Template:Nutshell EUA Annex (d)(i)(4): Difference between revisions

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::(II) until a {{euaprov|Reconciliation Deadline}} falling on or after the original {{euaprov|Delivery Date}}; or, if shorter:
::(II) until a {{euaprov|Reconciliation Deadline}} falling on or after the original {{euaprov|Delivery Date}}; or, if shorter:
::(III)until the day 3 {{euaprov|Delivery Business Day}}s before the {{euaprov|End of Phase Reconciliation Deadline}} falling on or after the original {{euaprov|Delivery Date}} —
::(III)until the day 3 {{euaprov|Delivery Business Day}}s before the {{euaprov|End of Phase Reconciliation Deadline}} falling on or after the original {{euaprov|Delivery Date}} —
:then at that time there will be an {{isdaprov|Illegality}} where the affected {{isdaprov|Transaction}} is the sole {{isdaprov|Affected Transaction}}, both parties are {{isdaprov|Affected Parties}}, there is no {{isdaprov|Waiting Period}} and, if an {{isdaprov|Early Termination Date}} results, when determining the {{isdaprov|Early Termination Amount}}
:then at that time there will be an {{isdaprov|Illegality}} where the affected {{isdaprov|Transaction}} is the sole {{isdaprov|Affected Transaction}}, both parties are {{isdaprov|Affected Parties}}, there is no {{isdaprov|Waiting Period}} and, if an {{isdaprov|Early Termination Date}} results, when determining the {{isdaprov|Early Termination Amount}} the suspended obligations will resume on the {{isdaprov|Early Termination Date}} if {{euaprov|Payment on Termination for Settlement Disruption}}” applies, and if it does not the parties will have no further obligations after the {{euaprov|Settlement Disruption Event}} other than for {{isdaprov|Unpaid Amounts}} and provided that (other than in respect of already-delivered {{euaprov|Allowance}}s)
::if “{{euaprov|Payment on Termination for Settlement Disruption}}” applies, the suspended obligations will resume on the {{isdaprov|Early Termination Date}}, and  
::(i) {{euaprov|Delivering Party}} must promptly refund any amount {{euaprov|Receiving Party}} paid it under a {{euaprov|Allowance Forward Transaction}} or {{euaprov|Call}}; and  
::if it does not, the parties will have no further obligations after the {{euaprov|Settlement Disruption Event}} (other than for any {{isdaprov|Unpaid Amounts}}); provided that:
::(ii) {{euaprov|Receiving Party}} must promptly refund any amount {{euaprov|Delivering Party}} paid itunder a {{euaprov|Put}}
:::(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  
::together with interest from the payment date until the termination date of the {{isdaprov|Transaction}} at the overnight deposit rate for the relevant currency. <br>
:::(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. <br>

Revision as of 14:58, 13 July 2022

(d)(i)(4) Settlement Disruption Event

(A) Notification: Either party may notify the other party in writing of a Settlement Disruption Event and the impacted Transactions. If it is the affected party, it must also give details of the Settlement Disruption Event and a non-binding estimate of the extent and likely duration of the disruption on its obligations.
(B) Effect: Upon a Settlement Disruption Event both parties’ obligations will be suspended, subject to Continuing Settlement Disruption Event below, until the Settlement Disruption Event no longer prevents settlement. During the Settlement Disruption Event, the affected party must use all reasonable endeavours to settle.
(C) Delayed Performance: Subject to Continuing Settlement Disruption Event below, once the Settlement Disruption Event no longer prevents settlement, both parties must, promptly and within two Delivery Business Days, resume their obligations under the Transactions.
(D) Continuing Settlement Disruption Event: Where a Settlement Disruption Event continues:
(I) for 9 Delivery Business Days after the originally scheduled Delivery Date; or, if shorter:
(II) until a Reconciliation Deadline falling on or after the original Delivery Date; or, if shorter:
(III)until the day 3 Delivery Business Days before the End of Phase Reconciliation Deadline falling on or after the original Delivery Date —
then at that time there will be an Illegality where the affected Transaction is the sole Affected Transaction, both parties are Affected Parties, there is no Waiting Period and, if an Early Termination Date results, when determining the Early Termination Amount the suspended obligations will resume on the Early Termination Date if Payment on Termination for Settlement Disruption” applies, and if it does not the parties will have no further obligations after the Settlement Disruption Event other than for Unpaid Amounts and provided that (other than in respect of already-delivered Allowances)
(i) Delivering Party must promptly refund any amount Receiving Party paid it under a Allowance Forward Transaction or Call; and
(ii) Receiving Party must promptly refund any amount Delivering Party paid itunder a Put
together with interest from the payment date until the termination date of the Transaction at the overnight deposit rate for the relevant currency.
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