Template:Nutshell EUA Annex Abandonment of Scheme: Difference between revisions
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{{euaprov|(d)(vi)}} '''{{euaprov|Abandonment of Scheme}}''' <br> | {{euaprov|(d)(vi)}} '''{{euaprov|Abandonment of Scheme}}''' <br> | ||
:(1) If before the {{euaprov|Delivery Date}} the {{euaprov|European Community}} officially discontinues the {{euaprov|Scheme}} either party may terminate the {{euaprov|EU Emissions Allowance Transaction}} by notice, and neither party shall have any further delivery or payment obligations under it (except for payment due relating to already-performed delivery obligations). No payments will be due under Section {{isdaprov|6(e}} | :(1) If before the {{euaprov|Delivery Date}} the {{euaprov|European Community}} officially discontinues the {{euaprov|Scheme}} either party may terminate the {{euaprov|EU Emissions Allowance Transaction}} by notice, and neither party shall have any further delivery or payment obligations under it (except for payment due relating to already-performed delivery obligations). No payments will be due under Section {{isdaprov|6(e)}} as a result. <br> | ||
:(2) Upon such a termination: | :(2) Upon such a termination: | ||
::'''{{euaprov|Forward Transaction}}s and {{euaprov|Call}}s''': {{euaprov|Delivering Party}} must promptly refund to {{euaprov|Receiving Party}} any amount paid by {{euaprov|Receiving Party}} under a {{euaprov|Allowance Forward Transaction}} or a {{euaprov|Call}}; | ::'''{{euaprov|Forward Transaction}}s and {{euaprov|Call}}s''': {{euaprov|Delivering Party}} must promptly refund to {{euaprov|Receiving Party}} any amount paid by {{euaprov|Receiving Party}} under a {{euaprov|Allowance Forward Transaction}} or a {{euaprov|Call}}; | ||
::'''Puts''': {{euaprov|Receiving Party}} must promptly refund to {{euaprov|Delivering Party}} any amount paid by {{euaprov|Delivering Party}} under a {{euaprov|Put}} | ::'''Puts''': {{euaprov|Receiving Party}} must promptly refund to {{euaprov|Delivering Party}} any amount paid by {{euaprov|Delivering Party}} under a {{euaprov|Put}} | ||
:together with interest from the payment date to the date of termination, at the overnight deposit rate offered by a major bank in the interbank market as certified by the party making the payment. <br> | :together with interest from the payment date to the date of termination, at the overnight deposit rate offered by a major bank in the interbank market as certified by the party making the payment. <br> | ||
Revision as of 11:22, 30 June 2022
- (1) If before the Delivery Date the European Community officially discontinues the Scheme either party may terminate the EU Emissions Allowance Transaction by notice, and neither party shall have any further delivery or payment obligations under it (except for payment due relating to already-performed delivery obligations). No payments will be due under Section 6(e) as a result.
- (2) Upon such a termination:
- Forward Transactions and Calls: Delivering Party must promptly refund to Receiving Party any amount paid by Receiving Party under a Allowance Forward Transaction or a Call;
- Puts: Receiving Party must promptly refund to Delivering Party any amount paid by Delivering Party under a Put
- together with interest from the payment date to the date of termination, at the overnight deposit rate offered by a major bank in the interbank market as certified by the party making the payment.