Template:IETA Master Agreement 13.4: Difference between revisions
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Amwelladmin (talk | contribs) Created page with "{{ietaprov|13.4}} {{ietaprov|Suspension Event}}.<br> :{{ietaprov|13.4(a)}} Upon the occurrence of a {{ietaprov|Suspension Event}}, the Party affected by the {{ietaprov|Suspension Event}} shall, as soon as practicable by written notice, notify the other Party of the commencement of the {{ietaprov|Suspension Event}}. To the extent available to the Party affected by the {{ietaprov|Suspension Event}}, it shall also provide details of the {{ietaprov|Suspension Event}} includi..." |
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{{ietaprov|13.4}} {{ietaprov|Suspension Event}}.<br> | {{ietaprov|13.4}} '''{{ietaprov|Suspension Event}}'''.<br> | ||
:{{ietaprov|13.4(a)}} Upon the occurrence of a {{ietaprov|Suspension Event}}, the Party affected by the {{ietaprov|Suspension Event}} shall, as soon as practicable by written notice, notify the other Party of the commencement of the {{ietaprov|Suspension Event}}. To the extent available to the Party affected by the {{ietaprov|Suspension Event}}, it shall also provide details of the {{ietaprov|Suspension Event}} including a non-binding estimate of the duration of its inability to perform its obligations due to the {{ietaprov|Suspension Event}}.<br> | :{{ietaprov|13.4(a)}} Upon the occurrence of a {{ietaprov|Suspension Event}}, the Party affected by the {{ietaprov|Suspension Event}} shall, as soon as practicable by written notice, notify the other Party of the commencement of the {{ietaprov|Suspension Event}}. To the extent available to the Party affected by the {{ietaprov|Suspension Event}}, it shall also provide details of the {{ietaprov|Suspension Event}} including a non-binding estimate of the duration of its inability to perform its obligations due to the {{ietaprov|Suspension Event}}.<br> | ||
:{{ietaprov|13.4(b)}} Where a {{ietaprov|Suspension Event}} occurs, the obligations of both Parties, which would otherwise be required to be performed with respect to the relevant Transaction, shall be suspended for the duration of the {{ietaprov|Suspension Event}}. Subject to paragraph (c) below, upon the {{ietaprov|Suspension Event}} ceasing to exist both Parties will resume full performance of their obligations under this {{ietaprov|Agreement}} in respect of the relevant {{ietaprov|Transaction}} (including for the avoidance of doubt any suspended obligations) as soon as possible but no later than the day that is ten (10) {{ietaprov|Delivery Banking Day}}s thereafter or, if earlier, three (3) {{ietaprov|Delivery Banking Day}}s prior to the {{ietaprov|End of Validity Period Reconciliation Deadline}} (such date being the “'''{{ietaprov|Delayed Delivery Date}}'''”). For the avoidance of doubt, where a {{ietaprov|Delivery Date}} is adjusted in accordance with this Clause {{ietaprov|13.4(b)}}, then the use of the term “'''{{ietaprov|Delivery Date}}'''” elsewhere in this {{ietaprov|Agreement}} shall be construed to be a reference to the {{ietaprov|Delayed Delivery Date}}.<br> | :{{ietaprov|13.4(b)}} Where a {{ietaprov|Suspension Event}} occurs, the obligations of both Parties, which would otherwise be required to be performed with respect to the relevant Transaction, shall be suspended for the duration of the {{ietaprov|Suspension Event}}. Subject to paragraph (c) below, upon the {{ietaprov|Suspension Event}} ceasing to exist both Parties will resume full performance of their obligations under this {{ietaprov|Agreement}} in respect of the relevant {{ietaprov|Transaction}} (including for the avoidance of doubt any suspended obligations) as soon as possible but no later than the day that is ten (10) {{ietaprov|Delivery Banking Day}}s thereafter or, if earlier, three (3) {{ietaprov|Delivery Banking Day}}s prior to the {{ietaprov|End of Validity Period Reconciliation Deadline}} (such date being the “'''{{ietaprov|Delayed Delivery Date}}'''”). For the avoidance of doubt, where a {{ietaprov|Delivery Date}} is adjusted in accordance with this Clause {{ietaprov|13.4(b)}}, then the use of the term “'''{{ietaprov|Delivery Date}}'''” elsewhere in this {{ietaprov|Agreement}} shall be construed to be a reference to the {{ietaprov|Delayed Delivery Date}}.<br> | ||
:{{ietaprov|13.4(c)}} In the event that {{ietaprov|Period Traded Allowance}}s are {{ietaprov|Transfer}}red to the {{ietaprov|Receiving Party}} on or before the {{ietaprov|Delayed Delivery Date}} following the occurrence of a {{ietaprov|Suspension Event}} as contemplated by sub-clause (a) above, the {{ietaprov|Receiving Party}} agrees to pay the {{ietaprov|Delivering Party}} the {{ietaprov|Contract Amount}} adjusted by the {{ietaprov|Cost of Carry Amount}}. For the avoidance of doubt, any adjustment of the {{ietaprov|Contract Amount}} will be identified in the relevant {{ietaprov|Statement}}sent to the Receiving Party.<br> | :{{ietaprov|13.4(c)}} In the event that {{ietaprov|Period Traded Allowance}}s are {{ietaprov|Transfer}}red to the {{ietaprov|Receiving Party}} on or before the {{ietaprov|Delayed Delivery Date}} following the occurrence of a {{ietaprov|Suspension Event}} as contemplated by sub-clause (a) above, the {{ietaprov|Receiving Party}} agrees to pay the {{ietaprov|Delivering Party}} the {{ietaprov|Contract Amount}} adjusted by the {{ietaprov|Cost of Carry Amount}}. For the avoidance of doubt, any adjustment of the {{ietaprov|Contract Amount}} will be identified in the relevant {{ietaprov|Statement}}sent to the Receiving Party.<br> | ||
:{{ietaprov|13.4(d)}} Where a {{ietaprov|Suspension Event}} continues to exist on the {{ietaprov|Long Stop Date}}, Clause {{ietaprov|13.2(a)}} (No {{ietaprov|Termination Payment}}) shall apply and the suspended {{ietaprov|Transaction}} shall be deemed an FM Affected {{ietaprov|Transaction}} and terminated as an FM Affected {{ietaprov|Transaction}} on the {{ietaprov|Long Stop Date}}.<br> | :{{ietaprov|13.4(d)}} Where a {{ietaprov|Suspension Event}} continues to exist on the {{ietaprov|Long Stop Date}}, Clause {{ietaprov|13.2(a)}} (No {{ietaprov|Termination Payment}}) shall apply and the suspended {{ietaprov|Transaction}} shall be deemed an FM Affected {{ietaprov|Transaction}} and terminated as an FM Affected {{ietaprov|Transaction}} on the {{ietaprov|Long Stop Date}}.<br> | ||
Latest revision as of 10:07, 12 July 2023
- 13.4(a) Upon the occurrence of a Suspension Event, the Party affected by the Suspension Event shall, as soon as practicable by written notice, notify the other Party of the commencement of the Suspension Event. To the extent available to the Party affected by the Suspension Event, it shall also provide details of the Suspension Event including a non-binding estimate of the duration of its inability to perform its obligations due to the Suspension Event.
- 13.4(b) Where a Suspension Event occurs, the obligations of both Parties, which would otherwise be required to be performed with respect to the relevant Transaction, shall be suspended for the duration of the Suspension Event. Subject to paragraph (c) below, upon the Suspension Event ceasing to exist both Parties will resume full performance of their obligations under this Agreement in respect of the relevant Transaction (including for the avoidance of doubt any suspended obligations) as soon as possible but no later than the day that is ten (10) Delivery Banking Days thereafter or, if earlier, three (3) Delivery Banking Days prior to the End of Validity Period Reconciliation Deadline (such date being the “Delayed Delivery Date”). For the avoidance of doubt, where a Delivery Date is adjusted in accordance with this Clause 13.4(b), then the use of the term “Delivery Date” elsewhere in this Agreement shall be construed to be a reference to the Delayed Delivery Date.
- 13.4(c) In the event that Period Traded Allowances are Transferred to the Receiving Party on or before the Delayed Delivery Date following the occurrence of a Suspension Event as contemplated by sub-clause (a) above, the Receiving Party agrees to pay the Delivering Party the Contract Amount adjusted by the Cost of Carry Amount. For the avoidance of doubt, any adjustment of the Contract Amount will be identified in the relevant Statementsent to the Receiving Party.
- 13.4(d) Where a Suspension Event continues to exist on the Long Stop Date, Clause 13.2(a) (No Termination Payment) shall apply and the suspended Transaction shall be deemed an FM Affected Transaction and terminated as an FM Affected Transaction on the Long Stop Date.