Disruption Event means Clause Samples
The 'Disruption Event' clause defines specific circumstances under which normal contractual obligations may be interrupted or rendered temporarily impossible due to external factors. Typically, this clause outlines what constitutes a disruption event, such as market closures, system failures, or other unforeseen events that prevent the parties from performing as agreed. By clearly identifying these events, the clause provides a framework for how the parties should respond, such as suspending obligations or adjusting timelines, thereby managing risk and ensuring both parties understand their rights and responsibilities during periods of disruption.
Disruption Event means a material disruption to the payment or communications systems or to the financial markets which are required to operate in order for payments to be made (or other transactions to be carried out) in connection with the transactions contemplated by the Finance Documents, which is not caused by, and is beyond the control of, any of the Parties; or
Disruption Event means. (a) a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or
(b) the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party:
(i) from performing its payment obligations under the Finance Documents; or
(ii) from communicating with other Parties in accordance with the terms of the Finance Documents, and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.