Template:EUA Annex Abandonment of Scheme: Difference between revisions
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:(1) If before the {{euaprov|Delivery Date}} the Scheme is, as a result of official written public pronouncement by the {{euaprov|European Community}}, no longer scheduled to proceed or is to be discontinued, either party may, by written notice to the other party, terminate the relevant {{euaprov|EU Emissions Allowance Transaction}}, in which case neither party shall have any further delivery or payment obligations under or in respect of that {{euaprov|EU Emissions Allowance Transaction}} (other than in respect of any payment due by one party in connection with delivery obligations already performed by the other party) and, for the avoidance of doubt, a payment shall not be due under Section {{isdaprov|6(e)}} of the {{isdaprov|Agreement}} or otherwise in respect of such termination. <br> | :(1) If before the {{euaprov|Delivery Date}} the Scheme is, as a result of official written public pronouncement by the {{euaprov|European Community}}, no longer scheduled to proceed or is to be discontinued, either party may, by written notice to the other party, terminate the relevant {{euaprov|EU Emissions Allowance Transaction}}, in which case neither party shall have any further delivery or payment obligations under or in respect of that {{euaprov|EU Emissions Allowance Transaction}} (other than in respect of any payment due by one party in connection with delivery obligations already performed by the other party) and, for the avoidance of doubt, a payment shall not be due under Section {{isdaprov|6(e)}} of the {{isdaprov|Agreement}} or otherwise in respect of such termination. <br> | ||
:(2) [[In the event of]] a termination in accordance with sub-clause (1) {{euaprov|Delivering Party}} shall promptly refund to {{euaprov|Receiving Party}} any amount that may have been paid by {{euaprov|Receiving Party}} in respect of the {{euaprov|EU Emissions Allowance Transaction}} that is an {{euaprov|Allowance Forward Transaction}} or a Call and {{euaprov|Receiving Party}} shall promptly refund to {{euaprov|Delivering Party}} any amount that may have been paid by {{euaprov|Delivering Party}} in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is a {{euaprov|Put}} together with interest on that amount in the same currency as that amount for the period from (and including) the date that amount was paid to (but excluding) the date of termination of the {{euaprov|EU Emissions Allowance Transaction}} in accordance with sub-clause (1), at the rate certified by the party required to refund the amount to be a rate offered to such party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by that party for purposes of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in the relevant market. <br> | :(2) [[In the event of]] a termination in accordance with sub-clause (1) {{euaprov|Delivering Party}} shall promptly refund to {{euaprov|Receiving Party}} any amount that may have been paid by {{euaprov|Receiving Party}} in respect of the {{euaprov|EU Emissions Allowance Transaction}} that is an {{euaprov|Allowance Forward Transaction}} or a Call and {{euaprov|Receiving Party}} shall promptly refund to {{euaprov|Delivering Party}} any amount that may have been paid by {{euaprov|Delivering Party}} in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is a {{euaprov|Put}} together with interest on that amount in the same currency as that amount for the period from (and including) the date that amount was paid to (but excluding) the date of termination of the {{euaprov|EU Emissions Allowance Transaction}} in accordance with sub-clause (1), at the rate certified by the party required to refund the amount to be a rate offered to such party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by that party for purposes of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in the relevant market. <br> | ||
:(3) | |||
Revision as of 14:21, 4 October 2022
- (1) If before the Delivery Date the Scheme is, as a result of official written public pronouncement by the European Community, no longer scheduled to proceed or is to be discontinued, either party may, by written notice to the other party, terminate the relevant EU Emissions Allowance Transaction, in which case neither party shall have any further delivery or payment obligations under or in respect of that EU Emissions Allowance Transaction (other than in respect of any payment due by one party in connection with delivery obligations already performed by the other party) and, for the avoidance of doubt, a payment shall not be due under Section 6(e) of the Agreement or otherwise in respect of such termination.
- (2) In the event of a termination in accordance with sub-clause (1) Delivering Party shall promptly refund to Receiving Party any amount that may have been paid by Receiving Party in respect of the EU Emissions Allowance Transaction that is an Allowance Forward Transaction or a Call and Receiving Party shall promptly refund to Delivering Party any amount that may have been paid by Delivering Party in respect of an EU Emissions Allowance Transaction which is a Put together with interest on that amount in the same currency as that amount for the period from (and including) the date that amount was paid to (but excluding) the date of termination of the EU Emissions Allowance Transaction in accordance with sub-clause (1), at the rate certified by the party required to refund the amount to be a rate offered to such party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by that party for purposes of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in the relevant market.
- (3)