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{{euaprov|(a)}} '''{{euaprov|Scope}}'''<br>  
== Quick Editor Nutshell version ==
The provisions of this Part apply solely in respect of {{isdaprov|Transactions}} that (i) are identified in the related {{isdaprov|Confirmation}} as {{euaprov|EU Emissions Allowance Transaction}}s or as otherwise being subject to the terms of this Part [7] and (ii) specify in the related {{isdaprov|Confirmation}} the {{euaprov|Fourth Compliance Period}} as the applicable “{{euaprov|Specified Compliance Period}}” (each such Transaction, an “'''{{euaprov|EU Emissions Allowance Transaction}}'''”). <br>
 
{{euaprov|(b)}} '''{{euaprov|ISDA Definitions}}''' <br>
{{euaprov|(a)}} '''{{euaprov|Scope}}'''<br>  
The definitions and provisions contained in the [[2006 ISDA Definitions]], as published by the [[ISDA|International Swaps and Derivatives Association, Inc]]. (the “'''{{euaprov|2006 ISDA Definitions}}'''”), are incorporated into this Part. In the event of any inconsistency between those definitions and provisions and this Part, this Part will govern. <br>
This Annex applies to {{isdaprov|Transaction}}s that specify the {{euaprov|Fourth Compliance Period}} as the applicable “{{euaprov|Specified Compliance Period}}” (“'''{{euaprov|EU Emissions Allowance Transaction}}s'''”). <br>
{{euaprov|(c)}} '''{{euaprov|Multiple Delivery Dates}}'''<br>
{{euaprov|(b)}} '''{{euaprov|ISDA Definitions}}''' <br>
If the {{isdaprov|Confirmation}} for an {{euaprov|EU Emissions Allowance Transaction}} specifies more than one {{euaprov|Delivery Date}} and, in respect of each such {{euaprov|Delivery Date}}:  
The [[2006 ISDA Definitions]], are incorporated into this Annex. If there is any inconsistency between them and this Annex, this Annex will govern. <br>
{{euaprov|(c)}} '''{{euaprov|Multiple Delivery Dates}}'''<br>
If there is more than one {{euaprov|Delivery Date}} and each such {{euaprov|Delivery Date}} has a specified:  
:(i) a Payment Date; <br>
:(i) a Payment Date; <br>
:(ii) an {{euaprov|Allowance Purchase Price}}; <br>
:(ii) an {{euaprov|Allowance Purchase Price}}; <br>
:(iii) the {{euaprov|Allowance Type}} (and {{euaprov|Specified Compliance Period}}); and <br>
:(iii) the {{euaprov|Allowance Type}} (and {{euaprov|Specified Compliance Period}}); and <br>
:(iv) the {{euaprov|Number of Allowances}}, <br>
:(iv) the {{euaprov|Number of Allowances}}, <br>
is specified in, or is otherwise capable of being determined as provided in that {{isdaprov|Confirmation}} then, for the purposes of this Part only the relevant {{euaprov|EU Emissions Allowance Transaction}} shall be deemed to consist of a number of {{euaprov|EU Emissions Allowance Transaction}}s: each one corresponding with one of the specified {{euaprov|Delivery Date}}s, and having the {{euaprov|Payment Date}}, {{euaprov|Allowance Price}}, {{euaprov|Allowance Type}} (and {{euaprov|Specified Compliance Period}}) and {{euaprov|Number of Allowances}} specified or otherwise determined as provided in that {{euaprov|Confirmation}} in respect of that {{euaprov|Delivery Date}}. <br>  
the relevant {{euaprov|EU Emissions Allowance Transaction}} will consist of a number of {{euaprov|EU Emissions Allowance Transaction}}s: each corresponding with one of the specified {{euaprov|Delivery Date}}s, and having the specified {{euaprov|Payment Date}}, {{euaprov|Allowance Purchase Price}}, {{euaprov|Allowance Type}} (and {{euaprov|Specified Compliance Period}}) and {{euaprov|Number of Allowances}} for that {{euaprov|Delivery Date}}. <br>
{{euaprov|(d)}}''' {{euaprov|Terms}}''' <br>
{{euaprov|(d)}}''' {{euaprov|Terms}}''' <br>
In respect of each {{euaprov|EU Emissions Allowance Transaction}}: <br>
For each {{euaprov|EU Emissions Allowance Transaction}}: <br>
{{EUA Annex (d)(i)}}  
{{euaprov|(d)(i)}} '''{{euaprov|Physical Settlement}}'''<br>
{{EUA Annex (d)(ii)}}  
{{euaprov|(d)(i)(1)}} '''{{euaprov|Settlement}}''' <br>
{{EUA Annex (d)(iii)}}
:(A) '''{{euaprov|Allowance Forward Transaction}}s''': on the {{euaprov|Payment Date}}, {{euaprov|Buyer}} must pay to {{euaprov|Seller}} the {{euaprov|Allowance Purchase Price}} multiplied by the {{euaprov|Number of Allowances}} and on the {{euaprov|Delivery Date}} {{euaprov|Seller}} must deliver to {{euaprov|Buyer}} the {{euaprov|Allowances to be Delivered}} and {{euaprov|Buyer}} must accept the {{euaprov|Allowances to be Delivered}}.
{{EUA Annex (d)(iv)}}
:(B) '''{{euaprov|Allowance Option Transaction}}s''': for each {{euaprov|Exercise Date}}, on the relevant {{euaprov|Payment Date}} {{euaprov|Receiving Party}} must pay to {{euaprov|Delivering Party}} the {{euaprov|Allowance Strike Price}} multiplied by the {{euaprov|Number of Allowances}} to be {{euaprov|Delivered}} and on the relevant {{euaprov|Delivery Date}} {{euaprov|Delivering Party}} must deliver to {{euaprov|Receiving Party}} the {{euaprov|Allowances to be Delivered}}, and {{euaprov|Receiving Party}} must accept the {{euaprov|Allowances to be Delivered}}. <br>
{{EUA Annex (d)(v)}}
{{euaprov|(d)(i)(2)}} '''{{euaprov|Delivery}}''' <br>
{{EUA Annex (d)(vi)}}  
:(A) {{euaprov|Delivering Party}}’s obligation to deliver {{euaprov|Allowances}} under an {{euaprov|EU Emissions Allowance Transaction}} may be discharged by the completed transfer of those {{euaprov|Allowances}} from a {{euaprov|Holding Account}} of {{euaprov|Delivering Party}} under the {{euaprov|Scheme}}. A transfer will be completed when the relevant {{euaprov|Allowances}} are received at the relevant {{euaprov|Specified Holding Account}} of {{euaprov|Receiving Party}}, whereupon risk of loss of {{euaprov|Allowances}} transfers from {{euaprov|Delivering Party}} to {{euaprov|Receiving Party}}.
{{EUA Annex (d)(vii)}}  
:(B) Notwithstanding Part {{euaprov|(d)(i)(2)}}(A) above, if {{euaprov|Delivering Party}} has any {{euaprov|Specified Holding Account}}s for the relevant {{euaprov|EU Emissions Allowance Transaction}}, {{euaprov|Delivering Party}}’s obligation to deliver {{euaprov|Allowances}} under an {{euaprov|EU Emissions Allowance Transaction}} shall be limited to an obligation to deliver from any such {{euaprov|Specified Holding Account}} of {{euaprov|Delivering Party}} to the relevant {{euaprov|Specified Holding Account}} of {{euaprov|Receiving Party}}.
{{EUA Annex (d)(viii)}}  
:(C) Where {{euaprov|Receiving Party}} has more than one {{euaprov|Specified Holding Account}} for an {{euaprov|EU Emissions Allowance Transaction}}, such {{euaprov|Specified Holding Account}}s are set out in order of preference. {{euaprov|Delivering Party}} must deliver the {{euaprov|Allowances to be Delivered}} to the first listed {{euaprov|Specified Holding Account}} of {{euaprov|Receiving Party}} on the {{euaprov|Delivery Date}} unless, for such {{euaprov|Receiving Party}}’s {{euaprov|Specified Holding Account}}, it is prevented from so doing by an event or circumstance that would be a {{euaprov|Settlement Disruption Event}} or a {{euaprov|Suspension Event}} if the first listed {{euaprov|Specified Holding Account}} of {{euaprov|Receiving Party}} were the only {{euaprov|Specified Holding Account}} so listed. In such circumstances,  this paragraph will apply iteratively to the next listed {{euaprov|Receiving Party}}’s {{euaprov|Specified Holding Account}} ([[if any]]).
{{EUA Annex (d)(ix)}}  
:(D) If a transfer of {{euaprov|Allowances}} is completed after 4:00 p.m., Central European Time, on a {{euaprov|Delivery Business Day}} or at any time on any day other than a {{euaprov|Delivery Business Day}}, then those {{euaprov|Allowances}} will be deemed to have been delivered at 10:00 a.m., Central European Time, on the next following {{euaprov|Delivery Business Day}}. If a transfer of {{euaprov|Allowances}} is completed before 10:00 a.m., Central European Time, on a {{euaprov|Delivery Business Day}}, then those {{euaprov|Allowances}} will be deemed to have been delivered at 10:00 a.m., Central European Time, on that day. <br>
{{EUA Annex (d)(x)}}  
{{euaprov|(d)(i)(3)}} '''{{euaprov|Netting}}''': If on any date {{euaprov|Allowances}} of the same {{euaprov|Allowance Type}} and {{euaprov|Specified Compliance Period}} would otherwise be deliverable for several {{euaprov|EU Emissions Allowance Transaction}}s by each party to the other and, if applicable, between the same pair of {{euaprov|Holding Account}}s of the parties, then, on such date, each party’s obligation to make delivery of any such {{euaprov|Allowances}} will be automatically satisfied and discharged and, if the aggregate amount of {{euaprov|Allowances}} that would otherwise have been deliverable by one party exceeds the aggregate amount of {{euaprov|Allowances}} that would otherwise have been deliverable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been deliverable to deliver to the other party the excess of the larger aggregate amount over the smaller aggregate amount. <br>
{{EUA Annex (d)(xi)}}  
 
{{EUA Annex (d)(xii)}}  
 
{{euaprov|(d)(iii)}} '''{{euaprov|Partial Settlement}}''' <br>
If, on the {{euaprov|Delivery Date}}, {{euaprov|Delivering Party}} delivers to {{euaprov|Receiving Party}} fewer {{euaprov|Allowances}} than the {{euaprov|Allowances to be Delivered}} (the “'''{{euaprov|Allowance Shortfall}}'''”), {{euaprov|Receiving Party}}’s obligation to pay under {{euaprov|Physical Settlement}} above shall be reduced by the {{euaprov|Allowance Shortfall}} multiplied by either the {{euaprov|Allowance Purchase Price}} (for an {{euaprov|Allowance Forward Transaction}}) or the {{euaprov|Allowance Strike Price}} (for an {{euaprov|Allowance Option Transaction}}), and  “{{euaprov|Failure to Deliver}}” above will apply for the {{euaprov|Allowance Shortfall}} (with references to {{euaprov|Number of Allowances}} (for an {{euaprov|Allowance Forward Transaction}}) and {{euaprov|Allowances to be Delivered}} (for an {{euaprov|Allowance Option Transaction}}) being read as references to the {{euaprov|Allowance Shortfall}}). <br>
{{euaprov|(d)(iv)}} '''{{euaprov|Abandonment of Scheme}}'''<br>
(1) If before the {{euaprov|Delivery Date}} the Scheme is, due to an official written public pronouncement by the European Community, no longer scheduled to proceed or is to be discontinued, either party may, by written notice to the other party, terminate the relevant {{euaprov|EU Emissions Allowance Transaction}}, in which case neither party shall have any further delivery or payment obligations under or for that {{euaprov|EU Emissions Allowance Transaction}} (other than for any payment due by one party in connection with delivery obligations already performed by the other party) and, a payment shall not be due under Section {{isdaprov|6(e)}} of the {{isdaprov|Agreement}} or otherwise for such termination. <br>
(2) If there is a termination under sub-clause (1) {{euaprov|Delivering Party}} must promptly refund to {{euaprov|Receiving Party}} any amount that may have been paid by {{euaprov|Receiving Party}} for the {{euaprov|EU Emissions Allowance Transaction}} that is an {{euaprov|Allowance Forward Transaction}} or a {{euaprov|Call}} and {{euaprov|Receiving Party}} must promptly refund to {{euaprov|Delivering Party}} any amount that may have been paid by {{euaprov|Delivering Party}} for an {{euaprov|EU Emissions Allowance Transaction}} which is a {{euaprov|Put}} together with interest on that amount in the same currency as that amount from the date that amount was paid until the date of termination of the {{euaprov|EU Emissions Allowance Transaction}} under sub-clause (1), at the rate certified by the party required to refund the amount to be a rate offered to such party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by that party for purposes of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in the relevant market. <br>
{{euaprov|(d)(v)}} '''{{euaprov|Invoicing}}'''<br>
 
From the {{euaprov|Delivery Date}}, {{euaprov|Delivering Party}} shall send to {{euaprov|Receiving Party}} a valid VAT invoice (applicable in the jurisdiction of supply) setting forth the number of {{euaprov|Allowances}} delivered, or that would have been delivered but for  Part {{euaprov|(d)(i)(3)}} (''{{euaprov|Netting}}''), above, and {{euaprov|Allowance Price}}s, stating the total amount payable by {{euaprov|Receiving Party}} and stating the amount of VAT, if any, properly chargeable thereon (a “'''{{euaprov|VAT Invoice}}'''”). <br>
{{euaprov|(d)(vi)}} '''{{euaprov|Requirements under the Scheme}}'''<br>
 
Each party agrees with the other that, so long as either party has or may have any obligation under an {{euaprov|EU Emissions Allowance Transaction}}, it shall:
:(1) ensure that on a {{euaprov|Delivery Date}} or {{euaprov|Delayed Delivery Date}} ([[as the case may be]]) it has any {{euaprov|Holding Account}}s validly registered under the {{euaprov|Registries Regulation}} and where it has any {{euaprov|Specified Holding Account}}s, ensure that on a {{euaprov|Delivery Date}} or {{euaprov|Delayed Delivery Date}} ([[as the case may be]]) it has all such {{euaprov|Specified Holding Account}}s validly registered under the {{euaprov|Registries Regulation}} ;
:(2) where it is {{euaprov|Delivering Party}}, ensure that each {{euaprov|Specified Holding Account}} of {{euaprov|Receiving Party}} is nominated as a “trusted account” in its “trusted account list” for each of its {{euaprov|Holding Account}}s for the purposes of the {{euaprov|Registries Regulation}}; and
:(3) conduct its affairs so as not to give any {{euaprov|Relevant Authority}} cause to block, suspend, refuse, reject or cancel the transfer (whether in whole or in part) of Allowances requested to be made under any {{euaprov|EU Emissions Allowance Transaction}}. <br>
 
 
{{euaprov|(d)(viii)}} '''{{euaprov|Value Added Taxes}}'''<br>
:(1) All amounts referred to in this Annex or in a {{euaprov|Confirmation}} for an {{euaprov|EU Emissions Allowance Transaction}} are exclusive of any applicable {{euaprov|Value Added Taxes}} (“'''{{euaprov|VAT}}'''”) which are or may become chargeable for the supply or supplies for which such sums form the whole or part of the consideration for {{euaprov|VAT}} purposes, and any such {{euaprov|VAT}} shall be payable in addition to any such other consideration under the provisions set out below.
:(2) {{euaprov|Receiving Party}} shall either (A) subject to receipt of an appropriate {{euaprov|VAT Invoice}} for such supply or supplies stating inter alia the amount of VAT properly chargeable thereon (the “{{euaprov|VAT Amount}}”), pay to {{euaprov|Delivering Party}} a sum equal to the {{euaprov|VAT Amount}} on the Payment Date; or (B) where, under  the applicable {{euaprov|VAT}} legislation, {{euaprov|Receiving Party}} is required to self-assess and account for any {{euaprov|VAT}} chargeable for such supply, account for such {{euaprov|VAT}}.
:(3) On each date on which an {{euaprov|EU Emissions Allowance Transaction}} is entered into, {{euaprov|Receiving Party}} represents to {{euaprov|Delivering Party}} that:
::(A) for {{euaprov|VAT}} purposes, {{euaprov|Receiving Party}} receives the services supplied under the {{euaprov|EU Emissions Allowance Transaction}} in connection with an establishment of {{euaprov|Receiving Party}} in that party’s {{euaprov|VAT Jurisdiction}}; and
::(B) it is a taxable person for the purposes of Article 9 of the European Community Directive 2006/112/EC and receives such supply for the purposes of a business carried on by it.
:(4) Subject to each party’s obligations relating to {{euaprov|VAT}}, each party shall cause all royalties, {{isdaprov|Taxes}}, duties, and other sums (including any environmental tax or levy) legally payable by that party arising in connection with an {{euaprov|EU Emissions Allowance Transaction}} to be paid, and shall reimburse the other party to the extent that party is required to pay any such royalties, {{isdaprov|Taxes}}, duties or other sums for which the first party is primarily liable. <br>
{{euaprov|(d)(ix)}} '''{{euaprov|No Consequential Loss}}''' <br>
Except to the extent included in any amount payable under Section {{isdaprov|6(e)}} of the {{isdaprov|Agreement}}, any payment for {{euaprov|Receiving Party’s Replacement Cost}} or {{euaprov|Delivering Party’s Replacement Cost}}, or any payment for {{euaprov|Encumbrance Loss Amount}}, neither party is liable to the other, whether in contract, tort (including [[negligence]] and breach of duty) or otherwise, for any business interruption or loss of use, profits, contracts, production or revenue or for any [[Consequential loss|consequential]] or [[indirect loss]] or [[Damages|damage]] of any kind however arising. <br>
{{euaprov|(d)(x)}} '''{{euaprov|Other Fees and Expenses}}'''<br>
 
All costs, fees and charges assessed or imposed by a {{euaprov|Relevant Authority}} in connection with the transfer of {{euaprov|Allowances}} under an {{euaprov|EU Emissions Allowance Transaction}} shall be the responsibility of the party upon whom such costs, fees or charges are allocated by the {{euaprov|Relevant Authority}}. <br>
{{euaprov|(d)(xi)}} '''{{euaprov|Failure to Deliver (Alternative Method) - EEP Applicable}}'''<br>
 
If “{{euaprov|Failure to Deliver (Alternative Method)}}” and “{{euaprov|EEP}}” are specified to be applicable in the Annex to this Annex or the {{euaprov|Confirmation}} for the relevant {{euaprov|EU Emissions Allowance Transaction}}, then, with regard to that {{euaprov|EU Emissions Allowance Transaction}}, if {{euaprov|Receiving Party}} incurs an {{euaprov|Excess Emissions Penalty}} directly caused by {{euaprov|Delivering Party}}’s failure to deliver the {{euaprov|Allowances to be Delivered}} on a {{euaprov|Delivery Date}} falling within the {{euaprov|EEP Risk Period}} other than because of the failure of {{euaprov|Receiving Party}} to comply with the {{euaprov|Requirements under the Scheme}} as specified above, the existence of an {{isdaprov|Illegality}}, the existence of a {{euaprov|Settlement Disruption Event}} or the existence of a {{euaprov|Suspension Event}} (the “'''{{euaprov|EEP Non-delivery}}'''” and the amount of such {{euaprov|Excess Emissions Penalty}} so caused, the “'''{{euaprov|Indemnifiable EEP}}'''”), then {{euaprov|Delivering Party}} must pay to {{euaprov|Receiving Party}}, in addition to the {{euaprov|Receiving Party’s Replacement Cost}} (if any), the amount of the {{euaprov|Indemnifiable EEP}} paid by {{euaprov|Receiving Party}} (the “{{euaprov|EEP Payment}}”), provided that such {{euaprov|EEP Payment}} shall not exceed the product of the {{euaprov|RPRC Shortfall}} for that {{euaprov|EU Emissions Allowance Transaction}} and the maximum per Allowance rate of {{euaprov|Excess Emissions Penalty}} applicable at the relevant time.
 
{{euaprov|Delivering Party}}’s obligation to pay the {{euaprov|EEP Payment}} for the {{euaprov|EEP Non-delivery}} shall be conditional upon {{euaprov|Receiving Party}} demonstrating to the reasonable satisfaction of {{euaprov|Delivering Party}}:
:(a) that {{euaprov|Receiving Party}} has incurred and paid the {{euaprov|EEP Payment}} consequent on a shortfall of Allowances as at the {{euaprov|Reconciliation Deadline}} immediately succeeding the {{euaprov|Delivery Date}} (the “'''{{euaprov|Deadline Shortfall}}'''”);
:(b) the extent to which {{euaprov|Receiving Party}}’s liability to make the {{euaprov|EEP Payment}} resulted from Delivering Party’s {{euaprov|EEP Non-delivery}};
:(c) the extent to which {{euaprov|Receiving Party}}’s liability to make the {{euaprov|EEP Payment}} would have been incurred notwithstanding Delivering Party’s {{euaprov|EEP Non-delivery}}; and
:(d) the extent to which {{euaprov|Receiving Party}}’s liability to make the {{euaprov|EEP Payment}} arose due to any third party’s failure(s) to deliver any Allowance to be Delivered to {{euaprov|Receiving Party}} under the terms of any agreements between {{euaprov|Receiving Party}} and such third party.
 
Receiving Party agrees to provide all other information to {{euaprov|Delivering Party}} in order for {{euaprov|Delivering Party}} to make a commercially reasonable assessment of the extent to which the {{euaprov|Deadline Shortfall}} was directly caused by its {{euaprov|EEP Non-delivery}}.
 
If the {{euaprov|Deadline Shortfall}} is directly caused by the failure of a number of parties (including {{euaprov|Delivering Party}} and {{euaprov|Receiving Party}}), then {{euaprov|Delivering Party}}’s liability shall be to pay the {{euaprov|EEP Payment}} for its proportionate share of the {{euaprov|Deadline Shortfall}} as determined by the parties in a commercially reasonable manner. In no circumstances shall {{euaprov|Receiving Party}} seek to claim an {{euaprov|EEP Payment}} from {{euaprov|Delivering Party}} such that when aggregated with all the other claims made by {{euaprov|Receiving Party}} to other parties for its liability to make the {{euaprov|EEP Payment}} and the liability caused by {{euaprov|Receiving Party}}’s own action or inaction, it is more than {{euaprov|Receiving Party}}’s liability to make the {{euaprov|EEP Payment}}.
 
If {{euaprov|Delivering Party}} disputes in good faith the amount of the {{euaprov|EEP Payment}} claimed by {{euaprov|Receiving Party}}, {{euaprov|Delivering Party}} shall so notify {{euaprov|Receiving Party}} stating the reasons for the dispute and the obligation to pay the {{euaprov|EEP Payment}} shall be suspended until such dispute is resolved. The parties shall seek to settle the dispute regarding the {{euaprov|EEP Payment}} as soon as reasonably possible.
 
Once the amount of the {{euaprov|EEP Payment}} is agreed or any dispute in relation thereto resolved, {{euaprov|Delivering Party}} must pay such determined {{euaprov|EEP Payment}} to {{euaprov|Receiving Party}} within two (2) Business Days against {{euaprov|Receiving Party}}’s {{euaprov|VAT Invoice}} in respect thereof. <br>
{{euaprov|(d)(xii)}} '''{{euaprov|Specified Holding Accounts and Modifications of Party’s Specified Holding Accounts}}'''<br>
 
Each party agrees with the other, so long as either party has or may have any obligation under an {{euaprov|EU Emissions Allowance Transaction}}, as follows:
:(1) for {{euaprov|Receiving Party}}:
::(A) {{euaprov|Receiving Party}} shall ensure that any of such {{euaprov|Holding Account}}s registered under Part {{euaprov|(d)(vi)}}(''{{euaprov|Requirements under the Scheme}}'') above are specified; and
::(B) {{euaprov|Receiving Party}} may from time to time (a) amend the order in which its {{euaprov|Specified Holding Account}}s are listed, (b) add a new {{euaprov|Specified Holding Account}} as the last on the list of {{euaprov|Specified Holding Account}}s, or (c) remove a {{euaprov|Specified Holding Account}} from those listed, in each case for an {{euaprov|EU Emissions Allowance Transaction}}, provided that it notifies {{euaprov|Delivering Party}} in writing of such amendment, addition or removal (including the provision of the relevant account details) no less than thirty (30) calendar days prior to the next {{euaprov|Delivery Date}} under that {{euaprov|EU Emissions Allowance Transaction}}, and provided further that for (a) and / or (c), {{euaprov|Delivering Party}} notifies {{euaprov|Receiving Party}} in writing that it consents to such changes within five (5) {{euaprov|Delivery Business Day}}s of receiving such notice from {{euaprov|Receiving Party}};
:(2) for {{euaprov|Delivering Party}}:
::(A) {{euaprov|Delivering Party}} may specify any of such {{euaprov|Holding Account}}s registered under Part 7 (d)(vi)(Requirements under the Scheme) above in the Annex to this Annex or in the relevant Confirmation; and
::(B) {{euaprov|Delivering Party}} may from time to time, add a new {{euaprov|Holding Account}} or an additional {{euaprov|Holding Account}} to those listed in the Annex to this Annex or in the relevant Confirmation provided that it notifies {{euaprov|Receiving Party}} in writing of such addition (including the relevant account details) by the day that is ten (10) {{euaprov|Delivery Business Day}}s before the next {{euaprov|Delivery Date}} under that {{euaprov|EU Emissions Allowance Transaction}}. <br>
----
----
{{euaprov|(e)}} '''{{euaprov|Defined Terms and Interpretation}}'''<br>
{{euaprov|(e)}} '''{{euaprov|Defined Terms and Interpretation}}'''<br>
{{EUA Annex Administrator Event}}
 
{{EUA Annex AEUA Allowance}}
 
{{EUA Annex Affected Allowance}}
'''{{euaprov|AEUA}}''' or '''{{euaprov|AEU Allowance}}''': Means an “allowance” as defined in the {{euaprov|Directive}} and which is issued under Chapter II thereof. <br>
{{EUA Annex Aircraft Operator}}
'''{{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>
{{EUA Annex Allowance}}
'''{{euaprov|Aircraft Operator}}''': Means an “aircraft operator” as defined in the {{euaprov|Directive}}.<br>
{{EUA Annex Allowance Forward Transaction}}
'''{{euaprov|Allowance}}''': Means 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>
{{EUA Annex Allowance Option Transaction}}
'''{{euaprov|Allowance Forward Transaction}}''' means an {{euaprov|EU Emissions Allowance Transaction}} identified as an {{euaprov|Allowance Forward Transaction}} in the related {{euaprov|Confirmation}}. <br>
{{EUA Annex Allowances to be Delivered}}
'''{{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>
{{EUA Annex Allowance Purchase Price}}
'''{{euaprov|Allowances to be Delivered}}''': Means, for an {{euaprov|EU Emissions Allowance Transaction}} that is:
{{EUA Annex Allowance Shortfall}}
:(1) an {{euaprov|Allowance Forward Transaction}}, a number of {{euaprov|Allowances}} equal to the {{euaprov|Number of Allowances}}; or
{{EUA Annex Allowance Strike Price}}
:(2) an {{euaprov|Allowance Option Transaction}} and for 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>
{{EUA Annex Allowance Type}}
'''{{euaprov|Allowance Purchase Price}}''': Means, for an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Forward Transaction}}, the amount specified as such. <br>
{{EUA Annex Appropriate Source}}
'''{{euaprov|Allowance Shortfall}}'''is defined in {{euaprov|(d)(iii)}} (''{{euaprov|Partial Settlement}}''). <br>
{{EUA Annex Buyer}}
 
{{EUA Annex Buy-In}}
 
{{EUA Annex Buy-In Period}}
'''{{euaprov|Allowance Type}}''': Means an {{euaprov|AEU Allowance}} or an {{euaprov|EU Allowance}} as specified. <br>
{{EUA Annex Calculation Agent}}
'''{{euaprov|Appropriate Source}}''': Means any “competent authority” (as defined in the {{euaprov|Registries Regulation}}) or the {{euaprov|Central Administrator}}, {{euaprov|National Administrator}} or any other authority having power under the {{euaprov|Directive}} 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>
{{EUA Annex Call}}
'''{{euaprov|Buyer}}''' will be specified in the {{isdaprov|Confirmation}}. <br>
{{EUA Annex Central Administrator}}
'''{{euaprov|Buy-In}}''': Means the purchase of {{euaprov|Allowances}} by {{euaprov|Receiving Party}} under the procedures described in paragraph (2) of the definition of {{euaprov|Receiving Party’s Replacement Cost}} in this Annex {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}''). <br>
{{EUA Annex Central European Time}}
'''{{euaprov|Buy-In Period}}''' is defined inthe definition of {{euaprov|Receiving Party’s Replacement Cost}} in this Annex {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}'').<br>
{{EUA Annex Close-out Cost of Carry Amount}}
'''{{euaprov|Calculation Agent}}''' will be specified in the {{isdaprov|Confirmation}}. <br>
{{EUA Annex Close-out Cost of Carry Delay}}
'''{{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>
{{EUA Annex Close-out Cost of Carry Rate}}
'''{{euaprov|Central Administrator}}''': Means the person designated by the EU Commission to operate and maintain the {{euaprov|EUTL}} under Article 20(1) of the {{euaprov|Directive}}. <br>
{{EUA Annex Cost of Carry Amount}}
'''{{euaprov|Central European Time}}''': Means Central European Time, including Central European Winter Time and Central European Summer Time.<br>
{{EUA Annex Cost of Carry Delay}}
'''{{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) for an {{euaprov|Allowance Forward Transaction}}, the {{euaprov|Allowance Purchase Price}}; or (ii) for 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.
{{EUA Annex Cost of Carry Rate}}
'''{{euaprov|Close-out Cost of Carry Delay}}''': Means the number of days in the period from (and including) the scheduled {{euaprov|Payment Date}} until 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>
{{EUA Annex Deadline Shortfall}}
'''{{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>
{{EUA Annex Delayed Delivery Date}}
 
{{EUA Annex Delayed Payment Date}}
 
{{EUA Annex Delivering Party}}
'''{{euaprov|Cost of Carry Delay}}''': Means the number of days in the period from (and including) the scheduled {{euaprov|Payment Date}} until the {{euaprov|Delayed Payment Date}}. <br>
{{EUA Annex Delivering Party’s Delivery Business Day Location}}
'''{{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>
{{EUA Annex Delivering Party’s Replacement Cost}}
'''{{euaprov|Deadline Shortfall}}'''is defined in {{euaprov|(d)(xi)}} (''{{euaprov|Failure to Deliver (Alternative Method) – EEP Applicable}}'').<br>
{{EUA Annex Delivery Business Day}}
'''{{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>
{{EUA Annex Delivery Date}}
'''{{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>
{{EUA Annex Directive}}
'''{{euaprov|Delivering Party}}''': Means, for an {{euaprov|EU Emissions Allowance Transaction}} that is:
{{EUA Annex DPRC Shortfall}}
:(1) an {{euaprov|Allowance Forward Transaction}}, the {{euaprov|Seller}};
{{EUA Annex EEP Amount}}
:(2) an {{euaprov|Allowance Option Transaction}} which is a {{euaprov|Call}}, the {{euaprov|Seller}}; or
{{EUA Annex EEP Non-delivery}}
:(3) an {{euaprov|Allowance Option Transaction}} which is a {{euaprov|Put}}, the {{euaprov|Buyer}}. <br>
{{EUA Annex EEP Payment}}
'''{{euaprov|Delivering Party’s Delivery Business Day Location}}''': Means 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:
{{EUA Annex EEP Risk Period}}
:(i) the place specified as the {{euaprov|Delivery Business Day Location}} for Delivering Party; or
{{EUA Annex Encumbrance Loss Amount}}
:(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
{{EUA Annex End of Phase Reconciliation Deadline}}
:(iii) if no such address has been given, the place in which {{euaprov|Delivering Party}} has its registered office.
{{EUA Annex EU}}
 
{{EUA Annex EU Allowance}}
 
{{EUA Annex EUTL or European Transaction Log}}
'''{{euaprov|Delivery Business Day}}''': Means 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>
{{EUA Annex Excess Emissions Penalty/EEP}}
'''{{euaprov|Delivery Date}}''': Means the date or dates specified as such in the related {{isdaprov|Confirmation}} (subject to any adjustment under Part {{euaprov|(d)(i)(5)}} (''{{euaprov|Suspension Event}}'')). <br>
{{EUA Annex Expiration Date}}
'''{{euaprov|Directive}}''': Means {{euaprov|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>
{{EUA Annex Final Compliance Date}}
'''{{euaprov|DPRC Shortfall}}''' is defined inthe definition of {{euaprov|Delivering Party’s Replacement Cost}} in this Annex {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}''). <br>
{{EUA Annex Final Delivery Date}}
 
{{EUA Annex Fourth Compliance Period}}
 
{{EUA Annex Holding Account}}
'''{{euaprov|EEP Non-delivery}}'''is defined in {{euaprov|(d)(xi)}} (''{{euaprov|Failure to Deliver (Alternative Method) – EEP Applicable}}''). <br>
{{EUA Annex Indemnifiable EEP}}
'''{{euaprov|EEP Payment}}'''is defined in {{euaprov|(d)(xi)}} (''{{euaprov|Failure to Deliver (Alternative Method) – EEP Applicable}}''). <br>
{{EUA Annex Long-Stop Date}}
'''{{euaprov|EEP Risk Period}}''': Means, for an {{euaprov|EU Emissions Allowance Transaction}} and any {{euaprov|Delivery Date}}, a period of time prior to the first succeeding {{euaprov|Reconciliation Deadline}}. <br>
{{EUA Annex Member State}}
'''{{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 because of its terminating, liquidating, obtaining or re-establishing any hedge or related trading position. Such amount includes losses and costs for 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 for 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>
{{EUA Annex Multiple Exercise}}
'''{{euaprov|End of Phase Reconciliation Deadline}}''': Means the {{euaprov|Reconciliation Deadline}} scheduled to fall in April 2031. <br>
{{EUA Annex National Administrator}}
'''{{euaprov|EU}}''': Means the European Community as it exists from time to time. <br>
{{EUA Annex No Encumbrance Obligation}}
'''{{euaprov|EU Allowance}}''': Means an allowance, other than an {{euaprov|AEUA}} or {{euaprov|AEU Allowance}}, created under the {{euaprov|Directive}}, including allowances stemming from emission trading systems that are linked with the {{euaprov|EU ETS}} under Article 25 of the {{euaprov|Directive}}. <br>
{{EUA Annex Notice of Exercise}}
'''{{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>
{{EUA Annex Number of Allowances}}
'''{{euaprov|Excess Emissions Penalty}}'''/'''{{euaprov|EEP}}''': Has the meaning given to it in the {{euaprov|Directive}}. <br>
{{EUA Annex Number of Options}}
'''{{euaprov|Expiration Date}}''': Means, for 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 under 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>
{{EUA Annex Operator}}
'''{{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>
{{EUA Annex Option}}
'''{{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>
{{EUA Annex Option Entitlement}}
'''{{euaprov|Fourth Compliance Period}}''': Means the period starting 1 January 2021 to 31 December 2030. <br>
{{EUA Annex Original Affected Party}}
'''{{euaprov|Holding Account}}''': Means a form of digital record maintained in a {{euaprov|Registry}} (under and under 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}} under and under the {{euaprov|Scheme}}. <br>
{{EUA Annex Payment Date}}
'''{{euaprov|Indemnifiable EEP}}'''is defined in {{euaprov|(d)(xi)}} (''{{euaprov|Failure to Deliver (Alternative Method) – EEP Applicable}}''). <br>
{{EUA Annex Potential Exercise Date}}
'''{{euaprov|Long-Stop Date}}''': Means, for 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:
{{EUA Annex Premium}}
:(1) from (and including) 1 May 2021 to (and including) 31 December 2022, 1 June 2024 ;
{{EUA Annex Put}}
:(2) from (and including) 1 January 2023 to (and including) 31 December 2024, 1 June 2026;
{{EUA Annex Receiving Party}}
:(3) from (and including) 1 January 2025 to (and including) 31 December 2026, 1 June 2028 ;
{{EUA Annex Receiving Party’s Delivery Business Day Location}}
:(4) from (and including) 1 January 2027 to (and including) 31 December 2028, it shall be 1 June 2030; and
{{EUA Annex Receiving Party’s Replacement Cost}}
:(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>
{{EUA Annex Reconciliation Deadline}}
'''{{euaprov|Member State}}''': Means any one of the signatories of the {{euaprov|European Union}} from time to time. <br>
{{EUA Annex Registries Regulation}}
'''{{euaprov|Multiple Exercise}}''': Means:
{{EUA Annex Registry}}
:(1) If “{{euaprov|Multiple Exercise}}” applies to 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 any 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}}:
{{EUA Annex Registry Operation}}
::(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);
{{EUA Annex Relevant Authority}}
::(B) less than the {{euaprov|Minimum Number of Options}} will be ineffective; and
{{EUA Annex Relevant Registry}}
::(C) an amount of Options not equal to or an integral multiple of the Integral Multiple will be deemed to be an exercise of a number of Options equal to the next lowest integral multiple of the Integral Multiple (the number of Options exceeding that number being deemed to remain unexercised).
{{EUA Annex RPRC Shortfall}}
:(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.
{{EUA Annex Scheme}}
:(3) “'''{{euaprov|Minimum Number of Options}}'''” means, for an {{euaprov|Allowance Option Transaction}} to which {{euaprov|Multiple Exercise}} is applicable, the number specified as such in the related Confirmation.
{{EUA Annex Seller}}
:(4) “'''{{euaprov|Maximum Number of Options}}'''” means, for an {{euaprov|Allowance Option Transaction}} to which {{euaprov|Multiple Exercise}} is applicable, the number specified as such in the related Confirmation. <br>
{{EUA Annex Seller Business Day}}
'''{{euaprov|National Administrator}}''': Means 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 under Article 8 of the {{euaprov|Registries Regulation}}. <br>
{{EUA Annex Settlement Disruption Event}}
'''{{euaprov|No Encumbrance Obligation}}'''is defined in {{euaprov|(d)(vii)}} (''{{euaprov|No Encumbrances}}''). <br>
{{EUA Annex Shortfall}}
'''{{euaprov|Notice of Exercise}}''': Means, for 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 under the {{euaprov|Allowance Option Transaction}} 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 under the {{euaprov|Allowance Option Transaction}} only by giving a {{euaprov|Notice of Exercise}}. <br>
{{EUA Annex Specified Compliance Period}}
'''{{euaprov|Number of Allowances}}''': Means the number specified as such in the related {{euaprov|Confirmation}}. <br>
{{EUA Annex Specified Holding Account}}
'''{{euaprov|Number of Options}}''': Means, for 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>
{{EUA Annex Suspension Event}}
'''{{euaprov|Operator}}''': Means an “operator” as defined in the {{euaprov|Directive}}. <br>
{{EUA Annex Trade Date}}
'''{{euaprov|Option}}''': Means, for an {{euaprov|Allowance Option Transaction}}, each unit into which the Option Transaction is divided for purposes of exercise or settlement. <br>
{{EUA Annex Third Compliance Period}}
'''{{euaprov|Option Entitlement}}''': Means, for 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}}. If no {{euaprov|Option Entitlement}} is specified, the {{euaprov|Option Entitlement}} for any {{euaprov|Allowance Option Transaction}} shall be one {{euaprov|Allowance}} per Option. <br>
{{EUA Annex Unauthorised Transfer}}
'''{{euaprov|Original Affected Party}}''': Means the person from whose account the {{euaprov|Unauthorised Transfer}} of the {{euaprov|Affected Allowance}} occurred. <br>
{{EUA Annex Undelivered Allowances}}
'''{{euaprov|Payment Date}}''': Means the date specified as such or otherwise determined under a method specified, provided that, for delayed delivery under 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>
{{EUA Annex Union Registry}}
'''{{euaprov|Potential Exercise Date}}''': Means, for 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>
{{EUA Annex VAT}}
'''{{euaprov|Premium}}''' will be specified in the Confirmation. If a {{euaprov|Premium}} per {{euaprov|Allowance}} is specified, 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>
{{EUA Annex VAT Amount}}
'''{{euaprov|Put}}''': Means a type of {{euaprov|Allowance Option Transaction}} entitling the {{euaprov|Buyer}} to sell {{euaprov|Allowances}} to {{euaprov|Seller}} at the {{euaprov|Allowance Strike Price}} per {{euaprov|Allowance}}. <br>
{{EUA Annex VAT Invoice}}
'''{{euaprov|Receiving Party}}''': Means, for an {{euaprov|EU Emissions Allowance Transaction}} that is:
{{EUA Annex VAT Jurisdiction}}
:(1) an {{euaprov|Allowance Forward Transaction}}, the {{euaprov|Buyer}};
{{EUA Annex Written Confirmation}}
:(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 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 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|Reconciliation Deadline}}''': Means 30th April in each calendar year for the preceding calendar year or such later date in each year as may be determined under the {{euaprov|Scheme}} for the surrender of {{euaprov|Allowances}} under the {{euaprov|Scheme}}. <br>
'''{{euaprov|Registries Regulation}}''': Means the Commission Regulation (EU) no. 389/2013 of 2 May 2013 establishing a {{euaprov|Union Registry}} under 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, under the {{euaprov|International Rules}}, in order to ensure the accurate accounting of the issue, holding, transfer, acquisition, surrender, cancellation and replacement of {{euaprov|Allowances}}. <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}}; or
:(c) the establishment of and continuing functioning of the link between each of the {{euaprov|Relevant Registry}} and the {{euaprov|EUTL}}. <br>
'''{{euaprov|Relevant Authority}}''': Means any authority having power under the {{euaprov|Directive}} 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 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 under Part {{euaprov|(d)(i)(2)}}(C). <br>
'''{{euaprov|RPRC Shortfall}}''' is defined inthe definition of {{euaprov|Receiving Party’s Replacement Cost}} in this Annex {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}''). <br>
 
 
'''{{euaprov|Seller}}''' will be specified in the {{isdaprov|Confirmation}}. <br>
'''{{euaprov|Seller Business Day}}''': Means, for 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|Shortfall}}''' is defined inthe definition of {{euaprov|Receiving Party’s Replacement Cost}} in this Annex {{euaprov|(e)}} (''{{euaprov|Defined Terms and Interpretation}}''). <br>
 
 
 
'''{{euaprov|Specified Holding Account}}''': Means, for a party and an {{euaprov|EU Emissions Allowance Transaction}}, the {{euaprov|Holding Account}}s (if any) specified as such for such party (i) in the Confirmation for the relevant {{euaprov|EU Emissions Allowance Transaction}}; or (ii) where no such accounts are specified under (i), in the Annex to this Annex; in either case under Part {{euaprov|(d)(xii)}}(1)(A) or Part {{euaprov|(d)(xii)}}(2)(A) and subject to modification under Part {{euaprov|(d)(xii)}}(1)(B) and Part {{euaprov|(d)(xii)}}(2)(B). <br>
 
 
'''{{euaprov|Trade Date}}''':will be specified in the {{isdaprov|Confirmation}}. <br>
'''{{euaprov|Third Compliance Period}}''': Means 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}}''' is defined in {{euaprov|Receiving Party’s Replacement Cost}}. <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}}'''is defined in {{euaprov|(d)(viii)}} (''{{euaprov|Value Added Taxes}}''). <br>
'''{{euaprov|VAT Amount}}'''is defined in {{euaprov|(d)(viii)}} (''{{euaprov|Value Added Taxes}}''). <br>
'''{{euaprov|VAT Invoice}}'''is defined in {{euaprov|(d)(viii)}} (''{{euaprov|Value Added Taxes}}''). <br>
'''{{euaprov|VAT Jurisdiction}}''': Means, for 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 specified {{euaprov|VAT Jurisdiction}} for such party. <br>
'''{{euaprov|Written Confirmation}}''': Means, for a party and an {{euaprov|EU Emissions Allowance Transaction}} which is an {{euaprov|Allowance Option Transaction}}, if “{{euaprov|Written Confirmation}}” applies 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>
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