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{{ietaprov|16}} Assignment<br>
 
{{ietaprov|16.1}} Prohibition of Assignment. Subject to Clause {{ietaprov|16.2}} (''Assignment of {{ietaprov|Termination Payment}}s''), neither Party may assign or transfer to any person any of its rights or obligations in respect of this {{ietaprov|Agreement}} without the written consent of the other Party (which consent shall not be unreasonably withheld or delayed). For these purposes, it shall be unreasonable to withhold consent to an assignment or transfer of all, but not part only, of a Party’s rights and obligations in the case of an assignee or transferee that (a) is demonstrably capable of fulfilling the obligations of the assignor or transferor under this {{ietaprov|Agreement}}; (b) has a financial standing no worse than that of the assignor or transferor at the date such person becomes a party to this {{ietaprov|Agreement}} and as of the date it entered into the relevant Transactions; (c) is demonstrably capable of continuing to provide security and/or performance assurance at least equal to that provided (or required to be provided) by the assignor or transferor; (d) has its registered office in the same jurisdiction as that of the assignor or transferor; and (e) only if reasonably requested by the other Party, cooperates with and provides the necessary documentation to fulfill any know your customer or anti-money laundering requirements of the other Party.<br>
{{ietaprov|16.2}} Assignment of {{ietaprov|Termination Payment}}s. A Party may assign all or any part of its interest in any {{ietaprov|Termination Payment}} payable to it under Clause {{ietaprov|14.6}} (''{{ietaprov|Termination Payment}}s'') together with any amounts payable on or with respect to that interest pursuant to Clauses 9.5 (Interest) and 10 (Euros) without the consent of the other Party.<br>
{{ietaprov|17}} Liabilities<br>
{{ietaprov|17}} Liabilities<br>
{{ietaprov|17.1}} No Consequential Loss. Except to the extent included in any payment made in accordance with Clauses 5.3 (No Encumbrances), 12.1 (Failure to Transfer), 12.2 (Failure to Accept), 13.2 (''{{ietaprov|Force Majeure Termination Payment}}''), 14.6 (''{{ietaprov|Termination Payment}}s'') or 14.7 (Illegality), neither Party is liable to the other, whether in contract, tort (including negligence and breach of duty) or otherwise at law, for any business interruption or loss of use, profits, contracts, production, or revenue or for any consequential or indirect loss or damage of any kind however arising.<br>
{{ietaprov|17.1}} No Consequential Loss. Except to the extent included in any payment made in accordance with Clauses 5.3 (No Encumbrances), 12.1 (Failure to Transfer), 12.2 (Failure to Accept), 13.2 (''{{ietaprov|Force Majeure Termination Payment}}''), 14.6 (''{{ietaprov|Termination Payment}}s'') or 14.7 (Illegality), neither Party is liable to the other, whether in contract, tort (including negligence and breach of duty) or otherwise at law, for any business interruption or loss of use, profits, contracts, production, or revenue or for any consequential or indirect loss or damage of any kind however arising.<br>
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{{ietaprov|18.6}} Third Party Rights. Subject to the rights that may accrue to any successor or permitted assignees of the Parties, no provision of this {{ietaprov|Agreement}} is be construed as creating any rights enforceable by a third party, and all third party rights implied by law are, to the extent permissible by law, excluded from this {{ietaprov|Agreement}}.<br>
{{ietaprov|18.6}} Third Party Rights. Subject to the rights that may accrue to any successor or permitted assignees of the Parties, no provision of this {{ietaprov|Agreement}} is be construed as creating any rights enforceable by a third party, and all third party rights implied by law are, to the extent permissible by law, excluded from this {{ietaprov|Agreement}}.<br>
{{ietaprov|18.7}} Applicable Law. The Agreement is governed by and is to be construed in accordance with English law, unless otherwise specified in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''). Subject to the express referral of any matter to the {{ietaprov|Expert}} under this {{ietaprov|Agreement}} and subject to Clause {{ietaprov|18.8}} (Arbitration) (if it applies), the Parties submit to the non-exclusive jurisdiction of the English courts, unless otherwise specified in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''), for the purposes of any dispute under or in connection with this {{ietaprov|Agreement}} and any non-contractual obligations arising out of or in connection with it.<br>
{{ietaprov|18.7}} Applicable Law. The Agreement is governed by and is to be construed in accordance with English law, unless otherwise specified in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''). Subject to the express referral of any matter to the {{ietaprov|Expert}} under this {{ietaprov|Agreement}} and subject to Clause {{ietaprov|18.8}} (Arbitration) (if it applies), the Parties submit to the non-exclusive jurisdiction of the English courts, unless otherwise specified in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''), for the purposes of any dispute under or in connection with this {{ietaprov|Agreement}} and any non-contractual obligations arising out of or in connection with it.<br>
{{ietaprov|18.8}} Arbitration. If this Clause {{ietaprov|18.8}} is specified as applying in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''), save for those disputes that are expressed under this {{ietaprov|Agreement}} to be subject to expert determination in accordance with Clause {{ietaprov|18.9}} (''{{ietaprov|Expert}} Determination), the Parties agree that any difference or dispute arising under, out of or in connection with this {{ietaprov|Agreement}} that the Parties are unable to settle between themselves is to be resolved by arbitration in accordance with the rules of arbitration, the number of arbitrators and at the place specified in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''). The language of arbitration is English. The appointing authority is the Secretary-General of the Permanent Court of Arbitration unless the rules chosen in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}'') specify otherwise. Unless indicated otherwise in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''), the number of arbitrators is one.<br>
{{ietaprov|18.8}} Arbitration. If this Clause {{ietaprov|18.8}} is specified as applying in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''), save for those disputes that are expressed under this {{ietaprov|Agreement}} to be subject to expert determination in accordance with Clause {{ietaprov|18.9}} (''{{ietaprov|Expert Determination}}''), the Parties agree that any difference or dispute arising under, out of or in connection with this {{ietaprov|Agreement}} that the Parties are unable to settle between themselves is to be resolved by arbitration in accordance with the rules of arbitration, the number of arbitrators and at the place specified in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''). The language of arbitration is English. The appointing authority is the Secretary-General of the Permanent Court of Arbitration unless the rules chosen in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}'') specify otherwise. Unless indicated otherwise in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}''), the number of arbitrators is one.<br>
{{ietaprov|18.9}} {{ietaprov|Expert}} Determination.<br>
{{ietaprov|18.9}} {{ietaprov|Expert}} Determination.<br>
:{{ietaprov|18.9(a)}} If any matter specified in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}'') (pursuant to Clause {{ietaprov|9.4(b)}} (Disputed Payments)) as subject to expert determination is referred to an independent expert (the “'''{{ietaprov|Expert}}'''”), the {{ietaprov|Expert}} is to be appointed by agreement between the Parties. If the Parties fail to agree upon that appointment within ten (10) {{ietaprov|Banking Day}}s of a Party notifying the other Party of its decision to refer the matter to an {{ietaprov|Expert}}, the President of the International Emissions Trading Association may appoint the {{ietaprov|Expert}} on the application of either Party.<br>
:{{ietaprov|18.9(a)}} If any matter specified in {{ietaprov|Schedule 2}} (''{{ietaprov|Elections}}'') (pursuant to Clause {{ietaprov|9.4(b)}} (Disputed Payments)) as subject to expert determination is referred to an independent expert (the “'''{{ietaprov|Expert}}'''”), the {{ietaprov|Expert}} is to be appointed by agreement between the Parties. If the Parties fail to agree upon that appointment within ten (10) {{ietaprov|Banking Day}}s of a Party notifying the other Party of its decision to refer the matter to an {{ietaprov|Expert}}, the President of the International Emissions Trading Association may appoint the {{ietaprov|Expert}} on the application of either Party.<br>
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“'''{{ietaprov|Excess Emissions Penalty}}'''” has the meaning given to it in the {{ietaprov|Directive}}.<br>
“'''{{ietaprov|Excess Emissions Penalty}}'''” has the meaning given to it in the {{ietaprov|Directive}}.<br>
“'''{{ietaprov|Exercise Period}}'''” means: (A) in respect of an {{ietaprov|American Option}}, the period from and including 10:00 hours to and including 16:00 hours (or, in the case of the {{ietaprov|Expiration Date}}, to and including the {{ietaprov|Expiration Time}}) on all {{ietaprov|Banking Day}}s from and including the {{ietaprov|Trade Date}} to and including the {{ietaprov|Expiration Date}}; (B) in respect of a {{ietaprov|Bermudan Option}}, the period from and including 09:00 hours to and including 16:00 hours on any {{ietaprov|Potential Exercise Day}} (or, in the case of the {{ietaprov|Expiration Date}}, to and including the {{ietaprov|Expiration Time}}); and (C) in respect of a {{ietaprov|European Option}}, the period from and including 09:00 hours on the {{ietaprov|Expiration Date}} to and including the relevant {{ietaprov|Expiration Time}}.<br>
“'''{{ietaprov|Exercise Period}}'''” means: (A) in respect of an {{ietaprov|American Option}}, the period from and including 10:00 hours to and including 16:00 hours (or, in the case of the {{ietaprov|Expiration Date}}, to and including the {{ietaprov|Expiration Time}}) on all {{ietaprov|Banking Day}}s from and including the {{ietaprov|Trade Date}} to and including the {{ietaprov|Expiration Date}}; (B) in respect of a {{ietaprov|Bermudan Option}}, the period from and including 09:00 hours to and including 16:00 hours on any {{ietaprov|Potential Exercise Day}} (or, in the case of the {{ietaprov|Expiration Date}}, to and including the {{ietaprov|Expiration Time}}); and (C) in respect of a {{ietaprov|European Option}}, the period from and including 09:00 hours on the {{ietaprov|Expiration Date}} to and including the relevant {{ietaprov|Expiration Time}}.<br>
“'''{{ietaprov|Expert}}'''” has the meaning given to it in Clause {{ietaprov|18.9(a)}} (''{{ietaprov|Expert}} Determination). <br>
“'''{{ietaprov|Expert}}'''” has the meaning given to it in Clause {{ietaprov|18.9(a)}} (''{{ietaprov|Expert Determination}}''). <br>
“'''{{ietaprov|Expiration Date}}'''” means the date on which an {{ietaprov|Option}} expires, as specified in the {{ietaprov|Confirmation}}.<br>
“'''{{ietaprov|Expiration Date}}'''” means the date on which an {{ietaprov|Option}} expires, as specified in the {{ietaprov|Confirmation}}.<br>
“'''{{ietaprov|Expiration Time}}'''” means the time on an {{ietaprov|Expiration Date}} at which the {{ietaprov|Option}} expires, as specified in the {{ietaprov|Confirmation}}.<br>
“'''{{ietaprov|Expiration Time}}'''” means the time on an {{ietaprov|Expiration Date}} at which the {{ietaprov|Option}} expires, as specified in the {{ietaprov|Confirmation}}.<br>
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