Administrator Event means the suspension of all or some of the processes in respect of a Registry or the
EUTL in accordance with the
Registries Regulation by the
National Administrator or the
Central Administrator (as applicable)
- (i) where that Registry is not operated and maintained in accordance with the provisions of the Registries Regulation, or any other applicable law, or
- (ii) for the purposes of carrying out scheduled or emergency maintenance, or
- (iii) where there has been or following reasonable suspicion of, a breach of security which threatens the integrity of the registries system (including any back up facilities);
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“Affected Allowance” means an Allowance which is or is alleged to have been the subject of an Unauthorised Transfer as confirmed by an Appropriate Source;
Template:EFET Allowance Annex Aircraft Operator
Allowance means an allowance to emit one tonne of carbon dioxide (C02) equivalent during a specified period, or such other type of unit as may be recognised as, valid for the purposes of meeting the requirements of applicable law and the relevant Emissions Trading Scheme on the Delivery Date, including, without limitation, for the purpose of meeting emissions’ related commitment obligations under the EU ETS;
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“Appropriate Source” means any ‘competent authority’ and/or the ‘Central Administrator’ (as those terms are defined in the Registries Regulation), National Administrator or any other authority having power pursuant to the Directive and/or the Registries Regulation to block, suspend, refuse, reject, cancel or otherwise affect the Transfer (whether in whole or in part) of Allowances, any recognized law enforcement or tax authorities of a Member State, European Anti-fraud Office of the European Commission or Europol;
Template:EFET Allowance Annex Central Administrator
Template:EFET Allowance Annex Compliance Period
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“Contract Price” means, in respect of an Allowance Transaction (and, where applicable, for a particular Compliance Period) the amount agreed to be the purchase price for that Contract Quantity, excluding applicable taxes;
Contract Quantity means, in respect of an Allowance Transaction, the number of Allowances (of one or more Compliance Periods, where applicable, as agreed to be bought and sold between the Parties;
Cost of Carry Amount has the meaning specified in § 7.5(d) (Cost of Carry);
“Cost of Carry Calculation Period” means the number of calendar days from and including the original Due Date which would have applied but for delayed delivery to, but excluding, the delayed Due Date resulting from delayed delivery;
“Cost of Carry Rate” means the “EUR-EuroSTR-COMPOUND” interest rate in respect of each day in the Cost of Carry Calculation Period, provided that if the interest rate would otherwise be less than zero, the interest rate shall be floored at zero and any margin applied thereto;
“Default Cost of Carry Amount” has the meaning specified in § 8.5(a)(ii);
“Default Cost of Carry Calculation Period” means the number of calendar days from and including the original Due Date which would have applied but for delayed delivery to, but excluding, the delayed Due Date that would have applied assuming that the Seller sent an invoice at the earliest date it would have been entitled to do so in accordance with the methodology elected in § 13.2 (Payment) in Part II of the Allowances Appendix;
“Default Cost of Carry Rate” means the “EUR-EuroSTR-COMPOUND” interest rate in respect of each day in the Default Cost of Carry Calculation Period, provided that if the interest rate would otherwise be less than zero, the interest rate shall be floored at zero and any margin applied thereto;
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“Encumbrance Loss Amount” means an amount reasonably determined by the Buyer in good faith to be its total losses and costs in connection with an Individual Contract including, but not limited to, any loss of bargain, cost of funding or, at the election of the Buyer but without duplication, loss or costs incurred as a result of its terminating, liquidating, obtaining or re-establishing any hedge or related trading position. Such amount includes losses and costs in respect of any payment already made under an Individual Contract prior to the delivery of the written notice by the Buyer and the Buyer's legal fees and out-of-pocket expenses but does not include Excess Emissions Penalty or any amount which the Buyer must pay to a third party in respect of any such penalty payable to any other party (or Relevant Authority) by that third party. The Parties agree that in circumstances where there was a breach of the No Encumbrances Obligation by the Seller caused by the Transfer of an Affected Allowance, the Buyer will be entitled to recover any losses arising out of or in connection with any claim, demand, action or proceeding brought against the Buyer by a third party consequent upon the Transfer by the Buyer of an Affected Allowance Transferred to it by the Seller under an Individual Contract;
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“Excess Emissions Penalty” or “EEP” means a financial payment required to be made to a Relevant Authority pursuant to and in accordance with Article 16(4) of the EU ETS Directive (which, for the avoidance of doubt, shall not include any costs relating to or arising from the obligation to purchase and/or surrender Allowances in the following Compliance Year), or its equivalent under any other Emissions Trading Scheme;
“Excess Emissions Penalty Equivalent” or “EEP Equivalent” means an amount which the Buyer must pay to a third party in respect of any amount payable by that third party which arose as a result of the Buyer’s failure to Transfer the required Allowances to that third party and which in turn was a consequence of the Seller’s failure to Transfer the Contract Quantity to the Buyer under this Agreement (which, for the avoidance of doubt, shall not include any costs relating to the obligation to purchase and/or surrender Allowances in the following Compliance Year);
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“Loss” means an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case it shall be expressed as a negative number) in connection with the termination of the applicable Allowance Transaction(s), or any unperformed portions thereof, including, if applicable, any EEP or EEP Equivalent, any loss of bargain, cost of funding (based on the actual costs of such Party whether or not greater than market costs) or, without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). Loss shall not include legal fees or similar out-of-pocket expenses. Each Party may (but need not) determine its Loss by reference to quotations of average relevant rates or prices from two or more leading Dealers;
Template:EFET Allowance Annex Member State
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Template:EFET Allowance Annex Regulation;
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“Original Affected Party” means the person from whose account the first Unauthorised Transfer of any Allowance occurred;
Template:EFET Allowance Annex Other Tax
Template:EFET Allowance Annex Participating Agreement
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Template:EFET Allowance Annex Physical Settlement Netting Accounts
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Template:EFET Allowance Annex Registries Regulation
Registry means the registry established by a Member State, Non-Member State or the EU, in accordance with Applicable Rule(s), in order to ensure the accurate accounting of the issue, holding, Transfer, acquisition, surrender, cancellation and replacement of Allowances. For the avoidance of doubt, references to a Registry shall include the Union Registry and the Holding Accounts within the Union Registry that are under the jurisdiction of a single National Administrator designated by a Member State and will together be deemed, for the purposes of this Allowances Appendix, to be a Registry for that Member State;
“Registry Operation” means, other than by reason of the occurrence of an Administrator Event:
- (a) the establishment of and continuing functioning of the Relevant Registry;
- (b) the establishment of and continuing functioning of the EUTL; and/or
- (c) the link between each of the Relevant Registry and the EUTL;
Template:EFET Allowance Annex Relevant Authority
Relevant Registry means the Registry through which a Party is obliged to perform a Transfer or acceptance of Transfer obligation under and in accordance with an Allowance Transaction. Where a Party has specified more than one Holding Account for Transfer or acceptance purposes, the Relevant Registry shall be identified in accordance with § 4.1(b);
Template:EFET Allowance Annex Rules
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“Total Contract Price” means the aggregate price to be paid for all Allowances required to be Transferred on a Delivery Date under an Allowance Transaction;
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Template:EFET Allowance Annex Transfer Point
“Unauthorised Transfer” means the Transfer by debiting of any Allowance from an account holder's Holding Account and the crediting of a Holding Account of another person, where such Transfer is not initiated by the relevant authorised representative or additional authorised representative (as referred to in the Registries Regulation) of the first account holder;
Template:EFET Allowance Annex UEA
“Union Registry” means the Registry referred to as the “Community Registry” in Article 19(1) of the EU ETS Directive;
Template:EFET Allowance Annex Unpaid Amounts
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