Template:Nutshell EUA Annex Abandonment of Scheme: Difference between revisions

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{{euaprov|(d)(iv)}} '''{{euaprov|Abandonment of Scheme}}''' <br>
{{euaprov|(d)(iv)}} '''{{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)}} as a result. <br>
:(1) If before the {{euaprov|Delivery Date}} the {{euaprov|European Community}} officially discontinues the {{euaprov|Scheme}} either party may terminate the {{euaprov|Transaction}} by notice, there will be no further delivery or payment obligations (other than payments due for already-performed deliveries) and no payments will be due under Section {{isdaprov|6(e)}}. <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}} amount {{euaprov|Receiving Party}} has paid under {{euaprov|Allowance Forward Transaction}}s and {{euaprov|Call}}s;
::'''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 any amounts {{euaprov|Delivering Party}} paid 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 termination date, at the prevailing overnight deposit rate in the interbank market. <br>

Revision as of 13:09, 19 July 2022

(d)(iv) Abandonment of Scheme

(1) If before the Delivery Date the European Community officially discontinues the Scheme either party may terminate the Transaction by notice, there will be no further delivery or payment obligations (other than payments due for already-performed deliveries) and no payments will be due under Section 6(e).
(2) Upon such a termination:
Forward Transactions and Calls: Delivering Party must promptly refund to Receiving Party amount Receiving Party has paid under Allowance Forward Transactions and Calls;
Puts: Receiving Party must promptly refund any amounts Delivering Party paid under a Put
together with interest from the payment date to termination date, at the prevailing overnight deposit rate in the interbank market.
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