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Template:M summ EUA Annex Settlement Disruption and Suspension: Difference between revisions
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Template:M summ EUA Annex Settlement Disruption and Suspension (view source)
Revision as of 16:02, 12 April 2023
, 12 April 2023→“Continuing” Settlement Disruptions and Suspensions
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For a Settlement Disuption Event, at the end of an unseemly short period — it’s complex, but in any case not longer than nine {{euaprov|Delivery Business Days}} after the original {{euaprov|Delivery Date}} — an “{{isdaprov|Illegality}}” {{isdaprov|Termination Event}} will be deemed to occur. | For a Settlement Disuption Event, at the end of an unseemly short period — it’s complex, but in any case not longer than nine {{euaprov|Delivery Business Days}} after the original {{euaprov|Delivery Date}} — an “{{isdaprov|Illegality}}” {{isdaprov|Termination Event}} will be deemed to occur. | ||
For a Suspension the period is a lot, but arbitrarily, longer — maybe six months, maybe eighteen, depending on when your event happens in the | For a Suspension the period is a lot, but arbitrarily, longer — maybe six months, maybe eighteen, depending on when your event happens in the [[Compliance Periods - Emissions Annex Provision|Compliance Period]] — but eventually one gets to the same place: an {{isdaprov|Illegality}}, and a forced termination. | ||
But just wait: the oddest thing here is that, in either case, once we get to that “let’s call the whole thing off” point, ''the {{euaprov|Transaction}} is just wiped from the horizon as if it did not exist.'' No close out amount, no replacement value, nothing like that: Any partially settled pre-payments must be returned (unless the corresponding EUAs that have actually been delivered), and the parties just sort of skulk away as if they had never transacted in the first place. This is a bit like an [[ipso facto clause]], isn’t it? | But just wait: the oddest thing here is that, in either case, once we get to that “let’s call the whole thing off” point, ''the {{euaprov|Transaction}} is just wiped from the horizon as if it did not exist.'' No close out amount, no replacement value, nothing like that: Any partially settled pre-payments must be returned (unless the corresponding EUAs that have actually been delivered), and the parties just sort of skulk away as if they had never transacted in the first place. This is a bit like an [[ipso facto clause]], isn’t it? | ||