Template:EUA Annex (d)(i)(4): Difference between revisions

:(A) '''Notification of {{euaprov|Settlement Disruption Event}}''': Upon the occurrence of a {{euaprov|Settlement Disruption Event}}, either party may notify the other party in writing of the commencement of the {{euaprov|Settlement Disruption Event}} and the {{euaprov|EU Emissions Allowance Transaction}}(s) affected by that {{euaprov|Settlement Disruption Event}}. Where the notification is from the party affected by the {{euaprov|Settlement Disruption Event}}, to the extent available to such party, it shall also provide details of the {{euaprov|Settlement Disruption Event}} and a non-binding estimate of the extent and the expected duration of its inability to perform its obligations due to the {{euaprov|Settlement Disruption Event}}.

:(B) '''Effect of {{euaprov|Settlement Disruption Event}}''': If a {{euaprov|Settlement Disruption Event}} occurs, the obligations of both parties which would otherwise be required to be performed with respect to the {{euaprov|EU Emissions Allowance Transaction}}(s) affected by the {{euaprov|Settlement Disruption Event}} will be suspended for the duration of the {{euaprov|Settlement Disruption Event}} and, subject to (d)(i)(4)(D) (Continuing Settlement Disruption Event) below, will not be required to be performed until the {{euaprov|Settlement Disruption Event}} is overcome or ceases to exist. During the continuation of the {{euaprov|Settlement Disruption Event}}, the party affected by the {{euaprov|Settlement Disruption Event}} shall continue to use all reasonable endeavours to overcome the {{euaprov|Settlement Disruption Event}}.  

::(III) if such 9 {{euaprov|Delivery Business Day}} period would end after the day that is 3 {{euaprov|Delivery Business Day}}s preceding the {{euaprov|End of Phase Reconciliation Deadline}} on or immediately following the original date that, but for the {{euaprov|Settlement Disruption Event}}, would have been the {{euaprov|Delivery Date}} for an {{euaprov|EU Emissions Allowance Transaction}}, during the period ending on the day that is 3 {{euaprov|Delivery Business Day}}s preceding that {{euaprov|End of Phase Reconciliation Deadline}},

:then on that 9th {{euaprov|Delivery Business Day}}, {{euaprov|Reconciliation Deadline}} or day that is 3 {{euaprov|Delivery Business Day}}s preceding the {{euaprov|End of Phase Reconciliation Deadline}} (as the case may be), an [Additional Termination Event][Illegality]<ref>If the form of Master Agreement in which this Part is included is a {{1992ma}} the parties should specify “{{isdaprov|Additional Termination Event}}” or, if the form of Master Agreement which the Confirmation supplements is an {{2002ma}} the parties should specify “{{isdaprov|Illegality}}”.</ref> shall be deemed to have occurred in respect of which the relevant {{euaprov|EU Emissions Allowance Transaction}} is the sole Affected Transaction, both parties are Affected Parties[, no Waiting Period will apply] and, if an {{isdaprov|Early Termination Date}} results from that {{isdaprov|Termination Event}}, then, for purposes of determining any amount payable under Section {{isdaprov|6(e)}} in respect of that {{isdaprov|Early Termination Date}}:  

:::(i) {{euaprov|Delivering Party}} shall promptly refund to {{euaprov|Receiving Party}} any amount that may have been paid by {{euaprov|Receiving Party}} in respect of the {{euaprov|EU Emissions Allowance Transaction}} that is an {{euaprov|Allowance Forward Transaction}} or a Call and  

:::(ii) {{euaprov|Receiving Party}} shall promptly refund to {{euaprov|Delivering Party}} any amount that may have been paid by {{euaprov|Delivering Party}} in respect of an {{euaprov|EU Emissions Allowance Transaction}} that is a {{euaprov|Put}} (in each case, other than in respect of delivered {{euaprov|Allowance}}s) together with interest on that amount in the same currency as that amount for the period from (and including) the date that amount was paid to (but excluding) the date of termination of such {{euaprov|EU Emissions Allowance Transaction}}, 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.