Template:M summ EUA Annex End of Phase Reconciliation Deadline

The long stop date at the end of the Fourth Compliance Period beyond which — who knows? Your Phase 3 and Phase 4 Allowances may be worthless? Collectible? Possessing sentimental value? Just as valuable as they were before?

The concept comes up in the Byzantine Cost of Carry Delay provisions relating to Suspension Events, and also in the Settlement Disruption Event provisions which, in not providing for a Cost of Carry Delay, are in an odd way kind of Byzantine by omission. It is quite a feat to achieve confusion and unnecessary extra complication by not saying something, of course, but if anyone can do it, ISDA’s crack drafting squad™ can.