Template:IETA Master Agreement Loss: Difference between revisions

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Created page with "“'''{{ietaprov|Loss}}'''” means:<br> :(a) for the purposes of Clause {{ietaprov|13.2(c)}} (''{{ietaprov|Two-way Loss Termination Payment}}''), an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the {{ietaprov|FM Affected Transaction}}(s) or any uncompleted portions of them, including any {{ietaprov|EEP Amount}} (if applicable, in w..."
 
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“'''{{ietaprov|Loss}}'''” means:<br>
“'''{{ietaprov|Loss}}'''” means:<br>
:(a) for the purposes of Clause {{ietaprov|13.2(c)}} (''{{ietaprov|Two-way Loss Termination Payment}}''), an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the {{ietaprov|FM Affected Transaction}}(s) or any uncompleted portions of them, including any {{ietaprov|EEP Amount}} (if applicable, in which case Clauses {{ietaprov|12.1(b)}}(ii) through {{ietaprov|12.1(b)}}(iv) (''{{ietaprov|Failure to Transfer}}'') shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of such Party whether or not greater than market costs) or, without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). {{ietaprov|Loss}} does not include legal fees or out-of-pocket expenses. Each Party may (but need not) determine its {{ietaprov|Loss}} by reference to quotations of average relevant rates or prices from two or more leading brokers in the {{ietaprov|Allowance}}s trading market who are independent of the Parties; or<br>
:(a) for the purposes of Clause {{ietaprov|13.2(c)}} (''{{ietaprov|Two-way Loss Termination Payment}}''), an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the {{ietaprov|FM Affected Transaction}}(s) or any uncompleted portions of them, including any {{ietaprov|EEP Amount}} (if applicable, in which case Clauses {{ietaprov|12.1(b)}}(ii) through {{ietaprov|12.1(b)}}(iv) (''{{ietaprov|Failure to Transfer}}'') shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of such Party whether or not greater than market costs) or, without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). {{ietaprov|Loss}} does not include legal fees or out-of-pocket expenses. Each Party may [[(but need not)]] determine its {{ietaprov|Loss}} by reference to quotations of average relevant rates or prices from two or more leading brokers in the {{ietaprov|Allowance}}s trading market who are independent of the Parties; or<br>
:(b) for the purposes of Clause {{ietaprov|14.6}} (''{{ietaprov|Termination Payment}}s''), an amount that the {{ietaprov|Non-Defaulting Party}} reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of all Transactions or any uncompleted portions of them, including any {{ietaprov|EEP Amount}}, if applicable, in which case Clauses {{ietaprov|12.1(b)}}(ii) through {{ietaprov|12.1(b)}}(iv) (''{{ietaprov|Failure to Transfer}}'') shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of the {{ietaprov|Non-Defaulting Party}} whether or not greater than market costs) or, at the election of the {{ietaprov|Non-Defaulting Party}} but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). {{ietaprov|Loss}} includes losses and costs (or gains) in respect of any payment required to have been made which has not been made or non-compliance with Clauses {{ietaprov|5}} (''{{ietaprov|Allowance Transfers}}'') or {{ietaprov|6}} (''{{ietaprov|Effecting Transfers}}'') (whether or not as a result of the suspension of the obligation to pay or comply with those sub-clauses under Clauses 14.3 (''{{ietaprov|Suspension following Event of Default}}'') or 14.5 (''{{ietaprov|Early Termination Date}}'')) on or before the {{ietaprov|Early Termination Date}}. {{ietaprov|Loss}} does not include the {{ietaprov|Non-Defaulting Party}}’s legal fees or out-of-pocket expenses. The {{ietaprov|Non-Defaulting Party}} may (but need not) determine its {{ietaprov|Loss}} by reference to quotations of average relevant rates or prices from two or more leading brokers in the {{ietaprov|Allowance}}s trading market who are independent of the Parties; or<br>
:(b) for the purposes of Clause {{ietaprov|14.6}} (''{{ietaprov|Termination Payment}}s''), an amount that the {{ietaprov|Non-Defaulting Party}} reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of all Transactions or any uncompleted portions of them, including any {{ietaprov|EEP Amount}}, if applicable, in which case Clauses {{ietaprov|12.1(b)}}(ii) through {{ietaprov|12.1(b)}}(iv) (''{{ietaprov|Failure to Transfer}}'') shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of the {{ietaprov|Non-Defaulting Party}} whether or not greater than market costs) or, at the election of the {{ietaprov|Non-Defaulting Party}} but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). {{ietaprov|Loss}} includes losses and costs (or gains) in respect of any payment required to have been made which has not been made or non-compliance with Clauses {{ietaprov|5}} (''{{ietaprov|Allowance Transfers}}'') or {{ietaprov|6}} (''{{ietaprov|Effecting Transfers}}'') (whether or not as a result of the suspension of the obligation to pay or comply with those sub-clauses under Clauses 14.3 (''{{ietaprov|Suspension following Event of Default}}'') or 14.5 (''{{ietaprov|Early Termination Date}}'')) on or before the {{ietaprov|Early Termination Date}}. {{ietaprov|Loss}} does not include the {{ietaprov|Non-Defaulting Party}}’s legal fees or out-of-pocket expenses. The {{ietaprov|Non-Defaulting Party}} may (but need not) determine its {{ietaprov|Loss}} by reference to quotations of average relevant rates or prices from two or more leading brokers in the {{ietaprov|Allowance}}s trading market who are independent of the Parties; or<br>
:(c) for the purposes of Clause {{ietaprov|14.7}} (''{{ietaprov|Illegality}}''):<br>
:(c) for the purposes of Clause {{ietaprov|14.7}} (''{{ietaprov|Illegality}}''):<br>
::(i) if there is only one {{ietaprov|Illegality Affected Party}}, as per the definition for the purposes of Clause {{ietaprov|14.6}} (''{{ietaprov|Termination Payment}}s'') as set forth above; or<br>
::(i) if there is only one {{ietaprov|Illegality Affected Party}}, as per the definition for the purposes of Clause {{ietaprov|14.6}} (''{{ietaprov|Termination Payment}}s'') as set forth above; or<br>
::(ii) if both Parties are {{ietaprov|Illegality Affected Parties}}, an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the {{ietaprov|Illegality Affected Transaction}}(s) or any uncompleted portions of them, including any {{ietaprov|EEP Amount}} (if applicable, in which case Clauses {{ietaprov|12.1(b)}}(ii) through {{ietaprov|12.1(b)}}(iv) (''{{ietaprov|Failure to Transfer}}'') shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of such Party whether or not greater than market costs) or, without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). {{ietaprov|Loss}} does not include legal fees or out-of-pocket expenses. Each Party may (but need not) determine its {{ietaprov|Loss}} by reference to quotations of average relevant rates or prices from two or more leading brokers in the {{ietaprov|Allowance}}s trading market who are independent of the Parties.<br>
::(ii) if both Parties are {{ietaprov|Illegality Affected Parties}}, an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the {{ietaprov|Illegality Affected Transaction}}(s) or any uncompleted portions of them, including any {{ietaprov|EEP Amount}} (if applicable, in which case Clauses {{ietaprov|12.1(b)}}(ii) through {{ietaprov|12.1(b)}}(iv) (''{{ietaprov|Failure to Transfer}}'') shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of such Party whether or not greater than market costs) or, without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). {{ietaprov|Loss}} does not include legal fees or out-of-pocket expenses. Each Party may (but need not) determine its {{ietaprov|Loss}} by reference to quotations of average relevant rates or prices from two or more leading brokers in the {{ietaprov|Allowance}}s trading market who are independent of the Parties.<br>

Latest revision as of 15:44, 30 June 2024

Loss” means:

(a) for the purposes of Clause 13.2(c) (Two-way Loss Termination Payment), an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the FM Affected Transaction(s) or any uncompleted portions of them, including any EEP Amount (if applicable, in which case Clauses 12.1(b)(ii) through 12.1(b)(iv) (Failure to Transfer) shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of such Party whether or not greater than market costs) or, without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). Loss does not include legal fees or out-of-pocket expenses. Each Party may (but need not) determine its Loss by reference to quotations of average relevant rates or prices from two or more leading brokers in the Allowances trading market who are independent of the Parties; or
(b) for the purposes of Clause 14.6 (Termination Payments), an amount that the Non-Defaulting Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of all Transactions or any uncompleted portions of them, including any EEP Amount, if applicable, in which case Clauses 12.1(b)(ii) through 12.1(b)(iv) (Failure to Transfer) shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of the Non-Defaulting Party whether or not greater than market costs) or, at the election of the Non-Defaulting Party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment required to have been made which has not been made or non-compliance with Clauses 5 (Allowance Transfers) or 6 (Effecting Transfers) (whether or not as a result of the suspension of the obligation to pay or comply with those sub-clauses under Clauses 14.3 (Suspension following Event of Default) or 14.5 (Early Termination Date)) on or before the Early Termination Date. Loss does not include the Non-Defaulting Party’s legal fees or out-of-pocket expenses. The Non-Defaulting Party may (but need not) determine its Loss by reference to quotations of average relevant rates or prices from two or more leading brokers in the Allowances trading market who are independent of the Parties; or
(c) for the purposes of Clause 14.7 (Illegality):
(i) if there is only one Illegality Affected Party, as per the definition for the purposes of Clause 14.6 (Termination Payments) as set forth above; or
(ii) if both Parties are Illegality Affected Parties, an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the Illegality Affected Transaction(s) or any uncompleted portions of them, including any EEP Amount (if applicable, in which case Clauses 12.1(b)(ii) through 12.1(b)(iv) (Failure to Transfer) shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of such Party whether or not greater than market costs) or, without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). Loss does not include legal fees or out-of-pocket expenses. Each Party may (but need not) determine its Loss by reference to quotations of average relevant rates or prices from two or more leading brokers in the Allowances trading market who are independent of the Parties.