Template:UKA Annex (e): Difference between revisions

'''{{euaprov|Administrator Event}}''': Means the suspension of some or all of the processes of a {{euaprov|Relevant Registry}}, the {{euaprov|EUTL}} or, if applicable, the {{euaprov|LSTL}} in accordance with the {{euaprov|Registries Regulation}} by the relevant {{euaprov|National Administrator}} or the {{euaprov|Central Administrator }}(as applicable)

:(i) where that {{euaprov|Relevant Registry}} is not operated and maintained in accordance with the provisions of the {{euaprov|Registries Regulation}}, or any other applicable law, or  

:(ii) for the purpose 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), or

:(iv) where the mutual recognition of {{euaprov|Allowances}} under a relevant {{euaprov|Linking Agreement}} has been suspended in accordance with the terms of such {{euaprov|Linking Agreement}}. <br>

'''{{euaprov|AEUA}}''' or '''{{euaprov|AEU Allowance}}''': Means an “allowance” as defined in the {{euaprov|Directive}} and which is issued under Chapter II thereof. <br>

'''{{euaprov|Affected Allowance}}''': Means an {{euaprov|Allowance}} which is or is alleged to have been the subject of an {{euaprov|Unauthorised Transfer}} as confirmed by an {{euaprov|Appropriate Source}}. <br>

'''{{euaprov|Aircraft Operator}}''': Means an “aircraft operator” as defined in the {{euaprov|Directive}}.<br>

'''{{euaprov|Allowance}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, an allowance to emit one tonne of carbon dioxide (CO2) equivalent during a specified period which is valid for meeting emissions related commitment obligations under the {{euaprov|Scheme}} and which is of the specified {{euaprov|Allowance Type}} and relates to the {{euaprov|Specified Compliance Period}}. <br>

'''{{euaprov|Allowance Forward Transaction}}''' means an {{euaprov|EU Emissions Allowance Transaction}} identified as an {{euaprov|Allowance Forward Transaction}} in the related {{euaprov|Confirmation}}. <br>

'''{{euaprov|Allowance Option Transaction}}''': Means an {{euaprov|EU Emissions Allowance Transaction}} identified as an {{euaprov|Allowance Option Transaction}} in the related {{isdaprov|Confirmation}}.  An {{euaprov|Allowance Option Transaction}} shall be an {{isdadefsprov|Option Transaction}} for purposes of the {{euaprov|2006 ISDA Definitions}}. <br>

'''{{euaprov|Allowances to be Delivered}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} that is:

:(1) an {{euaprov|Allowance Forward Transaction}}, a number of {{euaprov|Allowances}} equal to the {{euaprov|Number of Allowances}}; or

:(2) an {{euaprov|Allowance Option Transaction}} and in respect of an {{euaprov|Exercise Date}}, a number of {{euaprov|Allowances}} equal to the number of {{isdadefsprov|Option}}s exercised or deemed exercised on that Exercise Date multiplied by the {{euaprov|Option Entitlement}}. <br>

'''{{euaprov|Allowance Purchase Price}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Forward Transaction}}, the amount specified or otherwise determined as provided in the related {{euaprov|Confirmation}}. <br>

'''{{euaprov|Allowance Shortfall}}''': Has the meaning given to such term in Part {{euaprov|(d)(iii)}} (''{{euaprov|Partial Settlement}}''). <br>

'''{{euaprov|Allowance Strike Price}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Option Transaction}}, the price per Allowance specified or otherwise determined as provided in the related Confirmation. <br>

'''{{euaprov|Allowance Type}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, an {{euaprov|AEU Allowance}} or an {{euaprov|EU Allowance}} as specified in the related {{isdaprov|Confirmation}}.  <br>

'''{{euaprov|Appropriate Source}}''': Means any “competent authority” (as defined in the {{euaprov|Registries Regulation}}) [[and/or]] the {{euaprov|Central Administrator}}, {{euaprov|National Administrator}} or any other authority having power pursuant to the {{euaprov|Directive}} [[and/or]] the {{euaprov|Registries Regulation}} to block, suspend, refuse, reject, cancel or otherwise affect the transfer (whether in whole or in part) of {{euaprov|Allowances}}, any recognised law enforcement or tax authorities of a Member State, the European Anti-fraud Office of the European Commission or Europol. <br>

'''{{euaprov|Buyer}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the party specified as such in the related {{isdaprov|Confirmation}}. <br>

'''{{euaprov|Buy-In}}''': Means the purchase of {{euaprov|Allowances}} by {{euaprov|Receiving Party}} in accordance with the procedures described in paragraph (2) of the definition of {{euaprov|Receiving Party’s Replacement Cost}} in this Part {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}''). <br>

'''{{euaprov|Buy-In Period}}''': Has the meaning given to such term in the definition of {{euaprov|Receiving Party’s Replacement Cost}} in this Part {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}'').<br>

'''{{euaprov|Calculation Agent}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the party specified as such in the related {{isdaprov|Confirmation}}. <br>

'''{{euaprov|Call}}''': Means a type of an {{euaprov|Allowance Option Transaction}} entitling, but not obligating, {{euaprov|Buyer}} to purchase {{euaprov|Allowances}} from {{euaprov|Seller}} at the {{euaprov|Allowance Strike Price}} per {{euaprov|Allowance}}. <br>

'''{{euaprov|Central Administrator}}''': Means the person designated by the EU Commission to operate and maintain the {{euaprov|EUTL}} pursuant to Article 20(1) of the {{euaprov|Directive}}. <br>

'''{{euaprov|Central European Time}}''': Means Central European Time, including Central European Winter Time and Central European Summer Time as applicable.<br>

'''{{euaprov|Close-out Cost of Carry Amount}}''': Means an amount in EUR equal to: (a) the {{euaprov|Close-out Cost of Carry Rate}}; multiplied by: (b)(i) in respect of an {{euaprov|Allowance Forward Transaction}}, the {{euaprov|Allowance Purchase Price}}; or (ii) in respect of an {{euaprov|Allowance Option Transaction}}, the {{euaprov|Allowance Strike Price}}; multiplied by: (c) the {{euaprov|Close-out Cost of Carry Delay}}, divided by (d) 360.

'''{{euaprov|Close-out Cost of Carry Delay}}''': Means the number of days in the period from (and including) the scheduled {{euaprov|Payment Date}} to (but excluding) the date that would be the {{euaprov|Payment Date}} if delivery had been made on the {{euaprov|Final Delivery Date}} or {{euaprov|Final Compliance Date}} (as the case may be). <br>

'''{{euaprov|Close-out Cost of Carry Rate}}''': Means a rate equal to the {{isdadefsprov|Floating Rate}} that would be determined for the period from the scheduled {{euaprov|Payment Date}} to the {{isdaprov|Early Termination Date}}, if the {{euaprov|Reset Date}} were the date that would be the {{euaprov|Payment Date}} if delivery had been made on the {{euaprov|Final Delivery Date}} or {{euaprov|Final Compliance Date}} ([[as the case may be]]) and the applicable {{isdadefsprov|Floating Rate Option}} were “EUR-EONIA-OIS-COMPOUND”. <br>

'''{{euaprov|Cost of Carry Amount}}''': Means an amount in EUR equal to:  

:(a) the {{euaprov|Cost of Carry Rate}} multiplied by:

::(i) in respect of an {{euaprov|Allowance Forward Transaction}}, the {{euaprov|Allowance Purchase Price}} multiplied by the {{euaprov|Number of Allowances}} delivered on or before the {{euaprov|Delayed Delivery Date}} following the occurrence of a {{euaprov|Suspension Event}}; or

::(ii)  in respect of an {{euaprov|Allowance Option Transaction}}, the {{euaprov|Allowance Strike Price}} multiplied by the {{euaprov|Number of Allowances}} delivered on or before the {{euaprov|Delayed Delivery Date}} following the occurrence of a {{euaprov|Suspension Event}};

:(c) the {{euaprov|Cost of Carry Delay}}, divided by 360.<ref>Since {{icds}} elected to express a mathematical proposition on its own tortured prose, it is not entirely  clear ''what'' is meant to be divided by 360: the stray comma suggests maybe it is meant to be a denominator for the whole sum, but we think it makes more sense to divide only the {{euaprov|Cost of Carry Delay}} by 360, as that gets you an annualised day count fraction that the rest of the sum can be multiplied by. If you ignored the ambiguous comma, that is the most consistent with the paragraph layout. </ref>

'''{{euaprov|Cost of Carry Delay}}''': Means the number of days in the period from (and including) the scheduled {{euaprov|Payment Date}} to (but excluding) the {{euaprov|Delayed Payment Date}}. <br>

'''{{euaprov|Cost of Carry Rate}}''': Means a rate equal to the {{isdadefsprov|Floating Rate}} that would be determined for a {{euaprov|Calculation Period}} commencing on (and including) the scheduled {{euaprov|Payment Date}} and ending on (but excluding) the {{euaprov|Delayed Payment Date}}, if the {{euaprov|Reset Date}} were the last day of that {{euaprov|Calculation Period}} and the applicable {{isdadefsprov|Floating Rate Option}} were “EUR-EONIA-OIS-COMPOUND”. <br>

'''{{euaprov|Deadline Shortfall}}''': Has the meaning given to such term in Part {{euaprov|(d)(xi)}} (''{{euaprov|Failure to Deliver (Alternative Method) – EEP Applicable}}'').<br>

'''{{euaprov|Delayed Delivery Date}}''': Has the meaning given to that term in Part {{euaprov|(d)(i)(5)}}(B) (''{{euaprov|Effect of a Suspension Event''}}).<br>

'''{{euaprov|Delayed Payment Date}}''': Has the meaning given to that term in the definition of {{euaprov|Payment Date}} in this {{euaprov|(e)}} ({{euaprov|Defined Terms and Interpretation}}). <BR>

'''{{euaprov|Delivering Party}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} that is:  

:(1) an {{euaprov|Allowance Forward Transaction}}, the {{euaprov|Seller}};  

:(2) an {{euaprov|Allowance Option Transaction}} which is a {{euaprov|Call}}, the {{euaprov|Seller}}; or  

:(3) an {{euaprov|Allowance Option Transaction}} which is a {{euaprov|Put}}, the {{euaprov|Buyer}}. <br>

'''{{euaprov|Delivering Party’s Delivery Business Day Location}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the place specified as such in the {{euaprov|Confirmation}} for the relevant {{euaprov|EU Emissions Allowance Transaction}} or, if a place is not so specified:  

:(i) the place specified in the Annex to this Part [7] as the {{euaprov|Delivery Business Day Location}} for {{euaprov|Delivering Party}}; or  

:(ii) if no such place is specified, the place in which Seller’s address for purposes of receiving notices connected with the relevant {{euaprov|EU Emissions Allowance Transaction}} is located; or  

:(iii) if no such address has been given, the place in which {{euaprov|Delivering Party}} has its registered office. <br>

'''{{euaprov|Delivering Party’s Replacement Cost}}''': Means in respect of a failure of {{euaprov|Receiving Party}} to accept delivery of a number of {{euaprov|Allowances}} (the “'''{{euaprov|DPRC Shortfall}}'''”), an amount equal to:

::(1) the {{euaprov|Allowance Purchase Price}} or {{euaprov|Allowance Strike Price}}, as applicable, as set out in the {{euaprov|Confirmation}} for the relevant {{euaprov|EU Emissions Allowance Transaction}} plus, in those circumstances in which the relevant termination of the parties’ obligations under “{{euaprov|Physical Settlement}}” occurs following a {{euaprov|Suspension Event}}, the {{euaprov|Close-out Cost of Carry Amount}}; less

::(2) the price (per Allowance) {{euaprov|Delivering Party}}, acting in a commercially reasonable manner, does or would, in the determination of the {{euaprov|Calculation Agent}}, receive in an arm’s length transaction concluded on the {{euaprov|Final Compliance Date}} for an equivalent number of {{euaprov|Allowances}} of the relevant {{euaprov|Allowance Type}} to be delivered on the {{euaprov|Final Compliance Date}} or, if later, the {{euaprov|Delivery Business Day}} on which {{euaprov|Allowances}} would be delivered in accordance with prevailing market practice under a spot transaction concluded on the {{euaprov|Final Compliance Date}}; multiplied by:

:(ii) the {{euaprov|DPRC Shortfall}}; plus

:(iii) interest at the {{euaprov|Default Rate}} for the period from (and including) the {{euaprov|Delivery Date}} to (but excluding) the date of termination in accordance with Part {{euaprov|(d)(ii)}}(2)(B)({{euaprov|Failure to Comply Not Remedied}}) on an amount equal to the product of the {{euaprov|DPRC Shortfall}} and an amount equal to the excess, if any, of the {{euaprov|Allowance Purchase Price}} or {{euaprov|Allowance Strike Price}}, as applicable, over the price determined pursuant to paragraph (i)(2) above. <br>

'''{{euaprov|Delivery Business Day}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, any day, which is not a Saturday or Sunday, on which commercial banks are open for general business in both {{euaprov|Delivering Party’s Delivery Business Day Location}} and the {{euaprov|Receiving Party’s Delivery Business Day Location}}. <br>

'''{{euaprov|Delivery Date}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the date or dates specified as such in the related {{isdaprov|Confirmation}} (subject to any adjustment in accordance with Part {{euaprov|(d)(i)(5)}} (''{{euaprov|Suspension Event}}'')). <br>

'''{{euaprov|Directive}}''': Means Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council {{euaprov|Directive}} 96/61/EC, as amended from time to time. <br>

'''{{euaprov|DPRC Shortfall}}''': Has the meaning given to such term in the definition of {{euaprov|Delivering Party’s Replacement Cost}} in this Part {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}''). <br>

'''{{euaprov|EEP Amount}}''': Means an amount (expressed as an amount per {{euaprov|Allowance}}) that {{euaprov|Receiving Party}} determines, acting [[In good faith and a commercially reasonable manner|in good faith and using commercially reasonable procedures]], to be its total losses and costs which result from {{euaprov|Delivering Party}}’s failure to deliver the {{euaprov|Shortfall}} to the extent that those losses and costs are not reflected elsewhere in the definition of {{euaprov|Receiving Party’s Replacement Cost}} and to the extent that those losses and costs relate to:

:(1) any {{euaprov|Excess Emission Penalty}} which {{euaprov|Receiving Party}} must pay to the {{euaprov|Relevant Authority}} in accordance with the terms of the Scheme; [[and/or]]

:(2) if “{{euaprov|EEP Equivalent}}” is specified to be applicable in the Annex to this Part [7] or the Confirmation for the relevant {{euaprov|EU Emissions Allowance Transaction}}, any amount which {{euaprov|Receiving Party}} must pay to a third party in respect of any such penalty payable to any other party (including a {{euaprov|Relevant Authority}}) by that third party as a result of {{euaprov|Delivering Party}}’s failure to deliver the {{euaprov|Shortfall}}. <br>

'''{{euaprov|EEP Non-delivery}}''': Has the meaning given to such term in Part {{euaprov|(d)(xi)}} (''{{euaprov|Failure to Deliver (Alternative Method) – EEP Applicable}}''). <br>

'''{{euaprov|EEP Payment}}''': Has the meaning given to such term in Part {{euaprov|(d)(xi)}} (''{{euaprov|Failure to Deliver (Alternative Method) – EEP Applicable}}''). <br>

'''{{euaprov|EEP Risk Period}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} and any {{euaprov|Delivery Date}}, a period of time prior to the first succeeding {{euaprov|Reconciliation Deadline}}, as specified in the related Confirmation. <br>

'''{{euaprov|Encumbrance Loss Amount}}''': An amount reasonably determined by {{euaprov|Receiving Party}} [[in good faith]] to be its total losses and costs in connection with an {{euaprov|EU Emissions Allowance Transaction}} including, but not limited to, any loss of bargain, cost of funding or, at the election of {{euaprov|Receiving Party}} 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 {{euaprov|EU Emissions Allowance Transaction}} prior to the delivery of the written notice by {{euaprov|Receiving Party}} and {{euaprov|Receiving Party}}’s legal fees and out-of-pocket expenses but does not include {{euaprov|Excess Emissions Penalty}} or any amount which {{euaprov|Receiving Party}} must pay to a third party in respect of any such penalty payable to any other party (or {{euaprov|Relevant Authority}}) by that third party. The parties agree that in circumstances where there was a breach of the {{euaprov|No Encumbrances Obligation}} by {{euaprov|Delivering Party}} caused by the transfer of an {{euaprov|Affected Allowance}}, {{euaprov|Receiving Party}} shall be entitled to include in such amount any losses arising out of or in connection with any claim, demand, action or proceeding brought against {{euaprov|Receiving Party}} by a third party consequent upon the transfer by {{euaprov|Receiving Party}} of an {{euaprov|Affected Allowance}} transferred to it by {{euaprov|Delivering Party}} under an {{euaprov|EU Emissions Allowance Transaction}}. <br>

'''{{euaprov|End of Phase Reconciliation Deadline}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the {{euaprov|Reconciliation Deadline}} scheduled to fall in April 2031. <br>

'''{{euaprov|EU}}''': Means the European Community as it exists from time to time. <br>

'''{{euaprov|EU Allowance}}''': Means an allowance, other than an {{euaprov|AEUA}} or {{euaprov|AEU Allowance}}, created pursuant to the {{euaprov|Directive}}, including allowances stemming from emission trading systems that are linked with the {{euaprov|EU ETS}} pursuant to Article 25 of the {{euaprov|Directive}}. <br>

'''{{euaprov|EUTL}}''' or '''{{euaprov|European Transaction Log}}''': Means the independent transaction log provided for in Article 20(1) of the {{euaprov|Directive}}, the operation of which is further detailed in Article 6 of the {{euaprov|Registries Regulation}}. <br>

'''{{euaprov|Excess Emissions Penalty}}'''/'''{{euaprov|EEP}}''': Has the meaning given to it in the {{euaprov|Directive}}. <br>

'''{{euaprov|Expiration Date}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Option Transaction}}, the date specified as such in the related {{isdaprov|Confirmation}} (or determined pursuant to a method specified for such purpose) or, if that date is not a {{euaprov|Business Day}}, the next following day that is a {{euaprov|Business Day}}. <br>

'''{{euaprov|Final Compliance Date}}''': Means, the date that is the second {{euaprov|Delivery Business Day}} after notice is given under Part {{euaprov|(d)(ii)(2)}} (''{{euaprov|Failure to Comply byReceiving Party}}'') requiring {{euaprov|Receiving Party}} to comply with Part {{euaprov|(d)(vi)}} (''{{euaprov|Requirements under the Scheme}}'') or, if earlier, the {{euaprov|Reconciliation Deadline}} on or immediately following the relevant {{euaprov|Delivery Date}}. <br>

'''{{euaprov|Final Delivery Date}}''': Means, the date that is the second {{euaprov|Delivery Business Day}} after notice is given under Part {{euaprov|(d)(ii)(1)}} (''{{euaprov|Failure to Deliver by Delivering Party}}'') requiring {{euaprov|Delivering Party}} to remedy a failure to deliver or, if earlier, the {{euaprov|Reconciliation Deadline}} on or immediately following the relevant {{euaprov|Delivery Date}}. <br>

'''{{euaprov|Fourth Compliance Period}}''': Means, in respect of {{euaprov|EU Allowances}} and {{euaprov|AEU Allowances}}, the period starting 1 January 2021 to 31 December 2030. <br>

'''{{euaprov|Holding Account}}''': Means a form of digital record maintained in a {{euaprov|Registry}} (pursuant to and in accordance with the {{euaprov|Registries Regulation}}) that is able to be used to record the allocation (if applicable), holding and transfer of {{euaprov|Allowances}} of the {{euaprov|Allowance Type}} that is to be delivered under the relevant {{euaprov|EU Emissions Allowance Transaction}} pursuant to and in accordance with the {{euaprov|Scheme}}. <br>

'''{{euaprov|Indemnifiable EEP}}''': Has the meaning given to such term in Part {{euaprov|(d)(xi)}} (''{{euaprov|Failure to Deliver (Alternative Method) – EEP Applicable}}''). <br>

'''{{euaprov|Long-Stop Date}}''': Means, in respect of a {{euaprov|Suspension Event}} that occurs with respect to a delivery or acceptance obligation that would otherwise be required to be performed within the period:

:(5) from (and including) 1 January 2029 to (and including) the twenty-fifth (25th) calendar day of the month in which the {{euaprov|End of Phase Reconciliation Deadline}} is scheduled to occur, the twenty-fifth (25th) calendar day of the month in which the {{euaprov|End of Phase Reconciliation Deadline}} is scheduled to occur. <br>

'''{{euaprov|LSTL}}''': Means a transaction log of a non-{{euaprov|Member State}} that is linked to the {{euaprov|EUTL}} under the terms of a relevant {{euaprov|Linking Agreement}}.

'''{{euaprov|Member State}}''': Means any one of the signatories of the {{euaprov|European Union}} from time to time. <br>

'''{{euaprov|Multiple Exercise}}''': Means:   

:(1) If “{{euaprov|Multiple Exercise}}” is specified to be applicable to an {{euaprov|EU Emissions Allowance Transaction}} which is an American {{euaprov|Allowance Option Transaction}} or a Bermuda {{euaprov|Allowance Option Transaction}}, {{euaprov|Buyer}} may exercise all or less than all the unexercised Options on one or more Business Days during the Exercise Period but (except as set forth below) on any such Business Day may not exercise less than the {{euaprov|Minimum Number of Options}} or more than the {{euaprov|Maximum Number of Options}} and, if a number is specified as “Integral Multiple” in the related {{isdaprov|Confirmation}}, the number of exercised Options must be equal to, or be an integral multiple of, the number so specified.  Except as set forth below, any attempt to exercise on any such {{euaprov|Business Day}}:  

::(A) more than the {{euaprov| Maximum Number of Options}} will be deemed to be an exercise of the {{euaprov|Maximum Number of Options}} (the number of Options exceeding the {{euaprov|Maximum Number of Options}} being deemed to remain unexercised);  

::(B) less than the {{euaprov|Minimum Number of Options}} will be ineffective; and  

:(2) Notwithstanding the foregoing, on any such Business Day, Buyer may exercise any number of Options that does not exceed the {{euaprov|Maximum Number of Options}} if it exercises all the Options remaining unexercised.  On the Expiration Date, Buyer may exercise any number of Options remaining unexercised.  

:(3) “'''{{euaprov|Minimum Number of Options}}'''” means, in respect of an {{euaprov|Allowance Option Transaction}} to which {{euaprov|Multiple Exercise}} is applicable, the number specified as such in the related Confirmation.  

:(4) “'''{{euaprov|Maximum Number of Options}}'''” means, in respect of an {{euaprov|Allowance Option Transaction}} to which {{euaprov|Multiple Exercise}} is applicable, the number specified as such in the related Confirmation. <br>

'''{{euaprov|National Administrator}}''': Means (i) the entity responsible for managing, on behalf of a {{euaprov|Member State}}, a set of user accounts under the jurisdiction of a {{euaprov|Member State}} in the {{euaprov|Union Registry}} as designated in accordance with Article 7 of the {{euaprov|Registries Regulation}}, or (ii) the entity identified as an administrator in respect of an {{euaprov|LSTL}}. <br>

'''{{euaprov|No Encumbrance Obligation}}''': Has the meaning given to such term in Part {{euaprov|(d)(vii)}} (''{{euaprov|No Encumbrances}}''). <br>

'''{{euaprov|Notice of Exercise}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Option Transaction}}, an Option notice given by {{euaprov|Buyer}} to {{euaprov|Seller}} (which may be given orally (including by telephone) unless the parties specify otherwise in the related {{isdaprov|Confirmation}}) of its exercise of the right or rights granted pursuant to the {{euaprov|Allowance Option Transaction}} during the hours specified in the relevant {{isdaprov|Confirmation}} on a {{euaprov|Seller Business Day}} during the {{euaprov|Exercise Period}}, which shall be irrevocable once effective.  If the {{euaprov|Notice of Exercise}} is received on any {{euaprov|Seller Business Day}} after the latest time so specified, the {{euaprov|Notice of Exercise}} will be deemed to have been received on the next following {{euaprov|Seller Business Day}}, if any, in the {{euaprov|Exercise Period}}.  {{euaprov|Buyer}} may exercise the right or rights granted pursuant to the {{euaprov|Allowance Option Transaction}} only by giving a {{euaprov|Notice of Exercise}}. <br>

'''{{euaprov|Number of Allowances}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the number specified as such in the related {{euaprov|Confirmation}}. <br>

'''{{euaprov|Number of Options}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Option Transaction}}, the number specified as such in the related {{isdaprov|Confirmation}}, being the number of Options comprised in the relevant {{euaprov|Allowance Option Transaction}}. <br>

'''{{euaprov|Operator}}''': Means an “operator” as defined in the {{euaprov|Directive}}. <br>

'''{{euaprov|Option}}''': Means, in respect of an {{euaprov|Allowance Option Transaction}}, each unit into which the Option Transaction is divided for purposes of exercise or settlement. <br>

'''{{euaprov|Option Entitlement}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Option Transaction}}, the number of {{euaprov|Allowances}} per Option specified as such in the related {{isdaprov|Confirmation}}.  In the event that no {{euaprov|Option Entitlement}} is specified in the related {{isdaprov|Confirmation}}, the {{euaprov|Option Entitlement}} in respect of any {{euaprov|Allowance Option Transaction}} shall be one {{euaprov|Allowance}} per Option. <br>

'''{{euaprov|Original Affected Party}}''': Means the person from whose account the {{euaprov|Unauthorised Transfer}} of the {{euaprov|Affected Allowance}} occurred. <br>

'''{{euaprov|Payment Date}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the date specified as such or otherwise determined pursuant to a method specified in the related {{isdaprov|Confirmation}}, provided that, in the case of delayed delivery pursuant to Part(d)(i)(5)({{euaprov|Suspension Event}}), the {{euaprov|Payment Date}} shall be determined accordingly from the {{euaprov|Delayed Delivery Date}} (such Payment Date being the “'''{{euaprov|Delayed Payment Date}}'''”).<br>

'''{{euaprov|Potential Exercise Date}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is a Bermuda {{euaprov|Allowance Option Transaction}}, each date specified as such in the related Confirmation or, if that date is not a Business Day, the next following day that is a {{euaprov|Business Day}}.<br>

'''{{euaprov|Premium}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Option Transaction}}, the amount specified or otherwise determined as provided in the related Confirmation.  If a {{euaprov|Premium}} per {{euaprov|Allowance}} is specified in the related {{isdaprov|Confirmation}}, the {{euaprov|Premium}} shall be the product of the {{euaprov|Premium}} per {{euaprov|Allowance}}, the {{euaprov|Number of Options}} and the {{euaprov|Option Entitlement}}. <br>

'''{{euaprov|Put}}''': Means a type of {{euaprov|Allowance Option Transaction}} entitling, but not obligating, the {{euaprov|Buyer}} to sell {{euaprov|Allowances}} to {{euaprov|Seller}} at the {{euaprov|Allowance Strike Price}} per {{euaprov|Allowance}}. <br>

'''{{euaprov|Receiving Party}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} that is:  

:(1) an {{euaprov|Allowance Forward Transaction}}, the {{euaprov|Buyer}};  

:(2) an {{euaprov|Allowance Option Transaction}} which is a {{euaprov|Call}}, the {{euaprov|Buyer}}; or  

:(3) an {{euaprov|Allowance Option Transaction}} which is a {{euaprov|Put}}, the {{euaprov|Seller}}. <br>

'''{{euaprov|Receiving Party’s Delivery Business Day Location}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the place specified as such in the Confirmation for the relevant {{euaprov|EU Emissions Allowance Transaction}} or, if a place is not so specified:  

:(i) the place specified in the Annex to this Part as the {{euaprov|Delivery Business Day}} Location for {{euaprov|Receiving Party}}; or  

:(ii) if no such place is specified, the place in which {{euaprov|Receiving Party}}’s address for purposes of receiving notices connected with the relevant {{euaprov|EU Emissions Allowance Transaction}} is located; or  

:(iii) if no such address has been given, the place in which {{euaprov|Receiving Party}} has its registered office. <br>

'''{{euaprov|Receiving Party’s  Replacement Cost}}''' means:  

:(1) if “{{euaprov|Excess Emissions Penalty}}” is specified not to be applicable in the Annex to this Part or the {{isdaprov|Confirmation}} for the relevant {{euaprov|EU Emissions Allowance Transaction}}, or if “{{euaprov|Excess Emissions Penalty}}” is specified to be applicable and if an {{euaprov|EEP Risk Period}} is specified in the Annex to this Part or in the {{isdaprov|Confirmation}} for the relevant {{euaprov|EU Emissions Allowance Transaction}} but the {{euaprov|Delivery Date}} falls outside the {{euaprov|EEP Risk Period}} then, in respect of a failure to deliver a number of Allowances (the “'''{{euaprov|RPRC Shortfall}}'''”), an amount equal to:

:::(I) the price (per Allowance) that {{euaprov|Receiving Party}}, acting in a commercially reasonable manner, does or would, in the determination of the Calculation Agent, pay in an arm’s length transaction concluded on the {{euaprov|Final Delivery Date}} for an equivalent number of Allowances to be delivered on the {{euaprov|Final Delivery Date}} or, if later, the {{euaprov|Delivery Business Day}} on which Allowances would be delivered in accordance with prevailing market practice under a spot transaction concluded on the {{euaprov|Final Delivery Date}}; less

:::(II) the {{euaprov|Allowance Purchase Price}} or {{euaprov|Allowance Strike Price}}, as applicable, as set out in the Confirmation for the relevant {{euaprov|EU Emissions Allowance Transaction}} plus, in those circumstances in which the relevant termination of the parties’ obligations under “{{euaprov|Physical Settlement}}” occurs following a {{euaprov|Suspension Event}}, the {{euaprov|Close-out Cost of Carry Amount}}; multiplied by:

::(B) the {{euaprov|RPRC Shortfall}}; plus

::(C) interest at the Default Rate for the period from (and including) the {{euaprov|Delivery Date}} to (but excluding) the date of termination in accordance with Part [7](d)(ii)(1)(B)(Failure to Deliver Not Remedied) on an amount equal to the product of the {{euaprov|RPRC Shortfall}} and an amount equal to the excess, if any, of the price determined pursuant to paragraph (1)(A)(I) above over the {{euaprov|Allowance Purchase Price}} or the {{euaprov|Allowance Strike Price}}, as applicable; or

:(2) if “{{euaprov|Excess Emissions Penalty}}” is specified to be applicable in the Annex to this Part or the {{euaprov|Confirmation}} for an {{euaprov|EU Emissions Allowance Transaction}} and, if an {{euaprov|EEP Risk Period}} is specified in the Annex to this Part or in the {{isdaprov|Confirmation}} for the relevant {{euaprov|EU Emissions Allowance Transaction}}, the {{euaprov|Delivery Date}} falls within the {{euaprov|EEP Risk Period}} for the relevant {{euaprov|EU Emissions Allowance Transaction}}, then, in respect of a failure to deliver a number of Allowances (the “'''{{euaprov|Undelivered Allowances}}'''”), an amount equal to the sum of:

:::(I) if in one or more arm’s length transactions {{euaprov|Receiving Party}} is able, using its reasonable endeavours, to purchase a number of Allowances to be delivered during the period from (but excluding) the {{euaprov|Final Delivery Date}} to (and including) the {{euaprov|Reconciliation Deadline}} on or immediately following the {{euaprov|Delivery Date}} (the “'''{{euaprov|Buy-In Period}}'''”), which in respect of each such individual purchase of Allowances, when aggregated with other such purchases, amounts to a purchase of a number of Allowances equal to the number of {{euaprov|Undelivered Allowances}}:

:::::(1) the price (per Allowance) at which {{euaprov|Receiving Party}} is able so to purchase the relevant number of Allowances; less  

:::::(2) (A) the {{euaprov|Allowance Purchase Price}} or {{euaprov|Allowance Strike Price}}, as applicable, for the {{euaprov|Undelivered Allowances}} set out in the relevant Confirmation plus, (B) in those circumstances in which the relevant termination of the parties’ obligations under “{{euaprov|Physical Settlement}}” occurs following a {{euaprov|Suspension Event}}, the {{euaprov|Close-out Cost of Carry Amount}}; multiplied by:

::::(Z) interest at the Default Rate for the period from (and including) the {{euaprov|Delivery Date}} to (but excluding) the date of termination in accordance with Part [7](d)(ii)(1)(B)(Failure to Deliver Not Remedied) on an amount equal to the product of the number of {{euaprov|Undelivered Allowances}} and an amount equal to the excess, if any, of the price determined pursuant to paragraph (2)(A)(I)(X)(1) above over the {{euaprov|Allowance Purchase Price}} or {{euaprov|Allowance Strike Price}}, as applicable; or

:::(II) if in one or more arm’s length transactions {{euaprov|Receiving Party}}, using its reasonable efforts, is unable to purchase a number of Allowances equivalent to the {{euaprov|Undelivered Allowances}} to be delivered during the Buy-In Period:

::::(X) in respect of the number of Allowances for which {{euaprov|Receiving Party}} is able to effect a Buy-In during the Buy-In Period, an amount for such Allowances calculated in accordance with paragraph (I) above; and

::::(Y) in respect of a number of Allowances equal to the number of {{euaprov|Undelivered Allowances}} minus the number of Allowances referred to in (II)(X) above (the “'''{{euaprov|Shortfall}}'''”), the sum of:

::::::(I) the price (per {{euaprov|Allowance}}) at which {{euaprov|Receiving Party}}, using its reasonable efforts and in an arm’s length transaction, is able to purchase as soon as reasonably possible for delivery after the {{euaprov|Reconciliation Deadline}} a number of {{euaprov|Allowances}} (such {{euaprov|Allowances}} also being of the same {{euaprov|Allowance Type}} equal to the {{euaprov|Shortfall}}; less

::::::(II) the {{euaprov|Allowance Purchase Price}} or {{euaprov|Allowance Strike Price}}, as applicable, for the {{euaprov|Undelivered Allowances}} set out in the relevant {{euaprov|Confirmation}} plus, in those circumstances in which the relevant termination of the parties’ obligations under “{{euaprov|Physical Settlement}}” occurs following a {{euaprov|Suspension Event}}, the {{euaprov|Close-out Cost of Carry Amount}}; plus

::::::(III) the {{euaprov|EEP Amount}}; multiplied by:

:::::(b) the {{euaprov|Shortfall}}; plus

:::::(c) onterest at the {{euaprov|Default Rate}} for the period from (and including) the {{euaprov|Delivery Date}} to (but excluding) the date {{euaprov|Receiving Party}} is or would be able to purchase Allowances in accordance with paragraph (II)(Y)(a)(1) above on an amount equal to the product of the number of {{euaprov|Undelivered Allowances}} and an amount equal to the excess, if any, of the price determined pursuant to paragraph (II)(Y)(a)(1) above over the {{euaprov|Allowance Purchase Price}} or the {{euaprov|Allowance Strike Price}}, as applicable; and

::(B) such reasonable costs and expenses which {{euaprov|Receiving Party}} incurs as a direct result of {{euaprov|Delivering Party}}’s failure to deliver the {{euaprov|Shortfall}} to the extent that those costs and expenses are not reflected in paragraphs (A)(I) or (A)(II) above; or

:(3) if “{{euaprov|Failure to Deliver (Alternative Method)}}” is specified to be applicable in the Annex to this Part or the {{euaprov|Confirmation}} for an {{euaprov|EU Emissions Allowance Transaction}}, then, in respect of a failure to deliver a number of {{euaprov|Allowances}} (the number of {{euaprov|Allowances}} not so delivered being the “{{euaprov|RPRC Shortfall}}”), an amount equal to:

:::(I) the price (per {{euaprov|Allowance}}) {{euaprov|Receiving Party}}, acting in a [[commercially reasonable manner]], does or would, in the determination of the {{euaprov|Calculation Agent}}, pay in an arm’s length transaction concluded in accordance with prevailing market practice on the {{euaprov|Final Delivery Date}} to purchase a number of {{euaprov|Allowances}} equivalent to the {{euaprov|RPRC Shortfall}} for delivery on the first {{euaprov|Delivery Business Day}} on which transactions concluded on the {{euaprov|Delivery Date}} would be settled in accordance with prevailing market practice; less

:::(II) the {{euaprov|Allowance Purchase Price}} or {{euaprov|Allowance Strike Price}}, as applicable, as set out in the {{isdaprov|Confirmation}} for such {{euaprov|EU Emissions Allowance Transaction}} plus, in those circumstances in which the relevant termination of the parties’ obligations under “{{euaprov|Physical Settlement}}” occurs following a {{euaprov|Suspension Event}}, the {{euaprov|Close-out Cost of Carry Amount}}; multiplied by:

::(B) the {{euaprov|RPRC Shortfall}}; plus

::(C) interest at the {{euaprov|Default Rate}} for the period from (and including) the {{euaprov|Delivery Date}} to (but excluding) the {{euaprov|Final Delivery Date}} on an amount equal to the product of the {{euaprov|Allowance Purchase Price}} or the {{euaprov|Allowance Strike Price}}, as applicable, and the {{euaprov|RPRC Shortfall}}. <br>

'''{{euaprov|Reconciliation Deadline}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, 30th April in each calendar year in respect of the preceding calendar year or such later date in each year as may be determined in accordance with the {{euaprov|Scheme}} for the surrender of {{euaprov|Allowances}} pursuant to the {{euaprov|Scheme}}. <br>

'''{{euaprov|Registries Regulation}}''': Means the Commission Regulation (EU) no. 389/2013 of 2 May 2013 establishing a {{euaprov|Union Registry}} pursuant to the {{euaprov|Directive}} 2003/87/EC of the European Parliament and of the Council, Decisions No.280/2004/EC and No. 406/2009/EC of the European Parliament and of the Council and repealing Commission Regulation (EU) No. 920/2010 and No. 1193/2011, as amended from time to time. <br>

'''{{euaprov|Registry}}''': Means the registry established by a Member State, a non-Member State or the EU, in accordance with the {{euaprov|International Rules}}, in order to ensure the accurate accounting of the issue, holding, transfer, acquisition, surrender, cancellation and replacement of {{euaprov|Allowances}}. [[For the avoidance of doubt]], references to a {{euaprov|Registry}} shall include the {{euaprov|Union Registry}} and the {{euaprov|Holding Account}}s within the {{euaprov|Union Registry}} that are under the jurisdiction of a single {{euaprov|National Administrator}} designated by a Member State and will together be [[deemed]], for the purpose of this Part, to be a {{euaprov|Registry}} for that Member State. <br>

'''{{euaprov|Registry Operation}}''': Means, other than by reason of the occurrence of an {{euaprov|Administrator Event}}:

:(a) the establishment of and continuing functioning of the {{euaprov|Relevant Registry}};

:(b) the establishment of and continuing functioning of the {{euaprov|EUTL}};  

:(c) the establishment of and continuing functioning of the link between each of the {{euaprov|Relevant Registry}} and the {{euaprov|EUTL}}; and/or

:(d) the continued functioning of the link between each of the {{euaprov|LSTL}} and the {{euaprov|EUTL}}. <br>

'''{{euaprov|Relevant Authority}}''': Means any authority having power pursuant to the {{euaprov|Directive}} [[and/or]] the {{euaprov|Registries Regulation}} to administer the {{euaprov|Scheme}}, including the {{euaprov|Central Administrator}} and each {{euaprov|National Administrator}} as those terms are defined in the {{euaprov|Registries Regulation}}. <br>

'''{{euaprov|Relevant Registry}}''': Means the {{euaprov|Registry}} through which a party is obliged to perform a delivery or acceptance obligation under and in accordance with an {{euaprov|EU Emissions Allowance Transaction}}. Where a party has specified more than one {{euaprov|Specified Holding Account}} for delivery or acceptance purposes, the {{euaprov|Relevant Registry}} shall be identified in accordance with Part {{euaprov|(d)(i)(2)}}(C). <br>

'''{{euaprov|RPRC Shortfall}}''': Has the meaning given to such term in the definition of {{euaprov|Receiving Party’s Replacement Cost}} in this Part {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}''). <br>

'''{{euaprov|Scheme}}''': Means the scheme for transferring {{euaprov|Allowances}} established pursuant to the {{euaprov|Directive}} and the {{euaprov|Registries Regulation}}, and as implemented by the national laws of {{euaprov|Member States}}. <br>

'''{{euaprov|Seller}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the party specified as such in the related {{isdaprov|Confirmation}}. <br>

'''{{euaprov|Seller Business Day}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Option Transaction}}, any day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the city in which Seller is located for purposes of receiving notices.  <br>

'''{{euaprov|Settlement Disruption Event}}''': Means [[an event or circumstance]] beyond the control of the party affected that cannot, after the use of [[all reasonable efforts]], be overcome and which makes it impossible for that party to perform its obligations either to deliver or to accept {{euaprov|Allowances}} in accordance with the terms of an {{euaprov|EU Emissions Allowance Transaction}}.

[[For the avoidance of doubt]], the inability of a party to deliver {{euaprov|Allowances}} as a result of insufficient {{euaprov|Allowances}} in the relevant {{euaprov|Specified Holding Account}}, whether caused by the low or non-allocation of {{euaprov|Allowances}} by a Member State or any other state, the delay or failure of a Member State or {{euaprov|Central Administrator}} to replace {{euaprov|Allowances}} of the {{euaprov|Third Compliance Period}} with {{euaprov|Allowances}} for the {{euaprov|Fourth Compliance Period}}, or the failure of a party to procure sufficient {{euaprov|Allowances}} to meet its delivery obligations, shall not constitute a {{euaprov|Settlement Disruption Event}}. This is not an exhaustive list of events which will not constitute a {{euaprov|Settlement Disruption Event}} and is provided [[for the avoidance of doubt]] only.

If an [[an event or circumstance|event or circumstance]] which would otherwise [[constitute]] or give rise to a {{euaprov|Settlement Disruption Event}} also [[constitute]]s a {{euaprov|Suspension Event}}, it will be treated as a {{euaprov|Suspension Event}} and will not constitute a {{euaprov|Settlement Disruption Event}}.<br>

'''{{euaprov|Shortfall}}''': Has the meaning given to such term in the definition of {{euaprov|Receiving Party’s Replacement Cost}} in this Part {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}''). <br>

'''{{euaprov|Specified Compliance Period}}''': Means, in respect of an {{euaprov|Allowance}} and an {{euaprov|EU Emissions Allowance Transaction}}, the period as specified in the {{isdaprov|Confirmation}} for the relevant {{euaprov|EU Emissions Allowance Transaction}}. <br>

'''{{euaprov|Specified Holding Account}}''': Means, in respect of a party and an {{euaprov|EU Emissions Allowance Transaction}}, the {{euaprov|Holding Account}}s (if any) specified as such in respect of such party (i) in the Confirmation for the relevant {{euaprov|EU Emissions Allowance Transaction}}; or (ii) where no such accounts are specified in accordance with (i), in the Annex to this Part; in either case in accordance with Part {{euaprov|(d)(xii)}}(1)(A) or Part {{euaprov|(d)(xii)}}(2)(A) (as applicable) and subject to modification in accordance with Part {{euaprov|(d)(xii)}}(1)(B) and Part {{euaprov|(d)(xii)}}(2)(B). <br>

'''{{euaprov|Suspension Event}}''': Means any date a party to the Agreement is unable to perform its delivery or acceptance obligations under and in accordance with an {{euaprov|EU Emissions Allowance Transaction}} and the Scheme through a {{euaprov|Relevant Registry}} as a result of the occurrence of any of the following events:

:(i) absence of {{euaprov|Registry Operation}}; or

:(ii) the occurrence of an {{euaprov|Administrator Event}}.

'''{{euaprov|Trade Date}}''': Means, in respect of an {{euaprov|EU Emissions Allowance Transaction}}, the date specified in the related {{isdaprov|Confirmation}}. <br>

'''{{euaprov|Third Compliance Period}}''': Means, in respect of {{euaprov|EU Allowances}} and {{euaprov|AEU Allowances}}, the period referred to in Article 16 of the {{euaprov|Directive}} 2009/29/EC starting 1 January 2013 to 31 December 2020. <br>

'''{{euaprov|Unauthorised Transfer}}''': Means the transfer by debiting of any {{euaprov|Allowance}} from an account holder’s {{euaprov|Holding Account}} and the crediting of a {{euaprov|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 {{euaprov|Registries Regulation}}) of the first account holder. <br>

'''{{euaprov|Undelivered Allowances}}''': Has the meaning given to such term in the definition of {{euaprov|Receiving Party’s Replacement Cost}} in this Part {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}''). <br>

'''{{euaprov|Union Registry}}''': Means the {{euaprov|Registry}} referred to as the “Community Registry” in Article 19(1) of the {{euaprov|Directive}}. <br>

'''{{euaprov|VAT}}''': Has the meaning given to such term in Part {{euaprov|(d)(viii)}} (''{{euaprov|Value Added Taxes}}''). <br>

'''{{euaprov|VAT Amount}}''': Has the meaning given to such term in Part {{euaprov|(d)(viii)}} (''{{euaprov|Value Added Taxes}}''). <br>

'''{{euaprov|VAT Invoice}}''': Has the meaning given to such term in Part {{euaprov|(d)(viii)}} (''{{euaprov|Value Added Taxes}}''). <br>

'''{{euaprov|VAT Jurisdiction}}''': Means, in respect of a party and an {{euaprov|EU Emissions Allowance Transaction}}, the place specified as such in the related {{isdaprov|Confirmation}} or, if a place is not so specified, the place specified in the Annex to this Part as the {{euaprov|VAT Jurisdiction}} for such party. <br>

'''{{euaprov|Written Confirmation}}''': Means, in respect of a party and an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Option Transaction}}, if “{{euaprov|Written Confirmation}}” is specified to be applicable or if demanded by {{euaprov|Seller}} (which demand, notwithstanding any provisions regarding notice applicable to the {{euaprov|Allowance Option Transaction}}, may be given orally (including by telephone)), {{euaprov|Buyer}} shall execute a written confirmation (including by facsimile transmission) confirming the substance of the {{euaprov|Notice of Exercise}} and deliver the same to {{euaprov|Seller}}.  {{euaprov|Buyer}} shall cause such executed written confirmation to be received by {{euaprov|Seller}} within one {{euaprov|Seller Business Day}} following the date that the {{euaprov|Notice of Exercise}} or {{euaprov|Seller}}’s demand, as the case may be, becomes effective. <br>