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| {{ietaprov|12}} Transfer or Acceptance Failure<br>
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| {{ietaprov|12.1}} Failure to Transfer.<br>
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| :{{ietaprov|12.1(a)}} Where in accordance with {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’), the {{ietaprov|Excess Emissions Penalty}} does not apply.<br>
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| :{{ietaprov|12.1(b)}} Except to the extent:<br>
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| ::12.1(b)(i) caused by the {{ietaprov|Receiving Party}}’s non-performance under this {{ietaprov|Agreement}}; or<br>
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| ::12.1(b)(ii) that the {{ietaprov|Delivering Party}} is relieved from complying with a relevant obligation under Clause {{ietaprov|13.1}} ({{ietaprov|Force Majeure}});<br>
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| ::12.1(b)(iii) that the {{ietaprov|Delivering Party}} is relieved from complying with a relevant obligation under Clause {{ietaprov|13.4}} ({{ietaprov|Suspension Event}}); or<br>
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| ::12.1(b)(iv) that the {{ietaprov|Delivering Party}} is relieved from complying with a relevant obligation under Clause {{ietaprov|14.7}} (Illegality),<br>
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| :{{ietaprov|12.1(c)}} if the {{ietaprov|Delivering Party}} fails to make a {{ietaprov|Transfer}} of a {{ietaprov|PTA Quantity}} (whether in whole or in part) to the relevant {{ietaprov|Receiving Party’s Holding Account}} on or before a {{ietaprov|Delivery Date}} for any reason or makes a {{ietaprov|Transfer Request}} in respect of a {{ietaprov|Holding Account}} other than the relevant {{ietaprov|Receiving Party’s Holding Account}} (in either case in breach of Clauses 5 (Allowance Transfers) or 6 (Effecting Transfers) or both of them), then the {{ietaprov|Receiving Party}} may, by notice to the Delivering Party, require the {{ietaprov|Delivering Party}} to remedy such failure and:<br>
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| ::12.1(c)(i) if such failure is remedied by the {{ietaprov|Delivering Party}} on or before the {{ietaprov|Final Delivery Date}}, then (i) the {{ietaprov|Receiving Party}} shall pay to the {{ietaprov|Delivering Party}} the {{ietaprov|Contract Amount}} and (ii) the {{ietaprov|Delivering Party}} shall pay to the {{ietaprov|Receiving Party}} interest on an amount equal to the {{ietaprov|Allowance Price}} multiplied by the number of {{ietaprov|Period Traded Allowance}}s not {{ietaprov|Transfer}}red to such {{ietaprov|Receiving Party’s Holding Account}} by the {{ietaprov|Delivery Date}} for the period from (and including) the {{ietaprov|Delivery Date}} to (but excluding) the actual date of {{ietaprov|Transfer}} to the {{ietaprov|Receiving Party}} at the rate specified in Clause {{ietaprov|9.5(a)}} (Interest); but<br>
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| ::12.1(c)(ii) if such failure is not remedied by the {{ietaprov|Delivering Party}} on or before the {{ietaprov|Final Delivery Date}}, the {{ietaprov|Receiving Party}} may, by written notice to the Delivering Party, terminate that Transaction. In such a case, the {{ietaprov|Delivering Party}} shall pay to the {{ietaprov|Receiving Party}} the {{ietaprov|Receiving Party’s Replacement Cost}} on or before the third (3rd) {{ietaprov|Banking Day}} following receipt of such written notice of termination from the Receiving Party,<br>
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| :{{ietaprov|12.1(d)}} in either case adjusted to take into account any amount previously paid by the {{ietaprov|Receiving Party}} to the {{ietaprov|Delivering Party}} in respect of that Transaction.<br>
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| :{{ietaprov|12.1(e)}} Where in accordance with {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’), the {{ietaprov|Excess Emissions Penalty}} does apply.<br>
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| :{{ietaprov|12.1(f)}} Except to the extent:<br>
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| ::12.1(f)(i) caused by the {{ietaprov|Receiving Party}}’s non-performance under this {{ietaprov|Agreement}}; or<br>
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| ::12.1(f)(ii) that the {{ietaprov|Delivering Party}} is relieved from complying with a relevant obligation under Clause {{ietaprov|13.1}} ({{ietaprov|Force Majeure}});<br>
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| ::12.1(f)(iii) that the {{ietaprov|Delivering Party}} is relieved from complying with a relevant obligation under Clause {{ietaprov|13.4}} ({{ietaprov|Suspension Event}}); or<br>
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| ::12.1(f)(iv) that the {{ietaprov|Delivering Party}} is relieved from complying with a relevant obligation under Clause {{ietaprov|14.7}} (Illegality),<br>
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| :{{ietaprov|12.1(g)}} if the {{ietaprov|Delivering Party}} fails to make a {{ietaprov|Transfer}} of a {{ietaprov|PTA Quantity}} (whether in whole or in part) to the relevant {{ietaprov|Receiving Party’s Holding Account}} on or before a {{ietaprov|Delivery Date}} for any reason or makes a {{ietaprov|Transfer Request}} in respect of a {{ietaprov|Holding Account}} other than the relevant {{ietaprov|Receiving Party’s Holding Account}} (in either case in breach of Clause 5 (Allowance Transfers) or 6 (Effecting Transfers) or both of them), then the {{ietaprov|Receiving Party}} may, by notice to the Delivering Party, require the {{ietaprov|Delivering Party}} to remedy such failure and:<br>
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| ::12.1(g)(i) if such failure is remedied on or before the {{ietaprov|Final Delivery Date}}, then (i) the {{ietaprov|Receiving Party}} shall pay to the {{ietaprov|Delivering Party}} the {{ietaprov|Contract Amount}} and (ii) the {{ietaprov|Delivering Party}} shall pay to the {{ietaprov|Receiving Party}} interest on an amount equal to the {{ietaprov|Allowance Price}} multiplied by the number of {{ietaprov|Period Traded Allowance}}s not {{ietaprov|Transfer}}red to such {{ietaprov|Receiving Party’s Holding Account}} by the {{ietaprov|Delivery Date}} for the period from (and including) the {{ietaprov|Delivery Date}} to (but excluding) the actual date of {{ietaprov|Transfer}} to the {{ietaprov|Receiving Party}} at the rate specified in Clause {{ietaprov|9.5}} (Interest); but<br>
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| ::12.1(g)(ii) if such failure is not remedied by the {{ietaprov|Delivering Party}} on or before the {{ietaprov|Final Delivery Date}}, the {{ietaprov|Receiving Party}} may, by written notice to the Delivering Party, terminate that Transaction. In such a case, the {{ietaprov|Delivering Party}} shall pay to the {{ietaprov|Receiving Party}} the {{ietaprov|Receiving Party’s Replacement Cost}} on or before the third (3rd) {{ietaprov|Banking Day}} following the day on which the {{ietaprov|Receiving Party}} is able to effect a {{ietaprov|Buy-In}} (which may be a {{ietaprov|Buy-In}}, on any such date, of less than the entire number of {{ietaprov|Undelivered Allowances}}) if and to the extent that paragraph (A)(i) or A(ii)(1) of the {{ietaprov|Receiving Party’s Replacement Cost}} applies, or on the third (3rd) {{ietaprov|Banking Day}} following the day on which the {{ietaprov|Receiving Party}} is or would be able to effect a purchase of {{ietaprov|Allowance}}s in accordance with paragraph A(ii)(2) of {{ietaprov|Receiving Party’s Replacement Cost}}, if and to the extent that paragraph applies, in either case adjusted to take into account any amount previously paid by the {{ietaprov|Receiving Party}} to the {{ietaprov|Delivering Party}} in respect of that Transaction.<br>
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| :{{ietaprov|12.1(h)}} Subject to Clause {{ietaprov|12.1(d)}} (Failure to Transfer), if as a result of the {{ietaprov|Delivering Party}}’s failure to make a {{ietaprov|Transfer}} (in whole or in part) the {{ietaprov|Receiving Party}} becomes liable to pay any {{ietaprov|EEP Amount}}, then the {{ietaprov|Receiving Party}} shall provide to the Delivering Party, upon its reasonable request, evidence to the reasonable satisfaction of the Delivering Party:<br>
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| ::12.1(h)(i) that the {{ietaprov|Receiving Party}} has incurred an {{ietaprov|EEP Amount}} consequent on the {{ietaprov|Delivering Party}}’s failure to make a {{ietaprov|Transfer}} (in whole or in part);<br>
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| ::12.1(h)(ii) the extent to which the requirement for the {{ietaprov|Receiving Party}} to pay any {{ietaprov|EEP Amount}} results from the {{ietaprov|Delivering Party}}’s failure to make such Transfer; and<br>
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| ::12.1(h)(iii) that the {{ietaprov|Receiving Party}} could not have used {{ietaprov|Allowance}}s to which it had legal and beneficial interest in any {{ietaprov|Holding Account}}(s) in any {{ietaprov|Registry}} in order to avoid or reduce its liability to pay any {{ietaprov|EEP Amount}} which it claims from the {{ietaprov|Delivering Party}} as part of the {{ietaprov|Receiving Party’s Replacement Cost}}.<br>
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| :{{ietaprov|12.1(i)}} The {{ietaprov|Delivering Party}}’s obligation to pay any {{ietaprov|EEP Amount}} under this Clause {{ietaprov|12.1}} (Failure to Transfer) is subject always to the {{ietaprov|Receiving Party}}’s overriding obligation to use its reasonable endeavors to avoid becoming liable for such {{ietaprov|EEP Amount}} or, when liable, to mitigate the payment obligation in relation to such {{ietaprov|EEP Amount}} and to allocate any such {{ietaprov|EEP Amount}} pro rata between all counterparties of the {{ietaprov|Receiving Party}} that have failed to make any Transfer; provided, however, that where the {{ietaprov|Receiving Party}} confirms that it has been unable to avoid becoming liable for any {{ietaprov|EEP Amount}}, it shall be for the {{ietaprov|Delivering Party}} to show that this liability has arisen as a result of the {{ietaprov|Receiving Party}} failing to use its reasonable endeavors to do so.<br>
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| :{{ietaprov|12.1(j)}} The {{ietaprov|Delivering Party}} shall pay such determined {{ietaprov|EEP Amount}} to the {{ietaprov|Receiving Party}} within two (2) {{ietaprov|Banking Day}}s against the {{ietaprov|Receiving Party}}’s {{ietaprov|VAT}} invoice in respect thereof.<br>
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| {{ietaprov|12.2}} Failure to Accept.<br>
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| :{{ietaprov|12.2(a)}} Except to the extent:<br>
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| ::12.2(a)(i) caused by the {{ietaprov|Delivering Party}}’s non-performance under this Master Agreement; or<br>
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| ::12.2(a)(ii) that the {{ietaprov|Receiving Party}} is relieved from complying with a relevant obligation under Clause {{ietaprov|13.1}} ({{ietaprov|Force Majeure}});<br>
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| ::12.2(a)(iii) that the {{ietaprov|Delivering Party}} is relieved from complying with a relevant obligation under Clause {{ietaprov|13.4}} ({{ietaprov|Suspension Event}}); or<br>
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| ::12.2(a)(iv) that the {{ietaprov|Receiving Party}} is relieved from complying with a relevant obligation under Clause {{ietaprov|14.7}} (Illegality),<br>
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| :{{ietaprov|12.2(b)}} if the {{ietaprov|Receiving Party}} fails to accept a {{ietaprov|Transfer}} of a {{ietaprov|PTA Quantity}} (whether tendered in whole or in part) to the relevant {{ietaprov|Receiving Party’s Holding Account}} by the {{ietaprov|Delivery Date}} for any reason or specifies an incorrect {{ietaprov|Holding Account}} other than the relevant {{ietaprov|Receiving Party’s Holding Account}} (in either case in breach of Clauses 5 (Allowance Transfers) or 6 (Effecting Transfers) or both of them), then the {{ietaprov|Delivering Party}} may, by notice to the Receiving Party, require the {{ietaprov|Receiving Party}} to remedy such failure and:<br>
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| ::12.2(b)(i) if such failure is remedied by the {{ietaprov|Receiving Party}} on or before the {{ietaprov|Final Delivery Date}}, the {{ietaprov|Receiving Party}} shall pay to the {{ietaprov|Delivering Party}} interest on an amount equal to the {{ietaprov|Allowance Price}} multiplied by the number of {{ietaprov|Period Traded Allowance}}s not {{ietaprov|Transfer}}red to such {{ietaprov|Receiving Party’s Holding Account}} by the {{ietaprov|Delivery Date}} for the period from (and including) the {{ietaprov|Delivery Date}} to (but excluding) the actual date of {{ietaprov|Transfer}} to the {{ietaprov|Receiving Party}} at the rate specified in Clause {{ietaprov|9.5(a)}} (Interest); but<br>
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| ::12.2(b)(ii) if such failure is not remedied by the {{ietaprov|Receiving Party}} on or before the {{ietaprov|Final Delivery Date}}, the {{ietaprov|Delivering Party}} may, by written notice to the Receiving Party, terminate that Transaction. In such a case, the {{ietaprov|Receiving Party}} shall pay to the {{ietaprov|Delivering Party}} the {{ietaprov|Delivering Party’s Replacement Cost}} on or before the third (3rd) {{ietaprov|Banking Day}} following receipt of such written notice of termination from the Delivering Party,<br>
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| :{{ietaprov|12.2(c)}} in either case adjusted to take into account any amount previously paid by the {{ietaprov|Receiving Party}} to the {{ietaprov|Delivering Party}} in respect of that Transaction.<br>
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| {{ietaprov|13}} {{ietaprov|Force Majeure and Suspension Event}}<br> | | {{ietaprov|13}} {{ietaprov|Force Majeure and Suspension Event}}<br> |
| {{ietaprov|13.1}} {{ietaprov|Force Majeure}}.<br> | | {{ietaprov|13.1}} {{ietaprov|Force Majeure}}.<br> |