(d)(i)(5) 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 details 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”) above, Receiving Party must pay Delivering Party on the Delayed Payment Date:
- (I) For Allowance Forward Transactions: (Allowance Purchase Price x Number of Allowances delivered by the Delayed Delivery Date) + Cost of Carry Amount;
- (II) For Allowance Option Transactions: (Allowance Strike Price x Number of Allowances delivered by the Delayed Delivery Date) + Cost of Carry Amount.
- (D) Continuing Suspension Event: Where a Suspension Event continues on the Long-Stop Date, then there will be an Illegality where the Transaction is the sole Affected Transaction, both parties are Affected Parties,no Waiting Period will apply and the Long-Stop Date will be the Early Termination Date. 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 for any Unpaid Amounts); provided that:
- (i) Delivering Party must promptly refund any amount Receiving Party paid it under any Allowance Forward Transaction or Call; and
- (ii) Receiving Party must promptly refund any amount Delivering Party paid it under a Put
- that was not paid for delivered Allowances, together with interest from the payment date until the Transaction termination date at the relevant overnight deposit rate.