Template:Nutshell EUA Annex (d)(i)(5): Difference between revisions

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{{euaprov|(d)(i)(4)}} '''{{euaprov|Settlement Disruption Event}}'''
{{euaprov|(d)(i)(4)}} '''{{euaprov|Suspension Event}}'''
:(A) '''Notification''': Either party may notify the other party in writing of a {{euaprov|Settlement Disruption Event}} and the impacted {{isdaprov|Transaction}}s. If the affected party is the one giving notice, it must also give details of the {{euaprov|Settlement Disruption Event}} and a non-binding estimate of the extent and expected duration of its resultant inability to perform.
:(A) '''Notification''': A party impacted by a {{euaprov|Suspension Event}} must notify the other party in writing as soon as reasonably practicable. It must also give what etails of the {{euaprov|Suspension Event}} it has and a non-binding estimate of the extent and expected duration of its resultant inability to perform.
:(B) '''Effect''': Upon a {{euaprov|Settlement Disruption Event}} both parties’ olibgations will be suspended, subject to {{euaprov|Continuing Settlement Disruption Event}} below, until the {{euaprov|Settlement Disruption Event}} is no longer preventing settlement. During the {{euaprov|Settlement Disruption Event}}, the affected party must continue to use all reasonable endeavours to overcome it.  
:(B) '''Effect''': Upon a {{euaprov|Suspension Event}} both parties’ olibgations will be suspended, subject to {{euaprov|Continuing Suspension Event}} below, until the {{euaprov|Suspension Event}} is no longer preventing settlement. During the {{euaprov|Suspension Event}}, the affected party must continue to use all reasonable endeavours to overcome it.  
:(C) '''Delayed Performance''': Subject to {{euaprov|Continuing Settlement Disruption Event}} below, once the {{euaprov|Settlement Disruption Event}} no longer prevents settlement, both parties must, promptly and within two {{euaprov|Delivery Business Day}}s, resume their obligations under the relevant {{isdaprov|Transaction}}s.
:(C) '''Delayed Performance''': Subject to {{euaprov|Continuing Suspension Event}} below, once the {{euaprov|Suspension Event}} ceases, both parties must, promptly and within two {{euaprov|Delivery Business Day}}s, resume their obligations under the relevant {{isdaprov|Transaction}}s by the earlier of: (i) the tenth {{euaprov|Delivery Business Day}} following the date the Suspension Event ceases; and (ii) 3 {{euaprov|Delivery Business Days}} before the {{euaprov|End of Phase Reconciliation Deadline}} (the “'''{{euaprov|Delayed Delivery Date}}'''”). If the {{euaprov|Allowances to be Delivered}} are delivered to {{euaprov|Receiving Party}} by the {{euaprov|Delayed Delivery Date}} following a {{isdaprov|Suspension Event}} (as per “{{isdaprov|Effect of a Suspension Event}}”) above, {{isdaprov|Receiving Party}} must pay {{isdaprov|Delivering Party}} on the {{isdaprov|Delayed Payment Date}}:
:(D) '''{{euaprov|Continuing Settlement Disruption Event}}''': Where a {{euaprov|Settlement Disruption Event}} continues:
::(I) under an {{isdaprov|Allowance Forward Transaction}}, the sum of: (X) ({{isdaprov|Allowance Purchase Price}} x {{isdaprov|Number of Allowances}} delivered by the {{isdaprov|Delayed Delivery Date}})  + (Y) {{isdaprov|Cost of Carry Amount}}; or
::(I) for 9 {{euaprov|Delivery Business Day}}s after the originally scheduled {{euaprov|Delivery Date}}; or, if shorter:
::(II) under an {{isdaprov|Allowance Option Transaction}}, the sum of: (X) ({{isdaprov|Allowance Strike Price}} x {{isdaprov|Number of Allowances}} delivered by the {{isdaprov|Delayed Delivery Date}}) + (Y) {{isdaprov|Cost of Carry Amount}}.
::(II) for the period ending on a {{euaprov|Reconciliation Deadline}} falling on after the originally scheduled {{euaprov|Delivery Date}}; or, if shorter:
:(D) '''{{euaprov|Continuing Suspension Event}}''': Where
::(III) for the period ending on the day 3 {{euaprov|Delivery Business Day}}s before the {{euaprov|End of Phase Reconciliation Deadline}} falling on or after the originally scheduled {{euaprov|Delivery Date}},
::(I) A {{euaprov|Suspension Event}} continues on the {{isdaprov|Long-Stop Date}}, then an {{isdaprov|Illegality}} will occur where the relevant {{isdaprov|Transaction}} is the sole {{isdaprov|Affected Transaction}}, both parties are {{isdaprov|Affected Parties}}, ansd no {{isdaprov|Waiting Period}} will apply. the Long-Stop Date will be the {{isdaprov|Early Termination Date}} under the Transaction. When determining the {{isdaprov|Early Termination Amount}} if “{{euaprov|Payment on Termination for Suspension}}” applies, the suspended obligations will resume on the {{isdaprov|Early Termination Date}}, and if it does not, the parties will have no further obligations after the {{euaprov|Suspension Event}} (other than in respect of any {{isdaprov|Unpaid Amounts}}); provided that:
:then at the end of the relevant period, an {{isdaprov|Illegality}} will occur where the relevant {{isdaprov|Transaction}} is the sole {{isdaprov|Affected Transaction}}, both parties are {{isdaprov|Affected Parties}}, no {{isdaprov|Waiting Period}} will apply and, if an {{isdaprov|Early Termination Date}} results, then, when determining the {{isdaprov|Early Termination Amount}} if “{{euaprov|Payment on Termination for Settlement Disruption}}” applies, the suspended obligations will resume on the {{isdaprov|Early Termination Date}}, and if it does not, the parties will have no further obligations after the {{euaprov|Settlement Disruption Event}} (other than in respect of any {{isdaprov|Unpaid Amounts}}); provided that:
::(i) {{euaprov|Delivering Party}} must promptly refund to {{euaprov|Receiving Party}} any amount {{euaprov|Receiving Party}} paid under any {{euaprov|Allowance Forward Transaction}} or {{euaprov|Call}}; and  
::(i) {{euaprov|Delivering Party}} must promptly refund to {{euaprov|Receiving Party}} any amount {{euaprov|Receiving Party}} paid under any {{euaprov|Allowance Forward Transaction}} or {{euaprov|Call}}; and  
::(ii) {{euaprov|Receiving Party}} must promptly refund to {{euaprov|Delivering Party}} any amount {{euaprov|Delivering Party}} paid under a {{euaprov|Put}}  
::(ii) {{euaprov|Receiving Party}} must promptly refund to {{euaprov|Delivering Party}} any amount {{euaprov|Delivering Party}} paid under a {{euaprov|Put}}  
::other than in respect of delivered {{euaprov|Allowance}}s, together with interest from the payment date until the date of termination of the {{isdaprov|Transaction}} at the overnight deposit rate for the relevant currency.
::other than in respect of delivered {{euaprov|Allowance}}s, together with interest from the payment date until the date of termination of the {{isdaprov|Transaction}} at the overnight deposit rate for the relevant currency.
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