Template:GTMA Master Agreement 2004 5.1: Difference between revisions
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{{gtmaprov|5.1}} '''{{gtmaprov|Notification Requirements}}'''<br> | {{gtmaprov|5.1}} '''{{gtmaprov|Notification Requirements}}'''<br> | ||
Subject to clause {{gtmaprov|5.4}} ({{gtmaprov|Cancellation of Default Settings}}), for each {{gtmaprov|Settlement Period}} for which the {{gtmaprov|Settlement Period Volume}} is other than zero and which falls within a {{gtmaprov|Transaction Term}}:<br> | Subject to clause {{gtmaprov|5.4}} ({{gtmaprov|Cancellation of Default Settings}}), for each {{gtmaprov|Settlement Period}} for which the {{gtmaprov|Settlement Period Volume}} is other than zero and which falls within a {{gtmaprov|Transaction Term}}:<br> | ||
{{gtmaprov|5.1.1}} the {{gtmaprov|Seller}} shall make an {{gtmaprov|Accurate ECV Nomination}}, which it shall send also to the {{gtmaprov|Buyer}}, and which thereafter the {{gtmaprov|Buyer}} shall confirm to the {{gtmaprov|ECV Notification Agent}}; <br> | :{{gtmaprov|5.1.1}} the {{gtmaprov|Seller}} shall make an {{gtmaprov|Accurate ECV Nomination}}, which it shall send also to the {{gtmaprov|Buyer}}, and which thereafter the {{gtmaprov|Buyer}} shall confirm to the {{gtmaprov|ECV Notification Agent}}; <br>{{gtmaprov|5.1.2}} each {{gtmaprov|Party}} shall make corresponding {{gtmaprov|Accurate ECV Nomination}}s to the {{gtmaprov|ECV Notification Agent}}; or<br>{{gtmaprov|5.1.3}} each {{gtmaprov|Party}} shall otherwise communicate with the other and the {{gtmaprov|ECV Notification Agent}} and do all such things reasonably necessary to ensure that the {{gtmaprov|ECV Notification Agent}} is able to make to the {{gtmaprov|ECV Aggregation Agent}} an {{gtmaprov|Accurate ECV Notification}},<br> | ||
{{gtmaprov|5.1.2}} each {{gtmaprov|Party}} shall make corresponding {{gtmaprov|Accurate ECV Nomination}}s to the {{gtmaprov|ECV Notification Agent}}; or<br> | |||
{{gtmaprov|5.1.3}} each {{gtmaprov|Party}} shall otherwise communicate with the other and the {{gtmaprov|ECV Notification Agent}} and do all such things reasonably necessary to ensure that the {{gtmaprov|ECV Notification Agent}} is able to make to the {{gtmaprov|ECV Aggregation Agent}} an {{gtmaprov|Accurate ECV Notification}},<br> | |||
in each case within such time as will enable the {{gtmaprov|ECV Notification Agent}} to make an {{gtmaprov|ECV Notification}} not later than one hour before the {{gtmaprov|ECV Notification Deadline}} applicable to that {{gtmaprov|Settlement Period}} (unless otherwise agreed and subject to the procedures of the {{gtmaprov|ECV Notification Agent}}). Each {{gtmaprov|Party}} shall act in accordance with the terms and procedures agreed with the {{gtmaprov|ECV Notification Agent}} in complying with this clause {{gtmaprov|5.1}}.<br> | in each case within such time as will enable the {{gtmaprov|ECV Notification Agent}} to make an {{gtmaprov|ECV Notification}} not later than one hour before the {{gtmaprov|ECV Notification Deadline}} applicable to that {{gtmaprov|Settlement Period}} (unless otherwise agreed and subject to the procedures of the {{gtmaprov|ECV Notification Agent}}). Each {{gtmaprov|Party}} shall act in accordance with the terms and procedures agreed with the {{gtmaprov|ECV Notification Agent}} in complying with this clause {{gtmaprov|5.1}}.<br> | ||
Latest revision as of 11:48, 16 July 2012
5.1 Notification Requirements
Subject to clause 5.4 (Cancellation of Default Settings), for each Settlement Period for which the Settlement Period Volume is other than zero and which falls within a Transaction Term:
- 5.1.1 the Seller shall make an Accurate ECV Nomination, which it shall send also to the Buyer, and which thereafter the Buyer shall confirm to the ECV Notification Agent;
5.1.2 each Party shall make corresponding Accurate ECV Nominations to the ECV Notification Agent; or
5.1.3 each Party shall otherwise communicate with the other and the ECV Notification Agent and do all such things reasonably necessary to ensure that the ECV Notification Agent is able to make to the ECV Aggregation Agent an Accurate ECV Notification,
in each case within such time as will enable the ECV Notification Agent to make an ECV Notification not later than one hour before the ECV Notification Deadline applicable to that Settlement Period (unless otherwise agreed and subject to the procedures of the ECV Notification Agent). Each Party shall act in accordance with the terms and procedures agreed with the ECV Notification Agent in complying with this clause 5.1.