprov|Payment on Termination for Settlement Disruption}}” applies, the suspended obligations will resume on the {{isdaprov|Early Termination Date}}, and if it does not, the parties will have no further obligations after the {{euaprov|Settlement Disruption Event}} (other than in respect of any {{isdaprov|Unpaid Amounts}}); provided that:

::(i) {{euaprov|Delivering Party}} must promptly refund to {{euaprov|Receiving Party}} any amount {{euaprov|Receiving Party}} paid under any {{euaprov|Allowance Forward Transaction}} or {{euaprov|Call}}; and  

::(ii) {{euaprov|Receiving Party}} must promptly refund to {{euaprov|Delivering Party}} any amount {{euaprov|Delivering Party}} paid under a {{euaprov|Put}}  

::other than in respect of delivered {{euaprov|Allowance}}s, together with interest from the payment date until the date of termination of the {{isdaprov|Transaction}} at the overnight deposit rate for the relevant currency.