Template:EFET Allowance Annex 4.1: Difference between revisions

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Template:EFET Allowance Annex 4.1 (view source)

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:::(i) For any {{efetaprov|Allowance Transaction}} in which no {{efetaprov|Transfer Point}} has been specified by the {{efetaprov|Seller}}, the {{efetaprov|Seller}} shall {{efetaprov|Transfer}}, or cause the {{efetaprov|Transfer}} of, the {{efetaprov|Contract Quantity}} to the {{efetaprov|Delivery Point}} from any {{efetaprov|Holding Account}} in any Registry.  
:::(i) For any {{efetaprov|Allowance Transaction}} in which no {{efetaprov|Transfer Point}} has been specified by the {{efetaprov|Seller}}, the {{efetaprov|Seller}} shall {{efetaprov|Transfer}}, or cause the {{efetaprov|Transfer}} of, the {{efetaprov|Contract Quantity}} to the {{efetaprov|Delivery Point}} from any {{efetaprov|Holding Account}} in any Registry.  
:::(ii) Parties may limit the scope of their {{efetaprov|Transfer}} and acceptance of {{efetaprov|Transfer}} obligations by designating one or more specific {{efetaprov|Delivery Point}}s and/or {{efetaprov|Transfer Point}}s for any {{efetaprov|Allowance Transaction}}:  
:::(ii) Parties may limit the scope of their {{efetaprov|Transfer}} and acceptance of {{efetaprov|Transfer}} obligations by designating one or more specific {{efetaprov|Delivery Point}}s and/or {{efetaprov|Transfer Point}}s for any {{efetaprov|Allowance Transaction}}:  
::::A. If one or more {{efetaprov|Delivery Point}}s are specified by the Parties in respect of an {{efetaprov|Allowance Transaction}}, the {{efetaprov|Buyer}}’s obligations shall be limited to the obligation to Schedule, sell and {{efetaprov|Transfer}} to {{efetaprov|Seller}}, or cause to be so {{efetaprov|Transfer}}red, and the {{efetaprov|Seller}}’s obligations shall be limited to the obligation to Schedule, purchase and accept {{efetaprov|Transfer}} of, the {{efetaprov|Contract Quantity}} at the {{efetaprov|Delivery Point}}(s) so specified.  
::::A. If one or more {{efetaprov|Delivery Point}}s are specified by the Parties in respect of an {{efetaprov|Allowance Transaction}}, the {{efetaprov|Seller}}’s obligations shall be limited to the obligation to Schedule, sell and {{efetaprov|Transfer}} to {{efetaprov|Buyer}}, or cause to be so {{efetaprov|Transfer}}red, and the {{efetaprov|Buyers}}’s obligations shall be limited to the obligation to Schedule, purchase and accept {{efetaprov|Transfer}} of, the {{efetaprov|Contract Quantity}} at the {{efetaprov|Delivery Point}}(s) so specified.  
::::B. If one or more {{efetaprov|Transfer Point}}s are specified by the {{efetaprov|Buyer}} in respect of an {{efetaprov|Allowance Transaction}}, the {{efetaprov|Buyer}}’s obligations shall be limited to the obligation to Schedule, sell and {{efetaprov|Transfer}} to {{efetaprov|Seller}} and the {{efetaprov|Seller}}’s obligations shall be limited to the obligation to Schedule, purchase and accept {{efetaprov|Transfer}} of, or cause to be accepted such {{efetaprov|Transfer}} of, the {{efetaprov|Contract Quantity}} from the {{efetaprov|Transfer Point}}(s) so specified.  
::::B. If one or more {{efetaprov|Transfer Point}}s are specified by the {{efetaprov|Seller}} in respect of an {{efetaprov|Allowance Transaction}}, the {{efetaprov|Seller}}’s obligations shall be limited to the obligation to Schedule, sell and {{efetaprov|Transfer}} to {{efetaprov|Buyer}} and the {{efetaprov|Buyer}}’s obligations shall be limited to the obligation to Schedule, purchase and accept {{efetaprov|Transfer}} of, or cause to be accepted such {{efetaprov|Transfer}} of, the {{efetaprov|Contract Quantity}} from the {{efetaprov|Transfer Point}}(s) so specified.  
::::C. Where a Party, in its capacity as {{efetaprov|Buyer}}, has specified one or more {{efetaprov|Delivery Point}}(s), the other Party will, without delay, nominate each such {{efetaprov|Holding Account}}(s) specified by the {{efetaprov|Buyer}} as a 'trusted account' (for the purposes of the Registries Regulation) for each of its own {{efetaprov|Transfer Point}}s.  
::::C. Where a Party, in its capacity as {{efetaprov|Buyer}}, has specified one or more {{efetaprov|Delivery Point}}(s), the other Party will, without delay, nominate each such {{efetaprov|Holding Account}}(s) specified by the {{efetaprov|Buyer}} as a 'trusted account' (for the purposes of the Registries Regulation) for each of its own {{efetaprov|Transfer Point}}s.  
::(b) Where the Parties have agreed upon a list of multiple {{efetaprov|Delivery Point}}s and/or multiple {{efetaprov|Transfer Point}}s for an {{efetaprov|Allowance Transaction}}:  
::(b) Where the Parties have agreed upon a list of multiple {{efetaprov|Delivery Point}}s and/or multiple {{efetaprov|Transfer Point}}s for an {{efetaprov|Allowance Transaction}}:  
:::(i) the {{efetaprov|Delivery Point}}s so specified shall be deemed to be listed in descending order of preference such that the {{efetaprov|Delivery Point}} for the {{efetaprov|Allowance Transaction}} shall be the first {{efetaprov|Holding Account}} so listed, unless the {{efetaprov|Buyer}} is prevented from {{efetaprov|Transfer}}ring to that {{efetaprov|Delivery Point}} by an event which would be either an event of {{efetaprov|Force Majeure}} or a {{efetaprov|Suspension Event}} if that were the only {{efetaprov|Delivery Point}} specified by the Party affected by the event, in which case the {{efetaprov|Delivery Point}} shall be the next listed {{efetaprov|Delivery Point}} that can accept {{efetaprov|Transfer}} of Allowances, until such list of {{efetaprov|Delivery Point}}s has been exhausted; and  
:::(i) the {{efetaprov|Delivery Point}}s so specified shall be deemed to be listed in descending order of preference such that the {{efetaprov|Delivery Point}} for the {{efetaprov|Allowance Transaction}} shall be the first {{efetaprov|Holding Account}} so listed, unless the {{efetaprov|Seller}} is prevented from {{efetaprov|Transfer}}ring to that {{efetaprov|Delivery Point}} by an event which would be either an event of {{efetaprov|Force Majeure}} or a {{efetaprov|Suspension Event}} if that were the only {{efetaprov|Delivery Point}} specified by the Party affected by the event, in which case the {{efetaprov|Delivery Point}} shall be the next listed {{efetaprov|Delivery Point}} that can accept {{efetaprov|Transfer}} of Allowances, until such list of {{efetaprov|Delivery Point}}s has been exhausted; and  
:::(ii) {{efetaprov|Buyer}} shall have discretion to {{efetaprov|Transfer}} to {{efetaprov|Seller}} the {{efetaprov|Contract Quantity}} on the {{efetaprov|Delivery Date}} from any one or more of the {{efetaprov|Holding Account}}s which have been specified as {{efetaprov|Transfer Point}}s in respect of {{efetaprov|Seller}}; provided, however, that where the {{efetaprov|Seller}} is prevented from {{efetaprov|Transfer}}ring from a {{efetaprov|Transfer Point}} by an event which would be either an event of {{efetaprov|Force Majeure}} or a {{efetaprov|Suspension Event}} if that were the only {{efetaprov|Transfer Point}} specified by the Party affected by the event, the {{efetaprov|Seller}} shall select another listed {{efetaprov|Transfer Point}} from which to {{efetaprov|Transfer}} the {{efetaprov|Contract Quantity}} to the {{efetaprov|Buyer}} on the {{efetaprov|Delivery Date}}, until such list of {{efetaprov|Transfer Point}}s has been exhausted;  
:::(ii) {{efetaprov|Seller}} shall have discretion to {{efetaprov|Transfer}} to {{efetaprov|Buyer}} the {{efetaprov|Contract Quantity}} on the {{efetaprov|Delivery Date}} from any one or more of the {{efetaprov|Holding Account}}s which have been specified as {{efetaprov|Transfer Point}}s in respect of {{efetaprov|Seller}}; provided, however, that where the {{efetaprov|Seller}} is prevented from {{efetaprov|Transfer}}ring from a {{efetaprov|Transfer Point}} by an event which would be either an event of {{efetaprov|Force Majeure}} or a {{efetaprov|Suspension Event}} if that were the only {{efetaprov|Transfer Point}} specified by the Party affected by the event, the {{efetaprov|Seller}} shall select another listed {{efetaprov|Transfer Point}} from which to {{efetaprov|Transfer}} the {{efetaprov|Contract Quantity}} to the {{efetaprov|Buyer}} on the {{efetaprov|Delivery Date}}, until such list of {{efetaprov|Transfer Point}}s has been exhausted;  
::(c) Where the Parties have agreed upon a list of multiple {{efetaprov|Transfer Point}}s and/or {{efetaprov|Delivery Point}}s for an {{efetaprov|Allowance Transaction}}:  
::(c) Where the Parties have agreed upon a list of multiple {{efetaprov|Transfer Point}}s and/or {{efetaprov|Delivery Point}}s for an {{efetaprov|Allowance Transaction}}:  
:::(i) {{efetaprov|Buyer}} may later:  
:::(i) {{efetaprov|Buyer}} may later:  
::::A. amend the order of preference in which the {{efetaprov|Delivery Point}}s are listed; and/or  
::::A. amend the order of preference in which the {{efetaprov|Delivery Point}}s are listed; and/or  
::::B. nominate an additional {{efetaprov|Delivery Point}};  
::::B. nominate an additional {{efetaprov|Delivery Point}};  
:::provided that, in each case, {{efetaprov|Buyer}} notifies {{efetaprov|Seller}} no less than thirty (30) calendar days prior to the relevant {{efetaprov|Delivery Date}} and {{efetaprov|Seller}} consents thereto in writing on or before the day that is five (5) {{efetaprov|Contract Quantity}}s after receiving such notice from {{efetaprov|Buyer}}; and  
:::provided that, in each case, {{efetaprov|Buyer}} notifies {{efetaprov|Seller}} no less than thirty (30) calendar days prior to the relevant {{efetaprov|Delivery Date}} and {{efetaprov|Seller}} consents thereto in writing on or before the day that is five (5) {{efetaprov|Delivery Business Day}}s after receiving such notice from {{efetaprov|Buyer}}; and  
:::(ii) {{efetaprov|Seller}} may later:  
:::(ii) {{efetaprov|Seller}} may later:  
::::A. nominate an additional {{efetaprov|Transfer Point}} without {{efetaprov|Buyer}}’s consent provided that {{efetaprov|Seller}} notifies {{efetaprov|Buyer}} of such nomination in writing on or before the day that is ten (10) {{efetaprov|Contract Quantity}}s prior to the relevant {{efetaprov|Delivery Date}}.  
::::A. nominate an additional {{efetaprov|Transfer Point}} without {{efetaprov|Buyer}}’s consent provided that {{efetaprov|Seller}} notifies {{efetaprov|Buyer}} of such nomination in writing on or before the day that is ten (10) {{efetaprov|Delivery Business Day}}s prior to the relevant {{efetaprov|Delivery Date}}.  
::(d) For the avoidance of doubt, specifying {{efetaprov|Delivery Point}}(s) and/or {{efetaprov|Transfer Point}}(s) in respect of any particular {{efetaprov|Allowance Transaction}} for purposes of this § {{efetaprov|4.1}} need not preclude the Parties from designating different {{efetaprov|Holding Account}}s than the {{efetaprov|Physical Settlement Netting Account}}s specified for the purposes of § {{efetaprov|4.3}} (Physical Settlement Netting) in Part II of this Allowances Appendix.<br>
::(d) For the avoidance of doubt, specifying {{efetaprov|Delivery Point}}(s) and/or {{efetaprov|Transfer Point}}(s) in respect of any particular {{efetaprov|Allowance Transaction}} for purposes of this § {{efetaprov|4.1}} need not preclude the Parties from designating different {{efetaprov|Holding Account}}s than the {{efetaprov|Physical Settlement Netting Account}}s specified for the purposes of § {{efetaprov|4.3}} (Physical Settlement Netting) in Part II of this Allowances Appendix.<br>
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