Common use of Prevention of Performance Clause in Contracts

Prevention of Performance. Neither the Custodian nor the Client will be responsible to the other for any failure to perform any of its obligations (nor will the Custodian be responsible for any unavailability of funds credited to a Cash Account) if such performance is prevented, hindered or delayed by a Force Majeure Event, provided that such failure to perform is not a result of a party’s failure to maintain and implement a business continuity plan as described below. In such case, a party’s obligations will be suspended for so long as the Force Majeure Event continues. “Force Majeure Event” means any event due to any cause beyond the reasonable control of the Custodian or the Client, such as restrictions on convertibility or transferability, requisitions, involuntary transfers, unavailability of communications system, sabotage, fire, flood, explosion, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war or acts of government. Upon the occurrence of any Force Majeure Event, the party affected by that event will inform the other party to this Agreement and will use its reasonable efforts to mitigate any losses that the other party may suffer as a result thereof. For the avoidance of doubt, the Custodian confirms that it maintains and tests, not less than annually, disaster recovery plans and contingency back-up services. Notwithstanding the foregoing, the Custodian shall:

Prevention of Performance. Neither The Client agrees that the Custodian nor the Client will not be responsible to the other for any failure to perform any of its obligations (nor will the Custodian it be responsible for any unavailability of funds Cash in the applicable currency credited to a Cash Accountthe Client) if such performance by the Custodian or any Agent of the Custodian is prevented, hindered or delayed by a Force Majeure Event, provided that such failure to perform is not a result of a party’s failure to maintain and implement a business continuity plan as described below. In such case, a party’s obligations will be suspended for so long as the Force Majeure Event continues. “"Force Majeure Event” " means any event due attributable to any a cause beyond the reasonable control of the Custodian or the Client, its Agent such as restrictions on convertibility or transferability, requisitions, involuntary transfers, unavailability of communications systemany Clearance System, sabotage, fire, flood, explosion, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war or acts of governmentgovernment or similar institutions, as well as any other matter specified as a country risk in this Agreement. On the occurrence of any Force Majeure Event, the obligations of the Custodian will be suspended for so long as the Force Majeure Event continues. Upon the occurrence of any Force Majeure Event, the party affected by that event will Custodian shall inform the other party to this Agreement Client and will shall use its commercially reasonable efforts to mitigate any losses that the other party may suffer minimize service interruptions as a result thereofof such Force Majeure Event. For the avoidance of doubt, the Custodian confirms that it and each Agent maintains and tests, not less than annually, regularly tests disaster recovery plans and contingency back-up services. Notwithstanding the foregoing, the Custodian shall:.

Prevention of Performance. Neither the Custodian nor the Client will be responsible to the other for any failure to perform any of its obligations (nor will the Custodian be responsible for any unavailability of funds credited to a Cash Account) if such performance is prevented, hindered or delayed by a Force Majeure Event, provided that such failure to perform is not a result of a party’s failure to maintain and implement a business continuity plan as described below. In such case, a party’s obligations will be suspended for so long as the Force Majeure Event continues. “Force Majeure Event” means any event due attributable to any a cause beyond the reasonable control of the Custodian or the Client, such as restrictions on convertibility or transferability, requisitions, involuntary transfers, unavailability of communications system, sabotage, fire, flood, explosion, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war or acts of government. Upon the occurrence of any Force Majeure Event, the party affected by that event will inform the other party to this Agreement and will use its reasonable efforts to mitigate any losses that the other party may suffer as a result thereof. For the avoidance of doubt, the Custodian confirms that it maintains and tests, not less than annually, disaster recovery plans and contingency back-up services. Notwithstanding the foregoing, the Custodian shall: