Amendments to the Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014
3. After regulation 3B insert—
“Drawdown or disbursements made under contracts concluded before 15th September 2014
3C.—(1) The prohibition in regulation 3B(1) does not apply to drawdowns or disbursements made under a contract concluded before 15th September 2014, where the conditions in paragraph (2) are met.
(2) The conditions referred to in paragraph (1) are that—
(a)all the terms and conditions of such drawdowns or disbursements—
(i)were agreed before 15th September 2014;
(ii)have not been modified on or after that date; and
(b)a contractual maturity date has been fixed for the repayment in full of all funds made available and for the cancellation of all the commitments, rights and obligations.
(3) The terms and conditions of the drawdowns and disbursements referred to in paragraph (2) include provisions concerning the length of the repayment period for each drawdown or disbursement, the interest rate applied or the interest rate calculation method, and the maximum amount.”.