Talk:Settlement Disruption - Emissions Annex Provision: Difference between revisions

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-(D) Continuing Suspension Event: Where a Suspension Event continues on the Long-Stop Date, then there will be an Illegality where the Transaction is the sole Affected Transaction, both parties are Affected Parties,no Waiting Period will apply and the Long-Stop Date will be the Early Termination Date. When determining the Early Termination Amount, if “Payment on Termination for Suspension” applies, the suspended obligations will resume on the Early Termination Date, and if it does not, the parties will have no further obligations after the Suspension Event (other than for any Unpaid Amounts); provided that:
+(D) Continuing Settlement Disruption Event: Where a Settlement Disruption Event continues:
-(i) Delivering Party must promptly refund any amount Receiving Party paid it under any Allowance Forward Transaction or Call; and
+(I) for 9 Delivery Business Days after the originally scheduled Delivery Date; or, if shorter:
-(ii) Receiving Party must promptly refund any amount Delivering Party paid it under a Put
+(II) until a Reconciliation Deadline falling on or after the original Delivery Date; or, if shorter:
-that was not paid for delivered Allowances, together with interest from the payment date until the Transaction termination date at the relevant overnight deposit rate.
+(III) until the day 3 Delivery Business Days before the End of Phase Reconciliation Deadline falling on or after the original Delivery Date:
+then at that time there will be an Illegality where the affected Transaction is the sole Affected Transaction, both parties are Affected Parties, there is no Waiting Period and, if an Early Termination Date results, when determining the Early Termination Amount the suspended obligations will resume on the Early Termination Date, if “Payment on Termination for Settlement Disruption” applies, and if it does not the parties will have no further obligations after the Settlement Disruption Event other than for Unpaid Amounts and provided that (other than in respect of already-delivered Allowances)
+(i) Delivering Party must promptly refund any amount Receiving Party it was paid under a Allowance Forward Transaction or Call; and
+(ii) Receiving Party must promptly refund any amount Delivering Party it was paid under a Put
+together with interest from the payment date until the termination date of the Transaction at the overnight deposit rate for the relevant currency.