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Template:EUA Annex (d)(ii)(2): Difference between revisions
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:(2) '''{{euaprov|Failure to Comply by Receiving Party}}''': If the failure to deliver occurs as a result of the failure of {{euaprov|Receiving Party}} to comply with the {{euaprov|Requirements under the Scheme}} as specified below, the {{euaprov|Payment Date}} will be postponed and {{euaprov|Delivering Party}} may, by notice to {{euaprov|Receiving Party}}, require {{euaprov|Receiving Party}} so to comply, and the following provisions shall apply. | :{{euaprov|(d)(ii)(2)}} '''{{euaprov|Failure to Comply by Receiving Party}}''': If the failure to deliver occurs as a result of the failure of {{euaprov|Receiving Party}} to comply with the {{euaprov|Requirements under the Scheme}} as specified below, the {{euaprov|Payment Date}} will be postponed and {{euaprov|Delivering Party}} may, by notice to {{euaprov|Receiving Party}}, require {{euaprov|Receiving Party}} so to comply, and the following provisions shall apply. | ||
::(A) '''{{euaprov|Failure to Comply Remedied}}''': If {{euaprov|Receiving Party}} complies on or before the {{euaprov|Final Compliance Date}}: | ::(A) '''{{euaprov|Failure to Comply Remedied}}''': If {{euaprov|Receiving Party}} complies on or before the {{euaprov|Final Compliance Date}}: | ||
:::(X) {{euaprov|Delivering Party}} shall deliver to {{euaprov|Receiving Party}} the {{euaprov|Allowances to be Delivered}} and, in respect of an {{euaprov|Allowance Forward Transaction}}, {{euaprov|Receiving Party}} shall pay to {{euaprov|Delivering Party}} on the {{euaprov|Payment Date}} an amount equal to the {{euaprov|Allowance Purchase Price}} multiplied by the {{euaprov|Number of Allowances}} and, in respect of an {{euaprov|Allowance Option Transaction}}, {{euaprov|Receiving Party}} shall pay to {{euaprov|Delivering Party}} on the Payment Date an amount equal to the {{euaprov|Allowance Strike Price}} multiplied by the number of {{euaprov|Allowances to be Delivered}} (and, in each case, for purposes of determining the Payment Date, the date of actual delivery shall be deemed to be the {{euaprov|Delivery Date}}); and | :::(X) {{euaprov|Delivering Party}} shall deliver to {{euaprov|Receiving Party}} the {{euaprov|Allowances to be Delivered}} and, in respect of an {{euaprov|Allowance Forward Transaction}}, {{euaprov|Receiving Party}} shall pay to {{euaprov|Delivering Party}} on the {{euaprov|Payment Date}} an amount equal to the {{euaprov|Allowance Purchase Price}} multiplied by the {{euaprov|Number of Allowances}} and, in respect of an {{euaprov|Allowance Option Transaction}}, {{euaprov|Receiving Party}} shall pay to {{euaprov|Delivering Party}} on the Payment Date an amount equal to the {{euaprov|Allowance Strike Price}} multiplied by the number of {{euaprov|Allowances to be Delivered}} (and, in each case, for purposes of determining the Payment Date, the date of actual delivery shall be deemed to be the {{euaprov|Delivery Date}}); and | ||
:::(Y) {{euaprov|Receiving Party}} shall pay to {{euaprov|Delivering Party}} on the {{euaprov|Payment Date}} (determined in accordance with Part {{euaprov|(d)(ii)(2)}}(A)(X) above) interest on an amount equal to the number of {{euaprov|Allowances}} that were required to be delivered on the {{euaprov|Delivery Date}} (but which were not delivered on that date) multiplied by the {{euaprov|Allowance Purchase Price}} or {{euaprov|Allowance Strike Price}}, as applicable, for the period from (and including) the original {{euaprov|Delivery Date}} to (but excluding) the date of actual delivery at the {{euaprov|Default Rate}}. | :::(Y) {{euaprov|Receiving Party}} shall pay to {{euaprov|Delivering Party}} on the {{euaprov|Payment Date}} (determined in accordance with Part {{euaprov|(d)(ii)(2)}}(A)(X) above) interest on an amount equal to the number of {{euaprov|Allowances}} that were required to be delivered on the {{euaprov|Delivery Date}} (but which were not delivered on that date) multiplied by the {{euaprov|Allowance Purchase Price}} or {{euaprov|Allowance Strike Price}}, as applicable, for the period from (and including) the original {{euaprov|Delivery Date}} to (but excluding) the date of actual delivery at the {{euaprov|Default Rate}}. | ||
::(B) '''{{euaprov|Failure to Comply Not Remedied}}''': If {{euaprov|Receiving Party}} fails to comply on or before the {{euaprov|Final Compliance Date}}, {{euaprov|Delivering Party}} may, by written notice to {{euaprov|Receiving Party}}, terminate the parties’ obligations under “{{euaprov|Physical Settlement}}” above and {{euaprov|Receiving Party}} shall pay to {{euaprov|Delivering Party}} an amount equal to {{euaprov|Delivering Party’s Replacement Cost}} (if a positive number) on the first succeeding {{euaprov|Business Day}}, adjusted to take into account any amount previously paid (which for the avoidance of doubt, shall not include any Premium paid by the Buyer in respect of an {{euaprov|Allowance Option Transaction}}) by {{euaprov|Receiving Party}} to {{euaprov|Delivering Party}} in respect of the relevant {{euaprov|EU Emissions Allowance Transaction}}. <br> | ::(B) '''{{euaprov|Failure to Comply Not Remedied}}''': If {{euaprov|Receiving Party}} fails to comply on or before the {{euaprov|Final Compliance Date}}, {{euaprov|Delivering Party}} may, by written notice to {{euaprov|Receiving Party}}, terminate the parties’ obligations under “{{euaprov|Physical Settlement}}” above and {{euaprov|Receiving Party}} shall pay to {{euaprov|Delivering Party}} an amount equal to {{euaprov|Delivering Party’s Replacement Cost}} (if a positive number) on the first succeeding {{euaprov|Business Day}}, adjusted to take into account any amount previously paid (which for the avoidance of doubt, shall not include any Premium paid by the Buyer in respect of an {{euaprov|Allowance Option Transaction}}) by {{euaprov|Receiving Party}} to {{euaprov|Delivering Party}} in respect of the relevant {{euaprov|EU Emissions Allowance Transaction}}. <br> | ||