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Template:EFET Allowance Annex 8.1: Difference between revisions
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Template:EFET Allowance Annex 8.1 (view source)
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::(a) '''{{efetaprov|Two Business Days Grace Period}}'''. When the {{efetaprov|Seller}} fails to {{efetaprov|Transfer}} to the {{efetaprov|Buyer}} the {{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|Buyer}}’s non-performance, the {{efetaprov|Seller}} may remedy such failure by Scheduling and Transferring 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}} following the relevant {{efetaprov|Delivery Date}}, and further subject to the additional obligation of the {{efetaprov|Seller}} to pay the {{efetaprov|Buyer}}, as compensation for its late Transfer, 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 § 8.1 for any longer period the {{efetaprov|Seller}} fails to deliver the {{efetaprov|Allowance}}s thereafter. | ::(a) '''{{efetaprov|Two Business Days Grace Period}}'''. When the {{efetaprov|Seller}} fails to {{efetaprov|Transfer}} to the {{efetaprov|Buyer}} the {{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|Buyer}}’s non-performance, the {{efetaprov|Seller}} may remedy such failure by Scheduling and Transferring 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}} following the relevant {{efetaprov|Delivery Date}}, and further subject to the additional obligation of the {{efetaprov|Seller}} to pay the {{efetaprov|Buyer}}, as compensation for its late Transfer, 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 § 8.1 for any longer period the {{efetaprov|Seller}} fails to deliver 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 undelivered {{efetaprov|Allowance}}s, such {{efetaprov|Total Contract Price}} calculated as follows: the number of undelivered {{efetaprov|Allowance}}s multiplied by a fraction determined by dividing the {{efetaprov| | ::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 undelivered {{efetaprov|Allowance}}s, such {{efetaprov|Total Contract Price}} calculated as follows: the number of undelivered {{efetaprov|Allowance}}s multiplied by a fraction determined by dividing the [Total]<ref>The EFET preprint has “''Total'' Contract Price” here but that is circular, and it makes more sense as just “{{efetaprov|Contract Price}}”.</ref> {{efetaprov|Contract Price}} by the {{efetaprov|Contract Quantity}}. | ||
::(b) '''{{efetaprov|Buyer’s Cover Costs}}'''. In the event that the {{efetaprov|Seller}} fails to {{efetaprov|Transfer}} to the {{efetaprov|Buyer}} all or any portion of a {{efetaprov|Contract Quantity}} as required by § {{efetaprov|8.1}}(a) (''{{efetaprov|Two Business Days Grace Period}}'') in accordance with the terms of an {{efetaprov|Allowance Transaction}} and the {{efetaprov|Buyer}} has not agreed to a {{efetaprov|Deferred Delivery Date}} as provided for in § {{efetaprov|8.1}}(c) (''{{efetaprov|Buyer’s Right to Waive Its Cover Costs}}''), the {{efetaprov|Seller}} shall incur the obligation to pay the {{efetaprov|Buyer}}, as compensation for its failure to Transfer, an amount (hereinafter “'''{{efetaprov|Buyer’s Cover Costs}}'''”) equal to either: | ::(b) '''{{efetaprov|Buyer’s Cover Costs}}'''. In the event that the {{efetaprov|Seller}} fails to {{efetaprov|Transfer}} to the {{efetaprov|Buyer}} all or any portion of a {{efetaprov|Contract Quantity}} as required by § {{efetaprov|8.1}}(a) (''{{efetaprov|Two Business Days Grace Period}}'') in accordance with the terms of an {{efetaprov|Allowance Transaction}} and the {{efetaprov|Buyer}} has not agreed to a {{efetaprov|Deferred Delivery Date}} as provided for in § {{efetaprov|8.1}}(c) (''{{efetaprov|Buyer’s Right to Waive Its Cover Costs}}''), the {{efetaprov|Seller}} shall incur the obligation to pay the {{efetaprov|Buyer}}, as compensation for its failure to Transfer, an amount (hereinafter “'''{{efetaprov|Buyer’s Cover Costs}}'''”) equal to either: | ||