CIF. legally represented by Mr./Mrs. ........................, hereinafter referred to as: Short Term Product Market Participant, hereinafter referred to as Participant, Hereinafter collectively referred to as Parties. The Parties have agreed to conclude this Agreement on the following terms: Definitions In this Agreement, the following terms shall be interpreted as follows: Escrow Agent - a commercial bank approved by BRM, which will open the Escrow Account in favour of BRM at the order of its client (BRM DAY-AHEAD/ WITHIN-DAY GAZ Participant). Central Account Bank (BCR) - Banca Comercială Română S.A., which acts as a collecting institution in relation to BRM and with which BRM has opened the Central Account related to BRM DAY-AHEAD/Within-day GAS to be credited or has been credited with the amounts set out in the Direct Debit Instructions issued by BRM and debited with the amounts set out in the payment orders. Debiting Bank - The commercial bank with which the Participant has opened the account to be debited or has been debited with the amount specified in the direct debit instruction; Central Account related to the Short-Term Products Market - the account opened with the Central Account Bank in the name of the BRM, which is to be credited or has been credited with the amounts set out in the Direct Debit Instructions issued by the BRM and debited with the amounts set out in the payment orders. This account is used to collect and make payments for transactions concluded on BRM DAY-AHEAD/ Within-day GAZ. Agreement - this legal act and its annexes, which represents the unequivocal and binding agreement of will of BRM and the BRM DAY-AHEAD/ WITHIN-DAY GAZ Participant with respect to the services covered by the Agreement. Direct Debit Agreement (DDA) - an agreement between BRM and BCR as Collecting Institution, in accordance with the provisions of the applicable national and European legislation on Direct Debit, and the Collecting Institution's acceptance of BRM's use of the Direct Debit Instructions under a Direct Debit Scheme. Escrow Account - the collateral deposit account opened by the Participant with the Escrow Agent. Completion Date - the bank day (z) on which the amount set out in the Direct Debit Instruction is credited to the Short-Term Market Central Account by the Collecting Institution. Completion date for interbank direct debit instructions is the same as the interbank settlement date (clearing date). Direct Debit - a method of payment of a sum of money agreed between the Buying Participant and the BRM, consisting of the pre-authorised debiting of the Buying Participant's account by the Paying Institution under the provisions of the Direct Debit Mandate, at the request of the BRM, and the corresponding crediting of the BRM's account by the Central Account Bank under the Direct Debit Agreement; this method of payment does not require prior authorisation by the Buying Participant of each direct debit instruction drawn on the account or, as regulated in the NBR Regulation no. 2/2016 on credit transfer and direct debit operations. Right to reimbursement - the right of a Participant to make a claim for reimbursement in relation to a Direct Debit Instruction (other than B2B SDD) with the Paying Institution holding the Participant's account and, respectively, the right to receive the full amount of the Direct Debit Instruction, which claim must be made in accordance with applicable national law. BRM Payer Identifier (Payer Id) - information intended to identify the Paying Participant to the BRM (e.g. subscriber code). Paying Institution - the credit institution with which the Participant has opened the current account to be debited or has been debited with the amount specified in the Direct Debit Instruction. Direct Debit Instruction (DDI) - a direct debit payment instruction issued by the BRM to the Central Account Bank at which the BRM has opened the Central Account relating to the BRM DAY-AHEAD/ WITHIN DAY GAS to be credited or has been credited by the Paying Institution at which the Participant has opened the current account to be debited or has been debited with the amount provided for in such Direct Debit Instruction. Interbank Direct Debit Instruction (Interbank DDI) - a direct debit payment instruction in which the Central Account Bank is different from the paying institution with which the Participant has opened the current account to be debited or has been debited with the amount specified in the Direct Debit Instruction. Intrabank Direct Debit Instruction (Intrabank DDI) - a direct debit payment instruction where the central account bank is the same as the paying institution with which the Participant has opened the current account to be debited or has been debited with the amount specified in the Direct Debit Instruction (the Collecting Institution is the same as the Paying Institution). Limit - the amount up to which the Participant may trade during the trading sessions, representing, for the Participant's buy orders, the aggregate amount of the Escrow Account balance and the amount covered by the Bank Guarantee Letter (BGL), and for the Participant's sell orders, the amount set by the BRM. Maximum limit on the period for submitting Direct Debit Instructions - is five business days (z-5) and represents the maximum number of days before the Completion Date (z) in which a Direct Debit Instruction may be entered into the Central Account Bank's settlement system; Direct debit instructions may also be received from the BRM prior to the maximum limit of the transmission period, provided that they are uploaded to the Central Account Bank's computer system on a pending basis and that the entry into the Central Account Bank's settlement system takes place within this limit, i.e. as of date (z-5). The minimum period limit for the transmission of Intra-bank Direct Debit Instructions - depending on the request of the BRM, may be one business day (z-1) or zero days (z) and represents the minimum number of banking days before the Completion Date on which an Intra-bank Direct Debit Instruction can be entered into the Central Account Bank's settlement system. Minimum limit on the period for sending Interbank Direct Debit Instructions - is one business day (z-1) and is the minimum number of banking days before the Completion Date on which an Interbank Direct Debit Instruction may be entered into the Central Bank's settlement system. Direct Debit Mandate - a document which satisfies the legal requirements and by which a Participant grants a permanent but revocable authorisation to the BRM to issue Direct Debit Instructions on its current account with the Paying Institution and, respectively, the right of the Paying Institution to debit its current account with the amount provided for in the Direct Debit Instructions issued by the BRM. Daily Settlement Note - a report issued by BRM to the Participant as provided for in this Agreement. Unique Mandate Registration Number (UMR) - unique identifier of the mandate at interbank level. Virtual Trading Point (VT) - an abstract point, unique to the National Transmission System, between the National Transmission System entry points and the National Transmission System exit points, where the transfer of ownership of natural gas from one participant to another participant in the natural gas market is allowed. Trading session/session - a schedule for the conduct of the trading process in which bids and/or offers can be entered, modified, cancelled or suspended and trades can be concluded if the matching conditions are met The short-term product market administered by the BRM operates 24 hours/day, 7 days a week; Bank Guarantee Letter (BGL) - the financial instrument by which a payment guarantee is constituted in favour of the BRM by the Participant as provided for in this Agreement. Direct debit scheme - a payment scheme that defines a common set of rules and processes applicable to direct debit transactions. The direct debit scheme can be: Business to Business Direct Debit (B2B Direct Debit) scheme - a direct debit scheme available only to corporate paying customers (and under which no repayment of an IDD is allowed). CORE Direct Debit Scheme (SDD Core) - scheme available to both individual and corporate payers. Delivery day - the calendar day for which a transaction has been completed. Trading Day - any calendar day on which a trading session is initiated according to the trading schedule established by the Procedure for the Organisation and Operation of the Short-Term Standardised Products Market (D-Day). Working day - calendar day, except Saturdays, Sundays and any day declared a legal holiday in Romania. Non-business day - Saturday, Sunday and any day declared a legal holiday in Romania. D-day - calendar day. Terms of Membership as a Short Term Product Market Participant The Short Term Product Market Participant hereby declares that: concluded a balancing and PVT access contract with SNTGN Transgaz on ...............................................
Appears in 1 contract
Sources: Participation Agreement
CIF. current account.............................., legally represented by Mr./Mrs. ........................, hereinafter referred to as: Short Term Product Market Participant, hereinafter referred to as Participant, Hereinafter collectively referred to as Parties. The Parties have agreed to conclude this Agreement on the following terms: Definitions In this Agreement, the following terms shall be interpreted as follows: Escrow Agent - a commercial bank approved by BRM, which will open the Escrow Account in favour of BRM at on the order of its client (BRM DAY-AHEAD/ WITHIN-DAY GAZ Participant). Central Account Bank (BCR) - Banca Comercială Română S.A., which acts as a collecting institution in relation to BRM and with which BRM has opened the Central Account related to BRM DAY-AHEAD/Within-day GAS to be credited or has been credited with the amounts set out in the Direct Debit Instructions issued by BRM and debited with the amounts set out in the payment orders. Debiting Bank - The commercial bank with at which the Participant has opened the account to be debited or has been debited with the amount specified in the direct debit instruction; Central Account related to the Short-Term Products Market - the account opened with the Central Account Bank in the name of the BRM, which is to be credited or has been credited with the amounts set out in the Direct Debit Instructions issued by the BRM and debited with the amounts set out in the payment orders. This account is used to collect and make payments for transactions concluded on BRM DAY-AHEAD/ Within-day GAZ. Agreement - this legal act and its annexes, which represents the unequivocal and binding agreement of will of BRM and the BRM DAY-AHEAD/ WITHIN-DAY GAZ Participant with respect to the services covered by the Agreement. Direct Debit Agreement (DDA) - an agreement between BRM and BCR as Collecting Institution, in accordance with the provisions of the applicable national and European legislation on Direct Debitdirect debits, and the Collecting Institution's acceptance of BRM's use of the Direct Debit Instructions under a Direct Debit Scheme. Escrow Account - the collateral deposit account opened by the Participant with the Escrow Agent. Completion Date - the bank day (z) on which the amount set out in the Direct Debit Instruction is credited to the Short-Term Market Central Account by the Collecting Institution. Completion date for interbank direct debit instructions is the same as the interbank settlement date (clearing date). Direct Debit - a the method of payment of a sum of money agreed between the Buying Participant and the BRM, consisting of the pre-authorised debiting of the Buying Participant's account by the Paying Institution under the provisions of the Direct Debit Mandate, at the upon request of the BRM, BRM and the corresponding crediting of the BRM's account by the Central Account Bank under the Direct Debit Agreement; this method of payment does not require the prior authorisation by the Buying Participant of each direct debit instruction drawn on the account or, as regulated in the NBR Regulation no. 2/2016 on credit transfer and direct debit operations. Right to reimbursement - the right of a Participant to make a claim for reimbursement in relation to a Direct Debit Instruction (other than B2B SDD) with the Paying Institution holding the Participant's account and, respectively, the right to receive the full amount of the Direct Debit Instruction, which claim must be made in accordance with applicable national law. BRM Payer Identifier (Payer Id) - information intended to identify the Paying Participant to the BRM (e.g. subscriber code). Paying Institution - the credit institution with which the Participant has opened the current account to be debited or has been debited with the amount specified in the Direct Debit Instruction. Direct Debit Instruction (DDI) - a direct debit payment instruction issued by the BRM to the Central Account Bank at which the BRM has opened the Central Account relating to the BRM DAY-AHEAD/ WITHIN DAY GAS to be credited or has been credited by the Paying Institution at which the Participant has opened the current account to be debited or has been debited with the amount provided for in such Direct Debit Instruction. Interbank Direct Debit Instruction (Interbank DDI) - a direct debit payment instruction in which the Central Account Bank is different from the paying institution with which the Participant has opened the current account to be debited or has been debited with the amount specified in the Direct Debit Instruction. Intrabank Direct Debit Instruction (Intrabank DDI) - a direct debit payment instruction where the central account bank is the same as the paying institution with which the Participant has opened the current account to be debited or has been debited with the amount specified in the Direct Debit Instruction (the Collecting Institution is the same as the Paying Institution). Limit - the amount up to which the Participant may trade during the trading sessions, representing, for the Participant's buy orders, the aggregate amount of the Escrow Account balance and the amount covered by the Bank Guarantee Letter (BGL), and for the Participant's sell orders, the amount set by the BRM. Maximum The maximum period limit on for the period for submitting transmission of Direct Debit Instructions - is five business days (z-5) and represents the maximum number of days before the Completion Date (z) in which a Direct Debit Instruction may can be entered into the Central Account Bank's settlement system; Direct debit instructions may also be received from the BRM prior to the maximum limit of the transmission period, provided that they are uploaded to the Central Account Bank's computer system on a pending basis and that the entry into the Central Account Bank's settlement system takes place within this limit, i.e. as of date (z-5). The minimum period limit for the transmission of Intra-bank Direct Debit Instructions - depending on the request of the BRM, may be one business day (z-1) or zero days (z) and represents the minimum number of banking days before the Completion Date on which an Intra-bank Direct Debit Instruction can be entered into the Central Account Bank's settlement system. Minimum limit on the period for sending Interbank Direct Debit Instructions - is one business day (z-1) and is the minimum number of banking days before the Completion Date on which an Interbank Direct Debit Instruction may be entered into the Central Bank's settlement system. Direct Debit Mandate - a document which satisfies the legal requirements and by which a Participant grants a permanent but revocable authorisation to the BRM to issue Direct Debit Instructions on its current account with the Paying Institution and, respectively, the right of the Paying Institution to debit its current account with the amount provided for in the Direct Debit Instructions issued by the BRM. Daily Settlement Note - a report issued by BRM to the Participant as provided for in this Agreement. Unique Mandate Registration Number (UMR) - unique identifier of the mandate at interbank level. Virtual Trading Point (VT) - an abstract point, unique to the National Transmission System, between the National Transmission System entry points and the National Transmission System exit points, where the transfer of ownership of natural gas from one participant to another participant in the natural gas market is allowed. Trading session/session - a schedule for the conduct of the trading process in which bids and/or offers can be entered, modified, cancelled or suspended and trades can be concluded if the matching conditions are met The short-term product market administered by the BRM operates 24 hours/day, 7 days a week; Bank Guarantee Letter (BGL) - the financial instrument by which a payment guarantee is constituted in favour of the BRM by the Participant as provided for in this Agreement. Direct debit scheme - a payment scheme that defines a common set of rules and processes applicable to direct debit transactions. The direct debit scheme can be: Business to Business Direct Debit (B2B Direct Debit) scheme - a direct debit scheme available only to corporate paying customers (and under which no repayment of an IDD is allowed). CORE Direct Debit Scheme (SDD Core) - scheme available to both individual and corporate payers. Delivery day - the calendar day for which a transaction has been completed. Trading Day - any calendar day on which a trading session is initiated according to the trading schedule established by the Procedure for the Organisation and Operation of the Short-Term Standardised Products Market (D-Day). Working day - calendar day, except Saturdays, Sundays and any day declared a legal holiday in Romania. Non-business day - Saturday, Sunday and any day declared a legal holiday in Romania. D-day - calendar day. Terms of Membership as a Short Term Product Market Participant The Short Term Product Market Participant hereby declares that: concluded a balancing and PVT access contract with SNTGN Transgaz on ...............................................
Appears in 1 contract
Sources: Framework Agreement