(1) The resolution authority shall, where authorised by the resolution order, have the power to suspend any payment or delivery obligation pursuant to any contract to which an institution under resolution is a party from the publication of a notice of the suspension in accordance with Regulation 145(4) until midnight at the end of the business day following that publication (in this Regulation known as "suspension period").
(2) Where payment or delivery would have fallen due during the suspension period, such payment or delivery shall fall due immediately upon expiry of the suspension period.
(3) Where the payment or delivery obligations, of an institution under resolution, under a contract are suspended under paragraph (1), the payment or delivery obligations of the counterparties of that institution under that contract shall stand suspended for the suspension period.
(4)The power referred to in paragraph (1) shall not apply to payment or delivery obligations owed to the following:
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