Template:EFET Allowance Annex 8.2: Difference between revisions

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Template:EFET Allowance Annex 8.2 (view source)

Revision as of 10:59, 19 October 2023

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:(a) '''{{efetaprov|Two Business Days Grace Period}}'''. When the {{efetaprov|Buyer}} fails to accept {{efetaprov|Transfer}} of a {{efetaprov|Contract Quantity}} in whole or in part on a {{efetaprov|Delivery Date}} as required in accordance with the terms of an {{efetaprov|Allowance Transaction}}, and such failure is not excused by an event of Force Majeure, {{efetaprov|Suspension Event}} or the {{efetaprov|Seller}}’s non-performance, the {{efetaprov|Seller}} shall afford the {{efetaprov|Buyer}} an opportunity to remedy its failure by again attempting to Schedule and {{efetaprov|Transfer}} such {{efetaprov|Contract Quantity}} (or undelivered portion thereof) to the {{efetaprov|Buyer}} on the second {{efetaprov|Delivery Business Day}} following the {{efetaprov|Delivery Date}}, provided that such day is not on or after the {{efetaprov|Reconciliation Deadline}} applicable to the undelivered Allowance(s), and further subject to the additional obligation of the {{efetaprov|Buyer}} to pay the {{efetaprov|Seller}}, as compensation for its failure to accept {{efetaprov|Transfer}} of the {{efetaprov|Allowance}}s, interest calculated: (i) as follows for the two {{efetaprov|Delivery Business Day}} grace period; and (ii) as set forth in the applicable subpart of this § {{efetaprov|8.2}} for any longer period the {{efetaprov|Buyer}} fails to accept the {{efetaprov|Allowance}}s thereafter.  
:(a) '''{{efetaprov|Two Business Days Grace Period}}'''. When the {{efetaprov|Buyer}} fails to accept {{efetaprov|Transfer}} of a {{efetaprov|Contract Quantity}} in whole or in part on a {{efetaprov|Delivery Date}} as required in accordance with the terms of an {{efetaprov|Allowance Transaction}}, and such failure is not excused by an event of Force Majeure, {{efetaprov|Suspension Event}} or the {{efetaprov|Seller}}’s non-performance, the {{efetaprov|Seller}} shall afford the {{efetaprov|Buyer}} an opportunity to remedy its failure by again attempting to Schedule and {{efetaprov|Transfer}} such {{efetaprov|Contract Quantity}} (or undelivered portion thereof) to the {{efetaprov|Buyer}} on the second {{efetaprov|Delivery Business Day}} following the {{efetaprov|Delivery Date}}, provided that such day is not on or after the {{efetaprov|Reconciliation Deadline}} applicable to the undelivered Allowance(s), and further subject to the additional obligation of the {{efetaprov|Buyer}} to pay the {{efetaprov|Seller}}, as compensation for its failure to accept {{efetaprov|Transfer}} of the {{efetaprov|Allowance}}s, interest calculated: (i) as follows for the two {{efetaprov|Delivery Business Day}} grace period; and (ii) as set forth in the applicable subpart of this § {{efetaprov|8.2}} for any longer period the {{efetaprov|Buyer}} fails to accept the {{efetaprov|Allowance}}s thereafter.  
:Interest for the two {{efetaprov|Delivery Business Day}} grace period shall accrue at the Interest Rate specified in § {{efetaprov|13.5}} (''{{efetaprov|Default Interest}}'') for the period from (and including) the {{efetaprov|Delivery Date}} to (but excluding) the second {{efetaprov|Delivery Business Day}} following the {{efetaprov|Delivery Date}} on the {{efetaprov|Total Contract Price}} of the {{efetaprov|Allowance}}s not accepted by the {{efetaprov|Buyer}}, such {{efetaprov|Total Contract Price}} calculated as follows: the number of {{efetaprov|Allowance}}s not accepted by the {{efetaprov|Buyer}} multiplied by a fraction determined by dividing the {{efetaprov|Total Contract Price}} by the {{efetaprov|Contract Quantity}}.  
:Interest for the two {{efetaprov|Delivery Business Day}} grace period shall accrue at the Interest Rate specified in § {{efetaprov|13.5}} (''{{efetaprov|Default Interest}}'') for the period from (and including) the {{efetaprov|Delivery Date}} to (but excluding) the second {{efetaprov|Delivery Business Day}} following the {{efetaprov|Delivery Date}} on the {{efetaprov|Total Contract Price}} of the {{efetaprov|Allowance}}s not accepted by the {{efetaprov|Buyer}}, such {{efetaprov|Total Contract Price}} calculated as follows: the number of {{efetaprov|Allowance}}s not accepted by the {{efetaprov|Buyer}} multiplied by a fraction determined by dividing the {{efetaprov|Total Contract Price}} by the {{efetaprov|Contract Quantity}}.  
 
{{EFET Allowance Annex 8.2(b)}}
:(b) '''{{efetaprov|Seller’s Cover Costs}}'''. In the event that the {{efetaprov|Buyer}} fails to accept {{efetaprov|Transfer}} of all or any portion of a {{efetaprov|Contract Quantity}} as required by § 8.2(a) ({{efetaprov|Two Business Days Grace Period}}) in accordance with the terms of an {{efetaprov|Allowance Transaction}} and the {{efetaprov|Seller}} has not agreed to a Deferred Acceptance Date as provided for in § 8.2(c) (''{{efetaprov|Seller’s Right to Waive Its Cover Costs}}''), the {{efetaprov|Buyer}} shall incur the obligation to pay the {{efetaprov|Seller}}, as compensation for its failure to accept {{efetaprov|Transfer}} of the {{efetaprov|Allowance}}s, an amount (hereinafter “'''{{efetaprov|Seller’s Cover Costs}}'''”) equal to the sum of:
::(i) the price, if any, less than the portion of the {{efetaprov|Total Contract Price}} applicable to the {{efetaprov|Allowance}}s not accepted by the {{efetaprov|Buyer}}, which the {{efetaprov|Seller}}, acting in a commercially reasonable manner either did, or would have been able to, receive, in an arm’s length transaction with a third party or parties, from the resale of the {{efetaprov|Allowance}}s not accepted by the {{efetaprov|Buyer}};
::(ii) such reasonable additional incidental costs as the {{efetaprov|Seller}} incurred in attempting to make or making such resale of the {{efetaprov|Allowance}}s; and
::(iii) interest accrued during the two {{efetaprov|Delivery Business Day}} grace period as provided in § 8.2(a); plus interest, at the {{efetaprov|Interest Rate}} specified in § {{efetaprov|13.5}} (''{{efetaprov|Default Interest}}''), accrued from (and including) the first Delivery Business Date following the {{efetaprov|Delivery Date}}, to (but excluding) the date of receipt by the {{efetaprov|Seller}} of damages for the {{efetaprov|Buyer}}’s failure to accept, such amount calculated using the following formula:
::''Amount on which interest accrues = ANA x CP''
 
::Where:
:::'''ANA''' means {{efetaprov|Allowance}}s not accepted, the total number of {{efetaprov|Allowance}}s the {{efetaprov|Buyer}} failed to accept; and
:::'''CP''' means the aggregate {{efetaprov|Contract Price}} that the {{efetaprov|Buyer}} would have been required to pay to the {{efetaprov|Seller}} for all {{efetaprov|Allowance}}s not accepted by it.
 
:(c) '''{{efetaprov|Seller’s Right to Waive Its Cover Costs}}'''. The {{efetaprov|Seller}} shall be entitled to invoice the {{efetaprov|Buyer}} for damages payable pursuant to § {{efetaprov|8.2}}(b) (''{{efetaprov|Seller’s Cover Costs}}'') in accordance with the requirements of Payment Cycle B as defined in § {{efetaprov|13.2}} (''Payment''). However, the {{efetaprov|Seller}} may alternatively, but shall be under no obligation to, defer the due date on the payment of such damages for a reasonable period of time (but in no event beyond the applicable {{efetaprov|Reconciliation Deadline}}) if the {{efetaprov|Buyer}} has indicated to the {{efetaprov|Seller}} its intent to attempt to cure its acceptance default within a period of time acceptable to the {{efetaprov|Seller}}.  
:(c) '''{{efetaprov|Seller’s Right to Waive Its Cover Costs}}'''. The {{efetaprov|Seller}} shall be entitled to invoice the {{efetaprov|Buyer}} for damages payable pursuant to § {{efetaprov|8.2}}(b) (''{{efetaprov|Seller’s Cover Costs}}'') in accordance with the requirements of Payment Cycle B as defined in § {{efetaprov|13.2}} (''Payment''). However, the {{efetaprov|Seller}} may alternatively, but shall be under no obligation to, defer the due date on the payment of such damages for a reasonable period of time (but in no event beyond the applicable {{efetaprov|Reconciliation Deadline}}) if the {{efetaprov|Buyer}} has indicated to the {{efetaprov|Seller}} its intent to attempt to cure its acceptance default within a period of time acceptable to the {{efetaprov|Seller}}.  
   
   
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