CHAPTER V RELEASE AND FORFEITURE OF SECURITIES OTHER THAN THOSE REFERRED TO IN CHAPTER IV

Article 21

1.A security shall be forfeit in full for the quantity for which a primary requirement is not fulfilled, unless force majeure prevented fulfilment.

2.A primary requirement shall be considered to have been breached if the relevant evidence is not produced within the time limit set for the production of that evidence unless force majeure prevented production of such evidence within that time limit. The procedure in Article 28 for recovering the sum forfeited shall immediately be followed.

3.Where evidence that all primary requirements have been met is produced within 18 months of the deadline in paragraph 2, 85 % of the sum forfeited shall be repaid.

Where evidence that all primary requirements have been met is produced within 18 months of that deadline in circumstances where the relevant secondary requirement has not been met, the sum to be repaid shall be the sum that would have been repayable under Article 22(2), less 15 % of the relevant part of the sum secured.

4.No repayment shall be made where evidence that all primary requirements have been respected is produced after the 18 months period referred to in paragraph 3 has expired unless force majeure prevented production of this evidence within that period.