Template:M summ EFET Allowance Annex 7.4

Template:Emissions force majeure summThis is as interesting for how similar the versions are, and how different.

• Notification: Either party can notify a {{{{{1}}}FM}}
• Longstop date: all have variations of a longstop of no later than 9 {{{{{1}}}|Delivery Business Days}} after the scheduled {{{{{1}}}|Delivery Date}}, or earlier should a {{{{{1}}}|Reconciliation Deadline}} intervene. ISDA and EFET also throw in an {{{{{1}}}|End of Phase Reconciliation Deadline}}. Which is nice.
• Consequences of hitting the longstop: All of the agreements opt for the “then I woke up and it was all a dream” method of closeout — {{{{{1}}}No Termination}}, at least as an option. They allow the alternative option for a Payment on Termination: ISDA goes for an Early Termination Date as if an Illegality Termination Event, with no Waiting Period, had occurred. EFET and IETA both try to reconstruct something like the termination methodology of a 1992 ISDA Master Agreement, descending into all that ugliness of Market Quotation and Loss.