Template:Nutshell EUA Annex (d)(i)(5): Difference between revisions

Template:Nutshell EUA Annex (d)(i)(5) (view source)

Revision as of 15:04, 27 June 2022

1,999 bytes added , 27 June 2022

Replaced content with "{{subst:Nutshell EUA Annex (d)(i)(4)}}"

Amwelladmin

Bureaucrats, Interface administrators, Administrators

82,891

edits

@@ Line 1: / Line 1: @@
-'''{{euaprov|Settlement Disruption Event}}''':
+{{euaprov|(d)(i)(4)}} '''{{euaprov|Settlement Disruption Event}}'''
-:Something beyond the affected party’s control that, having used [[all reasonable efforts]], it cannot overcome and which makes it impossible to perform its obligations to deliver or to accept {{euaprov|Allowances}} under an {{euaprov|EU Emissions Allowance Transaction}}.
+:(A)	'''Notification''': Either party may notify the other party in writing of a {{euaprov|Settlement Disruption Event}} and the impacted {{isdaprov|Transaction}}s. If the affected party is the one giving notice, it must also give details of the {{euaprov|Settlement Disruption Event}} and a non-binding estimate of the extent and expected duration of its resultant inability to perform.
+:(B)	'''Effect''': Upon a {{euaprov|Settlement Disruption Event}} both parties’ olibgations will be suspended, subject to {{euaprov|Continuing Settlement Disruption Event}} below, until the {{euaprov|Settlement Disruption Event}} is no longer preventing settlement. During the {{euaprov|Settlement Disruption Event}}, the affected party must continue to use all reasonable endeavours to overcome it.
-:Note that the following will not count as Settlement Disruption Events if they cause an inability to deliver {{euaprov|Allowances}} in the affected party’s {{euaprov|Specified Holding Account}}, as a result of:
+:(C)	'''Delayed Performance''': Subject to {{euaprov|Continuing Settlement Disruption Event}} below, once the {{euaprov|Settlement Disruption Event}} no longer prevents settlement, both parties must, promptly and within two {{euaprov|Delivery Business Day}}s, resume their obligations under the relevant {{isdaprov|Transaction}}s.
-::(a) the low or non-allocation of {{euaprov|Allowances}} by any state;
+:(D)	'''{{euaprov|Continuing Settlement Disruption Event}}''': Where a {{euaprov|Settlement Disruption Event}} continues:
-::(b) a Member State or {{euaprov|Central Administrator}} not replacing {{euaprov|Third Compliance Period}} {{euaprov|Allowances}} with {{euaprov|Fourth Compliance Period}} {{euaprov|Allowances}}; or
+::(I) for 9 {{euaprov|Delivery Business Day}}s after the originally scheduled {{euaprov|Delivery Date}}; or, if shorter:
-::(c) any party’s failure of a party to procure sufficient {{euaprov|Allowances}} to meet its delivery obligations
+::(II) for the period ending on a {{euaprov|Reconciliation Deadline}} falling on after the originally scheduled {{euaprov|Delivery Date}}; or, if shorter:
+::(III)	for the period ending on the day 3 {{euaprov|Delivery Business Day}}s before the {{euaprov|End of Phase Reconciliation Deadline}} falling on or after the originally scheduled {{euaprov|Delivery Date}},
-:Something which otherwise would be a Settlement Disruption Event ''and'' a {{euaprov|Suspension Event}}, will count as a {{euaprov|Suspension Event}} and ''not'' a Settlement Disruption Event.
+:then at the end of the relevant period, an {{isdaprov|Illegality}} will occur where the relevant {{isdaprov|Transaction}} is the sole {{isdaprov|Affected Transaction}}, both parties are {{isdaprov|Affected Parties}}, no {{isdaprov|Waiting Period}} will apply and, if an {{isdaprov|Early Termination Date}} results, then, when determining the {{isdaprov|Early Termination Amount}} if “{{euaprov|Payment on Termination for Settlement Disruption}}” applies, the suspended obligations will resume on the {{isdaprov|Early Termination Date}}, and if it does not, the parties will have no further obligations after the {{euaprov|Settlement Disruption Event}} (other than in respect of any {{isdaprov|Unpaid Amounts}}); provided that:
+::(i) {{euaprov|Delivering Party}} must promptly refund to {{euaprov|Receiving Party}} any amount {{euaprov|Receiving Party}} paid under any {{euaprov|Allowance Forward Transaction}} or {{euaprov|Call}}; and
+::(ii) {{euaprov|Receiving Party}} must promptly refund to {{euaprov|Delivering Party}} any amount {{euaprov|Delivering Party}} paid under a {{euaprov|Put}}
+::other than in respect of delivered {{euaprov|Allowance}}s, together with interest from the payment date until the date of termination of the {{isdaprov|Transaction}} at the overnight deposit rate for the relevant currency.