(d)(i)(3) Netting: If on any date
Allowances of the same
Allowance Type and
Specified Compliance Period would otherwise be deliverable in respect of two or more
EU Emissions Allowance Transactions by each party to the other and, if applicable, between the same pair of
Holding Accounts of the parties, then, on such date, each party’s obligation to make delivery of any such
Allowances will be automatically satisfied and discharged and, if the aggregate amount of
Allowances that would otherwise have been deliverable by one party exceeds the aggregate amount of
Allowances that would otherwise have been deliverable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been deliverable to deliver to the other party the excess of the larger aggregate amount over the smaller aggregate amount.