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

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{{euaprov|(d)(i)(4)}} '''{{euaprov|Settlement Disruption Event}}'''
{{euaprov|(d)(i)(4)}} '''{{euaprov|Suspension Event}}'''
:(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.
:(A) '''Notification''': A party impacted by a {{euaprov|Suspension Event}} must notify the other party in writing as soon as reasonably practicable. It must also give what etails of the {{euaprov|Suspension Event}} it has 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.  
:(B) '''Effect''': Upon a {{euaprov|Suspension Event}} both parties’ olibgations will be suspended, subject to {{euaprov|Continuing Suspension Event}} below, until the {{euaprov|Suspension Event}} is no longer preventing settlement. During the {{euaprov|Suspension Event}}, the affected party must continue to use all reasonable endeavours to overcome it.  
:(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.
:(C) '''Delayed Performance''': Subject to {{euaprov|Continuing Suspension Event}} below, once the {{euaprov|Suspension Event}} ceases, both parties must, promptly and within two {{euaprov|Delivery Business Day}}s, resume their obligations under the relevant {{isdaprov|Transaction}}s by the earlier of: (i) the tenth {{euaprov|Delivery Business Day}} following the date the Suspension Event ceases; and (ii) 3 {{euaprov|Delivery Business Days}} before the {{euaprov|End of Phase Reconciliation Deadline}} (the “'''{{euaprov|Delayed Delivery Date}}'''”). If the {{euaprov|Allowances to be Delivered}} are delivered to {{euaprov|Receiving Party}} by the {{euaprov|Delayed Delivery Date}} following a {{isdaprov|Suspension Event}} (as per “{{isdaprov|Effect of a Suspension Event}}”) above, {{isdaprov|Receiving Party}} must pay {{isdaprov|Delivering Party}} on the {{isdaprov|Delayed Payment Date}}:
:(D) '''{{euaprov|Continuing Settlement Disruption Event}}''': Where a {{euaprov|Settlement Disruption Event}} continues:
::(I) under an {{isdaprov|Allowance Forward Transaction}}, the sum of: (X) ({{isdaprov|Allowance Purchase Price}} x {{isdaprov|Number of Allowances}} delivered by the {{isdaprov|Delayed Delivery Date}})  + (Y) {{isdaprov|Cost of Carry Amount}}; or
::(I) for 9 {{euaprov|Delivery Business Day}}s after the originally scheduled {{euaprov|Delivery Date}}; or, if shorter:
::(II) under an {{isdaprov|Allowance Option Transaction}}, the sum of: (X) ({{isdaprov|Allowance Strike Price}} x {{isdaprov|Number of Allowances}} delivered by the {{isdaprov|Delayed Delivery Date}}) + (Y) {{isdaprov|Cost of Carry Amount}}.
::(II) for the period ending on a {{euaprov|Reconciliation Deadline}} falling on after the originally scheduled {{euaprov|Delivery Date}}; or, if shorter:
:(D) '''{{euaprov|Continuing Suspension Event}}''': Where
::(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}},
::(I) A {{euaprov|Suspension Event}} continues on the {{isdaprov|Long-Stop Date}}, then an {{isdaprov|Illegality}} will occur where the relevant {{isdaprov|Transaction}} is the sole {{isdaprov|Affected Transaction}}, both parties are {{isdaprov|Affected Parties}}, ansd no {{isdaprov|Waiting Period}} will apply. the Long-Stop Date will be the {{isdaprov|Early Termination Date}} under the Transaction. When determining the {{isdaprov|Early Termination Amount}} if “{{euaprov|Payment on Termination for Suspension}}” 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|Suspension Event}} (other than in respect of any {{isdaprov|Unpaid Amounts}}); provided that:
: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  
::(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}}  
::(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.
::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.

Revision as of 15:21, 27 June 2022

(d)(i)(4) Suspension Event

(A) Notification: A party impacted by a Suspension Event must notify the other party in writing as soon as reasonably practicable. It must also give what etails of the Suspension Event it has and a non-binding estimate of the extent and expected duration of its resultant inability to perform.
(B) Effect: Upon a Suspension Event both parties’ olibgations will be suspended, subject to Continuing Suspension Event below, until the Suspension Event is no longer preventing settlement. During the Suspension Event, the affected party must continue to use all reasonable endeavours to overcome it.
(C) Delayed Performance: Subject to Continuing Suspension Event below, once the Suspension Event ceases, both parties must, promptly and within two Delivery Business Days, resume their obligations under the relevant Transactions by the earlier of: (i) the tenth Delivery Business Day following the date the Suspension Event ceases; and (ii) 3 Delivery Business Days before the End of Phase Reconciliation Deadline (the “Delayed Delivery Date”). If the Allowances to be Delivered are delivered to Receiving Party by the Delayed Delivery Date following a Suspension Event (as per “Effect of a Suspension Event”) above, Receiving Party must pay Delivering Party on the Delayed Payment Date:
(I) under an Allowance Forward Transaction, the sum of: (X) (Allowance Purchase Price x Number of Allowances delivered by the Delayed Delivery Date) + (Y) Cost of Carry Amount; or
(II) under an Allowance Option Transaction, the sum of: (X) (Allowance Strike Price x Number of Allowances delivered by the Delayed Delivery Date) + (Y) Cost of Carry Amount.
(D) Continuing Suspension Event: Where
(I) A Suspension Event continues on the Long-Stop Date, then an Illegality will occur where the relevant Transaction is the sole Affected Transaction, both parties are Affected Parties, ansd no Waiting Period will apply. the Long-Stop Date will be the Early Termination Date under the Transaction. 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 in respect of any Unpaid Amounts); provided that:
(i) Delivering Party must promptly refund to Receiving Party any amount Receiving Party paid under any Allowance Forward Transaction or Call; and
(ii) Receiving Party must promptly refund to Delivering Party any amount Delivering Party paid under a Put
other than in respect of delivered Allowances, together with interest from the payment date until the date of termination of the Transaction at the overnight deposit rate for the relevant currency.
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