Effect of this Module Sample Clauses
The 'Effect of this Module' clause defines the legal and practical impact that the specific module has within the broader agreement. It typically clarifies how the terms of the module interact with the main contract, such as whether the module supplements, overrides, or modifies existing provisions. For example, it may state that the module's terms take precedence in case of conflict with the main agreement or that they only apply to certain transactions. This clause ensures clarity regarding the hierarchy and applicability of contractual terms, preventing misunderstandings about which provisions govern particular aspects of the parties' relationship.
Effect of this Module. You agree that the above terms shall continue in effect notwithstanding the termination of business dealings between us and you. In August 2010, the Japanese Securities Dealers Association (“JSDA”) announced that “The Japanese Government Securities Guidelines for Real Time Gross Settlement” will be partially amended and that the “Practical Guidelines for Handling of Fails Charges” will be implemented. The latest edition of these Guidelines can be viewed at JSDA’s website (▇▇▇.▇▇▇▇.▇▇.▇▇/▇▇/▇▇▇▇▇-▇▇▇▇▇▇▇▇▇▇/▇▇▇▇▇▇▇▇▇▇/). This reviewed market practice for settlement failures was introduced on 1st November 2010.∗ Under the reviewed market practice, if a fail occurs in any transaction in Japanese government securities based on a delivery-versus-payment (“DVP”) settlement, the party receiving the securities will be entitled to demand that the party failing to deliver the securities pays a Fails Charge (a financial penalty imposed on the failing party pursuant to the procedures specified in the “Practical Guidelines for the Handling of Fails Charges” ) This new practice is referred to as the “Fails Charge Handling Practice”). We have decided to adopt this Fails Charge Handling Practice for purposes of our transactions with all our counterparties, and accordingly, are notifying you that any delivery-versus-payment transactions in Japanese Government securities entered into between you and us will be subject to the following conditions, unless explicitly agreed otherwise with respect to a specific transaction. These terms are deemed to cover any transaction between you (“Trade Counterparty”) and us (“Company”) encompassing any DVP settlement of Japanese Government securities (including settlement by the delivery of government securities against the payment of funds on the same date in the case where an agreement to that effect is made between the parties to the transaction under which their mutual claims and debts are preserved explicitly). The term “any DVP settlement of Japanese Government securities” referred to in the previous sentence includes purchase and sale transactions and repurchase transactions which includes the start and closing legs of transactions in conditional purchase and sale transactions and lending and returning in lending transactions. The Fails Charge Handling Practice will apply to all settlements made on or after 1st November 2010 (the “Effective Date”) unless explicitly agreed upon in connection with and specific transaction. Similarly t...