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

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-'''{{euaprov|Settlement Disruption Event}}''':
+{{euaprov|(d)(i)(5)}} '''{{euaprov|Suspension 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''': 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 details 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|Suspension Event}} both parties’ obligations will be suspended, subject to {{euaprov|Continuing Suspension Event}} below, until the {{euaprov|Suspension Event}} no longer prevents settlement. During the {{euaprov|Suspension Event}}, the affected party must try [[Endeavour|reasonably]] 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 Suspension Event}} below, once the {{euaprov|Suspension Event}} ceases, both parties must promptly resume their obligations under the {{isdaprov|Transaction}}s by the earlier of: (i) ten {{euaprov|Delivery Business Day}}s after the Suspension Event lifts; and (ii) 3 {{euaprov|Delivery Business Days}} before the {{euaprov|End of Phase Reconciliation Deadline}} (the “'''{{euaprov|Delayed Delivery Date}}'''”). If {{euaprov|Delivering Party}} has successfully delivered the {{euaprov|Allowances to be Delivered}} by the {{euaprov|Delayed Delivery Date}}, {{euaprov|Receiving Party}} must pay {{euaprov|Delivering Party}}, on the {{euaprov|Delayed Payment Date}}:
-::(a) the low or non-allocation of {{euaprov|Allowances}} by any state;
+::(I) '''{{euaprov|Allowance Forward Transaction}}s''': ''({{euaprov|Allowance Purchase Price}} x {{euaprov|Number of Allowances}} delivered by the {{euaprov|Delayed Delivery Date}}) + {{euaprov|Cost of Carry Amount}}'';
-::(b) a Member State or {{euaprov|Central Administrator}} not replacing {{euaprov|Third Compliance Period}} {{euaprov|Allowances}} with {{euaprov|Fourth Compliance Period}} {{euaprov|Allowances}}; or
+::(II) '''{{euaprov|Allowance Option Transaction}}s''': ''({{euaprov|Allowance Strike Price}} x {{euaprov|Number of Allowances}} delivered by the {{euaprov|Delayed Delivery Date}}) + {{euaprov|Cost of Carry Amount}}''.
-::(c) any party’s failure of a party to procure sufficient {{euaprov|Allowances}} to meet its delivery obligations
+:(D) '''{{euaprov|Continuing Suspension Event}}''': Where a {{euaprov|Suspension Event}} continues on the {{euaprov|Long-Stop Date}}, then there will be an {{isdaprov|Illegality}} where the {{isdaprov|Transaction}} is the sole {{isdaprov|Affected Transaction}}, both parties are {{isdaprov|Affected Parties}},no {{isdaprov|Waiting Period}} will apply and the {{euaprov|Long-Stop Date}} will be the {{isdaprov|Early Termination Date}}. 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 for any {{isdaprov|Unpaid Amounts}}); provided that:
+::(i) {{euaprov|Delivering Party}} must promptly refund any amount {{euaprov|Receiving Party}} paid it under any {{euaprov|Allowance Forward Transaction}} or {{euaprov|Call}}; and
-: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.
+::(ii) {{euaprov|Receiving Party}} must promptly refund any amount {{euaprov|Delivering Party}} paid it under a {{euaprov|Put}}
+:that was not paid for delivered {{euaprov|Allowance}}s, together with interest from the payment date until the  {{isdaprov|Transaction}} termination date at the relevant overnight deposit rate.