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

{{euaprov|(d)(i)(5)}} '''{{euaprov|Suspension Event}}'''

:(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.  

:(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}}:

::(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}}'';

::(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}}''.

:(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  

::(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.