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| {{IETA Master Agreement Schedule 1}} | | {{IETA Master Agreement Schedule 1}} |
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| {{ietaprov|16}} Assignment<br>
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| {{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>
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| {{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>
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| {{ietaprov|17}} Liabilities<br>
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| {{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}} {{ietaprov|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|17.2}} Breach of Warranty. Neither Party shall be liable in respect of any breach of warranty under Clause 4 (General Obligations, Representations and Warranties) in relation to any {{ietaprov|Transaction}} for any greater sum than it would be liable for under Clause {{ietaprov|14}} (Termination) in relation to such {{ietaprov|Transaction}} for any breach of Clause 5 (Allowance Transfers) or 6 (Effecting Transfers).<br>
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| {{ietaprov|17.3}} Unlimited Liability. Notwithstanding anything to the contrary contained in this {{ietaprov|Agreement}}, the liability of a Party to the other Party for:<br>
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| :{{ietaprov|17.3(a)}} death or personal injury resulting from negligence of the Party liable, its employees, agents and contractors; or<br>
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| :{{ietaprov|17.3(b)}} fraud or fraudulent misrepresentation<br>
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| is unlimited save that nothing in this Clause {{ietaprov|17.3}} confers a right or remedy upon the other Party to which that Party would not otherwise have been entitled.<br>
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| {{ietaprov|17.4}} Reasonable Pre-estimate and Maximum Liability. Each Party acknowledges that the payment obligations in Clauses 12.1 (Failure to Transfer), 13 ({{ietaprov|Force Majeure}} and {{ietaprov|Suspension Event}}) and 14 (Termination) are reasonable in the light of the anticipated harm and the difficulty of estimation or calculation of actual damages. Each Party waives the right to contest those payments as an unreasonable penalty. Each Party further acknowledges that the payment obligation in Clause {{ietaprov|14}} (Termination) shall constitute the maximum liability in the event of termination of this {{ietaprov|Agreement}}.<br>
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| {{ietaprov|17.5}} Sole Remedy. The rights to suspend, take action, terminate, liquidate and accelerate and to be paid a {{ietaprov|Termination Payment}} under Clause {{ietaprov|14}} (Termination), together with any interest arising thereunder are in full and final satisfaction of the rights of the {{ietaprov|Non-Defaulting Party}} if an {{ietaprov|Event of Default}} occurs in respect of the {{ietaprov|Defaulting Party}}.<br>
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| {{ietaprov|18}} Miscellaneous<br>
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| {{ietaprov|18.1}} Waiver. No waiver by either Party of any breach by the other of this {{ietaprov|Agreement}} operates unless expressly made in writing, and any such waiver is not to be construed as a waiver of any other breach.<br>
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| {{ietaprov|18.2}} Variation. No variation to the provisions of this {{ietaprov|Agreement}} is valid unless it is in writing and signed by each Party.<br>
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| {{ietaprov|18.3}} Entire Agreement. This Agreement constitutes the entire agreement and understanding of the Parties with respect to its subject matter and supersedes and extinguishes any representations previously given or made with respect to its subject matter other than those given or made in this {{ietaprov|Agreement}}, but nothing in this Clause {{ietaprov|18.3}} limits or excludes any liability for fraud in relation to those representations.<br>
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| {{ietaprov|18.4}} Severability. If any provision or part of a provision of this {{ietaprov|Agreement}} is found by a court, arbitrator or other authority of competent jurisdiction to be void or unenforceable, that provision or part of a provision is to be deemed deleted from this {{ietaprov|Agreement}} and the remaining provisions to continue in full force and effect. The Parties shall in this event seek to agree upon a valid and enforceable provision or part of a provision to replace the provision or part of a provision found to be void and unenforceable.<br>
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| {{ietaprov|18.5}} Notices. Any notice or other written communication to be given or made in respect of this {{ietaprov|Agreement}} by one Party to the other is to be given or made in writing to the other at the address or contact number or in accordance with the electronic messaging system or e-mail details provided pursuant to {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’). A written notice is deemed to have been received:<br>
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| :{{ietaprov|18.5(a)}} if delivered by hand, on the {{ietaprov|Banking Day}} of delivery or on the first (1st) {{ietaprov|Banking Day}} after the date of delivery if delivered on a day other than a {{ietaprov|Banking Day}};<br>
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| :{{ietaprov|18.5(b)}} if sent by registered mail, on the second (2nd) {{ietaprov|Banking Day}} after the date of posting or, if sent from one country to another, on the fifth (5th) {{ietaprov|Banking Day}} after the date of posting; or<br>
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| :{{ietaprov|18.5(c)}} if sent by facsimile transmission and a valid transmission report confirming good receipt is generated, on the day of transmission if transmitted before 17:00 hours on a {{ietaprov|Banking Day}} or otherwise at 09:00 hours on the first {{ietaprov|Banking Day}} after transmission.<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>
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| {{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>
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| {{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>
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| {{ietaprov|18.9}} {{ietaprov|Expert}} Determination.<br>
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| :{{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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| In the absence of the Parties agreeing to any amendments to this {{ietaprov|Agreement}}, if that failure to agree is referable to the {{ietaprov|Expert}}, the {{ietaprov|Expert}} is empowered to make amendments binding on the Parties consistent with any relevant requirements, purposes or restrictions concerning those amendments expressly provided for in this {{ietaprov|Agreement}}. The Parties agree that it is their intention that in the absence of their ability to agree to any required amendments to this {{ietaprov|Agreement}}, this {{ietaprov|Agreement}} should continue and not come to an end or be deemed to be void or voidable in accordance with the doctrine of frustration or any other legal theory. Accordingly, if the {{ietaprov|Expert}} is unable to decide upon any amendments based on the express or implied intentions of the Parties, the {{ietaprov|Expert}} is entitled to have regard to the way in which similar issues or amendments are addressed or are proposed to be addressed by other participants trading {{ietaprov|Allowance}}s and to substitute the {{ietaprov|Expert}}’s own view of what is reasonable in all the circumstances.<br>
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| :{{ietaprov|18.9(b)}} The {{ietaprov|Expert}} shall act as an expert and not as an arbitrator and shall give his or her determination in writing.<br>
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| :{{ietaprov|18.9(c)}} The determination of the {{ietaprov|Expert}} shall be final, conclusive and binding upon the Parties unless a Party notifies the other Party that it disputes the {{ietaprov|Expert}}’s determination within twenty-one (21) days of receipt of that determination, in which case the dispute is to be referred either to the courts of law of the jurisdiction specified in accordance with Clause {{ietaprov|18.7}} (Applicable Law) or, if Clause {{ietaprov|18.8}} (Arbitration) applies, to arbitration in accordance with Clause {{ietaprov|18.8}} (Arbitration).<br>
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| :{{ietaprov|18.9(d)}} The {{ietaprov|Expert}} shall determine the procedure to be followed by the {{ietaprov|Expert}} for the purpose of making a determination, but the Parties shall use their respective reasonable endeavors to ensure that he or she makes his or her determination within twenty (20) {{ietaprov|Banking Day}}s of being appointed.<br>
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| :{{ietaprov|18.9(e)}} Each of the Parties shall bear one half of the costs of the {{ietaprov|Expert}} unless the {{ietaprov|Expert}} determines otherwise.<br>
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| :{{ietaprov|18.9(f)}} Pending the determination of any amendments to this {{ietaprov|Agreement}} by the Parties or the {{ietaprov|Expert}}, the Parties shall continue to the extent possible to perform their obligations under this {{ietaprov|Agreement}}.<br>
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| {{ietaprov|18.10}} Party Preparing this {{ietaprov|Agreement}}. The Party (the “Relevant Party”) who has prepared copies of this {{ietaprov|Agreement}} for execution (as indicated in item 14.10 of {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’)) warrants and undertakes to the other Party that no changes have been made to the standard form Emissions Trading Master Agreement For The {{ietaprov|EU ETS}} (Version 4.0 2019) posted by the International Emission Trading Association on its website on 20 June 2019, except (a) the elections as set out in Part 1 of {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) and (b) any revisions specifically agreed in Part 2 of {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’).<br>
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| {{ietaprov|18.11}} Counterparts. This Agreement (including any {{ietaprov|Confirmation}}s) may be executed in any number of counterparts and by different Parties in separate counterparts, any of which when so executed shall be deemed to be an original and all of which when taken together shall constitute the one and same Agreement.<br>
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| <br> | | <br> |
| <br> | | <br> |
| IN WITNESS WHEREOF the Parties have duly executed and delivered this {{ietaprov|Agreement}} on the respective dates set out below with effect from the date set out on the first page of this document.<br> | | IN WITNESS WHEREOF the Parties have duly executed and delivered this {{ietaprov|Agreement}} on the respective dates set out below with effect from the date set out on the first page of this document.<br> |
| <br>
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| <br>
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| <br>
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| …………………………………………… ……………………………………………<br>
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| (Name of Party) (Name of Party)<br>
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| <br>
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| <br>
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| By: …………………………………………… By: ……………………………………………<br>
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| <br>
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| Name: Name:<br>
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| Title: Title:<br>
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| Date: Date:
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| SCHEDULE 1 DEFINITIONS<br>
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| The following words or phrases, where they appear in this {{ietaprov|Agreement}}, have the following respective meanings:<br>
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| “'''{{ietaprov|Account Pair}}'''” means a pair of {{ietaprov|Holding Account}}s identified by the Parties in the relevant {{ietaprov|Schedule}} or in a {{ietaprov|Confirmation}} with respect to which physical netting of deliveries pursuant to Clause {{ietaprov|9.7}} (Physical Netting of Deliveries) may be affected.<br>
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| “'''{{ietaprov|Administrator Event}}'''” means the suspension of some or all of the processes of a {{ietaprov|Registry}} or the {{ietaprov|EUTL}} in accordance with the {{ietaprov|Registries Regulation}} by the {{ietaprov|National Administrator}} or the {{ietaprov|Central Administrator}} (as applicable) due to: <br>
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| (a) a security breach or following reasonable suspicion of a breach of security which threatens the integrity of the registries system (including any back up facilities); or <br>
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| (b) scheduled or emergency maintenance on the Registry; or <br>
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| (c) the failure to operate and maintain the {{ietaprov|Registry}} in accordance with the {{ietaprov|Registries Regulation}} or any other applicable law.<br>
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| “'''{{ietaprov|Affected Allowance}}'''” means an {{ietaprov|Allowance}} which is or is alleged to have been the subject of an {{ietaprov|Unauthorised Transfer}} as confirmed by an {{ietaprov|Appropriate Source}}.<br>
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| “'''{{ietaprov|Affected Party}}'''” has the meaning given to it in Clause {{ietaprov|14.7}} (Illegality).<br>
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| “'''{{ietaprov|Affected Tax Party}}'''” has the meaning given to it in Clause {{ietaprov|14.9}} (Change in Taxes).<br>
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| “'''{{ietaprov|Affiliate}}'''” means, with respect to any {{ietaprov|Entity}}, any other {{ietaprov|Entity}} that directly or indirectly through one or more intermediaries controls or is controlled by or is under common control with the {{ietaprov|Entity}}. The terms “controls”, “controlled by” and “under common control with” mean the possession, directly or indirectly through one or more intermediaries, of more than fifty per cent (50%) of the outstanding voting stock of, or the power to direct or cause the direction of the management policies of, any {{ietaprov|Entity}}, whether through ownership of stock, as a general partner or trustee, by contract or otherwise.<br>
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| “'''{{ietaprov|Aircraft Operator}}'''” means an “aircraft operator” as defined in the {{ietaprov|Directive}}.<br>
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| “'''{{ietaprov|Allowance Price}}'''” means, for a particular {{ietaprov|PTA Quantity}}, {{ietaprov|Specified Period}} and Transaction, the amount agreed to be the price for that {{ietaprov|PTA Quantity}} (expressed in Euros per {{ietaprov|Allowance}} unless otherwise agreed), excluding applicable taxes. <br>
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| “'''{{ietaprov|Allowance Type}}'''” means the type of {{ietaprov|Allowance}} specified in the {{ietaprov|Confirmation}} as that which the Parties wish to trade for the purposes of the relevant Transaction.<br>
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| “'''{{ietaprov|Allowance}}'''” means any one or more of an {{ietaprov|AEUA}} or {{ietaprov|EUA}}.<br>
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| “'''{{ietaprov|American Option}}'''” means a style of {{ietaprov|Option}} that may be exercised at any point during an {{ietaprov|Exercise Period}} that consists of more than one day.<br>
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| “'''{{ietaprov|Appropriate Source}}'''” means any “competent authority”, “registry administrator” and/or the {{ietaprov|Central Administrator}} (as those terms are defined in the {{ietaprov|Registries Regulation}}), or any other authority having power pursuant to the {{ietaprov|Directive}} and/or the {{ietaprov|Registries Regulation}} to block, suspend, refuse, reject, cancel or otherwise affect the {{ietaprov|Transfer}} (whether in whole or in part) of Allowances, any recognised law enforcement or tax authorities of a {{ietaprov|Member State}}, European Anti-fraud Office of the European Commission or Europol.<br>
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| “'''{{ietaprov|Automatic Exercise}}'''” has the meaning given to it in Clause {{ietaprov|7.5}} ({{ietaprov|Option Transaction}}s). <br>
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| “'''{{ietaprov|Aviation EU Allowance}}'''” or “'''{{ietaprov|AEUA}}'''” means a unit of account that is an “allowance” as defined in the {{ietaprov|Directive}} and is issued pursuant to Chapter II thereof.<br>
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| “'''{{ietaprov|Banking Day}}'''” means, in relation to a Transaction, any day (other than a Saturday or Sunday) on which commercial banks are open for general business in, if not otherwise specified in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) or the {{ietaprov|Confirmation}} to a Transaction, the places in which both Parties have their registered offices.<br>
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| “'''{{ietaprov|Base Rate}}'''” is {{ietaprov|EURIBOR}}, unless otherwise specified by the Parties in the {{ietaprov|Confirmation}}. <br>
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| “'''{{ietaprov|Bermudan Option}}'''” means a style of {{ietaprov|Option}} that may be exercised on certain days during an {{ietaprov|Exercise Period}} that consists of more than one day.<br>
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| “'''{{ietaprov|Buyer}}'''” means the Party specified as such for the purposes of an {{ietaprov|Option}} {{ietaprov|Transaction}} in the relevant {{ietaprov|Confirmation}}.<br>
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| “'''{{ietaprov|Buy-In Period}}'''” has the meaning given to it in paragraph (a)(i) of the definition of {{ietaprov|Receiving Party’s Replacement Cost}}.<br>
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| “'''{{ietaprov|Buy-In}}'''” means the purchase of {{ietaprov|Allowance}}s by the {{ietaprov|Receiving Party}} in accordance with the procedures described in the definition of {{ietaprov|Receiving Party’s Replacement Cost}}.<br>
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| “'''{{ietaprov|Call Option}}'''” means an {{ietaprov|Option}} {{ietaprov|Transaction}} entitling (but not obliging) the {{ietaprov|Buyer}} upon exercise to purchase {{ietaprov|Allowance}}s from the {{ietaprov|Seller}} at the {{ietaprov|Strike Price}} per Allowance.<br>
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| “'''{{ietaprov|Central Administrator}}'''” means the {{ietaprov|Relevant Authority}} designated to maintain the {{ietaprov|EUTL}} pursuant to Article 20(1) of the {{ietaprov|Directive}}.<br>
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| “'''{{ietaprov|Central European Time}}'''” means {{ietaprov|Central European Time}} and shall include Central European Winter Time and Central European Summer Time, as applicable.<br>
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| “'''{{ietaprov|Change in Tax Law}}'''” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) affecting the tax treatment accorded to the {{ietaprov|Transfer}} of {{ietaprov|Allowance}}s that occurs on or after the date on which the relevant {{ietaprov|Transaction}} is entered into.<br>
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| “'''{{ietaprov|Confidential Information}}'''” has the meaning given to it in Clause {{ietaprov|15}} (Confidentiality).<br>
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| “'''{{ietaprov|Confirmation}}'''” means a completed written confirmation substantially in the form set out in {{ietaprov|Schedule 3A}} (''{{ietaprov|Form of Confirmation for Spot/ForwardTransactions}}'') or 3B (Form of {{ietaprov|Confirmation}} for {{ietaprov|Option Transaction}}s), as applicable or in a form otherwise agreed between the Parties.<br>
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| “'''{{ietaprov|Contract Amount}}'''” means, for each Transaction, the amount (expressed in Euros unless otherwise agreed) calculated by multiplying the {{ietaprov|Allowance Price}} by the {{ietaprov|PTA Quantity}} for that Transaction.<br>
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| “'''{{ietaprov|Contract Value}}'''” means, for any {{ietaprov|Undelivered Allowances}}, the amount (expressed in Euros unless otherwise agreed) calculated by multiplying the {{ietaprov|Allowance Price}} by the number of {{ietaprov|Undelivered Allowances}}.<br>
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| “'''{{ietaprov|Control and Profit Transfer Agreement}}'''” means, unless otherwise specified in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’), an agreement in form and substance satisfactory to one of the Parties executed by the other Party’s {{ietaprov|Controlling Party}} with respect to the maintenance of control of that other Party by the {{ietaprov|Controlling Party}} and of the capitalization, the creditworthiness and the ability to perform obligations under this {{ietaprov|Agreement}} of the other Party.<br>
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| “'''{{ietaprov|Controlling Party}}'''” means, where “'''{{ietaprov|Controlling Party}}'''” is specified in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) as applying to a Party, the {{ietaprov|Entity}} named as the {{ietaprov|Controlling Party}} with respect to that Party (being the {{ietaprov|Entity}} who is a party to a {{ietaprov|Control and Profit Transfer Agreement}} with that Party and where that Party is, in relation to such {{ietaprov|Entity}}, its subsidiary over which such {{ietaprov|Entity}} has control).<br>
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| “'''{{ietaprov|Cost of Carry Amount}}'''” means the amount calculated by applying the {{ietaprov|Cost of Carry Rate}} for the {{ietaprov|Cost of Carry Calculation Period}} to the {{ietaprov|Allowance Price}} multiplied by the number of {{ietaprov|Period Traded Allowance}}s {{ietaprov|Transfer}}red, divided by 360.<br>
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| “'''{{ietaprov|Cost of Carry Calculation Period}}'''” means the number of calendar days from and including the original {{ietaprov|Payment Due Date}} to, but excluding, the {{ietaprov|Delayed {{ietaprov|Payment Due Date}} }}.<br>
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| “'''{{ietaprov|Cost of Carry Rate}}'''” the “EUR-EONIA-OIS-COMPOUND” rate, “EONIA” being a reference rate equal to the overnight rate as calculated by the European Central Bank and appearing on Reuters Screen EONIA Page in respect of each day in the {{ietaprov|Cost of Carry Calculation Period}}.<br>
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| “'''{{ietaprov|Credit Rating}}'''” means in respect of an {{ietaprov|Entity}} any of the following: (i) the long-term unsecured, unsubordinated (unsupported by third party credit enhancement) public debt rating; (ii) the debt issuer’s credit rating; or (iii) the corporate credit rating given to that person, in each of cases (i) to (iii) by Standard & Poor’s Rating Services (a division of the McGraw-Hill Companies Inc.) or Moody’s Investors Services Inc. or Fitch, Inc. or any successor to the rating business of any of the foregoing.<br>
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| “'''{{ietaprov|Credit Support Document}}'''” means, for a Party, any agreement or instrument that is specified as such in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) in relation to that Party.<br>
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| “'''{{ietaprov|Credit Support Provider}}'''” has the meaning given to it in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’).<br>
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| “'''{{ietaprov|Cross default threshold}}'''” means, for a party, the amount specified in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) in the Termination Currency.<br>
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| “'''{{ietaprov|Default Quantity}}'''” means, in respect of a Transaction, the quantity equal to the difference between:<br>
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| (a) the {{ietaprov|PTA Quantity}}; and<br>
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| (b) the quantity of {{ietaprov|Period Traded Allowance}}s duly and timely {{ietaprov|Transfer}}red or accepted, as relevant.<br>
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| “'''{{ietaprov|Defaulting Party}}'''” has the meaning given to it in Clause {{ietaprov|14.2}} (Events of Default).<br>
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| “'''{{ietaprov|Delayed Delivery Date}}'''” has the meaning given to it in Clause {{ietaprov|13.4(a)}} ({{ietaprov|Suspension Event}}).<br>
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| “'''{{ietaprov|Delayed {{ietaprov|Payment Due Date}} }}'''” has the meaning given to it in the definition of {{ietaprov|Payment Due Date}}.<br>
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| “'''{{ietaprov|Delivered Allowance Volume}}'''” means the aggregate number of {{ietaprov|Delivered Allowances}} and {{ietaprov|Physically Netted Allowances}}.<br>
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| “'''{{ietaprov|Delivered Allowances}}'''” means {{ietaprov|Period Traded Allowance}}s actually {{ietaprov|Transfer}}red by (or at the request of) the {{ietaprov|Delivering Party}} to the relevant {{ietaprov|Receiving Party’s Holding Account}}.<br>
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| “'''{{ietaprov|Delivering Party}}'''” means in respect of a {{ietaprov|Transaction}} that is (A) not an {{ietaprov|Option Transaction}}, the {{ietaprov|Seller}}; (B) an {{ietaprov|Option}} {{ietaprov|Transaction}} which is a {{ietaprov|Call Option}}, the {{ietaprov|Seller}}; or (C) an {{ietaprov|Option}} {{ietaprov|Transaction}} which is a {{ietaprov|Put Option}}, the {{ietaprov|Buyer}}.<br>
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| “'''{{ietaprov|Delivering Party’s Delivery Banking Day Location}}'''” means, in relation to a Transaction, the place specified as such in the {{ietaprov|Confirmation}} for the relevant Transaction, or, if a place is not so specified: (i) the place specified as such in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’); or (ii) if no such place is specified, the place in which the {{ietaprov|Delivering Party}}’s address for the purposes of receiving notices connected with the relevant {{ietaprov|Transaction}} is located; or (iii) if no such address is given, the place in which the {{ietaprov|Delivering Party}} has its registered office.<br>
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| <br>
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| “'''{{ietaprov|Delivering Party’s Holding Account}}'''” means the {{ietaprov|Holding Account}}(s), if any, specified by the {{ietaprov|Delivering Party}} in the {{ietaprov|Confirmation}} to a {{ietaprov|Transaction}} (including any additional account specified by the {{ietaprov|Delivering Party}} in accordance with Clause {{ietaprov|6.5}} (Effecting Transfers)). Where the {{ietaprov|Delivering Party}} has specified a {{ietaprov|Registry}} only without specifying the {{ietaprov|Holding Account}} details in the {{ietaprov|Confirmation}}, “'''{{ietaprov|Delivering Party’s Holding Account}}'''” includes any {{ietaprov|Holding Account}} notified by the {{ietaprov|Delivering Party}} to the {{ietaprov|Receiving Party}} under Clause {{ietaprov|6.6}} (Effecting Transfers).<br>
| |
| <br>
| |
| “'''{{ietaprov|Delivering Party’s Replacement Cost}}'''” means in respect of a failure to accept (or secure acceptance of) a {{ietaprov|Transfer}} of a number of {{ietaprov|Allowance}}s pursuant to Clause {{ietaprov|12.2}} (Failure to Accept) the positive difference if any between (i) the {{ietaprov|Allowance Price}} multiplied by the {{ietaprov|Default Quantity}}, and (ii) the price the Delivering Party, acting in a commercially reasonable manner, does or would receive in an arm’s length transaction for an equivalent quantity and {{ietaprov|Validity Period}} of {{ietaprov|Allowance}}s to replace the {{ietaprov|Default Quantity}}; plus<br>
| |
| (a) interest on the amount calculated in accordance with paragraph (a) above for the period from (and including) the {{ietaprov|Delivery Date}} to (but excluding) the date of termination at the rate specified in Clause {{ietaprov|9.5(a)}} (Interest); plus<br>
| |
| (b) the amount of such reasonable costs and expenses which the {{ietaprov|Delivering Party}} incurs in respect of the {{ietaprov|Default Quantity}} (including, without limitation, broker fees, commissions and legal fees).<br>
| |
| “'''{{ietaprov|Delivery Banking Day}}'''” shall have the same meaning given to {{ietaprov|Banking Day}} unless otherwise specified in the {{ietaprov|Confirmation}} to a Transaction.<br>
| |
| “'''{{ietaprov|Delivery Date}}'''” means, in relation to a Transaction, and subject to adjustment in accordance with Clause {{ietaprov|13.4}} ({{ietaprov|Suspension Event}}), the {{ietaprov|Delivery Banking Day}} agreed between the Parties as the delivery date (that is to say, the date by which the relevant {{ietaprov|Transfer}} is to be completed) at the time of entering into the Transaction.<br>
| |
| “'''{{ietaprov|Directive}}'''” means {{ietaprov|Directive}} 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emissions allowance trading and amending Council {{ietaprov|Directive}} 96/61/EC, and as may be amended from time to time, including by {{ietaprov|Directive}} (EU) 2018/410.<br>
| |
| “'''{{ietaprov|Early Termination Date}}'''” has the meaning given to it in Clause {{ietaprov|14.1}} (Termination Rights).<br>
| |
| “'''{{ietaprov|EEP Amount}}'''” means an amount (expressed as an amount per Allowance) that the {{ietaprov|Receiving Party}} determines, acting in good faith and using commercially reasonable procedures, to be its total losses and costs which result from the {{ietaprov|Delivering Party}}’s failure to deliver the {{ietaprov|Shortfall}} to the extent that those losses and costs are not reflected elsewhere in the definition of {{ietaprov|Receiving Party’s Replacement Cost}} and to the extent that they relate to:<br>
| |
| (a) any {{ietaprov|Excess Emissions Penalty}} which the {{ietaprov|Receiving Party}} must pay to a {{ietaprov|Relevant Authority}} in accordance with the terms of the Scheme; or<br>
| |
| (b) if this sub-paragraph (b) is specified in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) as applying, any amount which the {{ietaprov|Receiving Party}} must pay to a third party in respect of any such penalty payable to any other party (including a {{ietaprov|Relevant Authority}}) by that third party as a result of the {{ietaprov|Delivering Party}}’s failure to deliver the {{ietaprov|Shortfall}}.<br>
| |
| “'''{{ietaprov|EEP Status}}'''” means whether or not the Parties have elected in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) (or the {{ietaprov|Confirmation}} for the relevant Transaction) that {{ietaprov|Excess Emissions Penalty}} applies to the relevant {{ietaprov|Period Traded Allowance}}s.<br>
| |
| “'''{{ietaprov|Encumbrance Loss}}'''” means an amount reasonably determined by the {{ietaprov|Receiving Party}} in good faith to be its total losses and costs in connection with a {{ietaprov|Transaction}} including, but not limited to, any loss of bargain, cost of funding or, at the election of the {{ietaprov|Receiving Party}} but without duplication, loss or costs incurred as a result of its terminating, liquidating, obtaining or re-establishing any hedge or related trading position. Such amount includes losses and costs in respect of any payment already made under a {{ietaprov|Transaction}} prior to the delivery of the written notice by the {{ietaprov|Receiving Party}} and the {{ietaprov|Receiving Party}}’s legal fees and out-of-pocket expenses. <br>
| |
| The Parties agree that in circumstances where there has been a breach of the {{ietaprov|No Encumbrances Obligation}} by the {{ietaprov|Delivering Party}} caused by the {{ietaprov|Transfer}} of an {{ietaprov|Affected Allowance}}, the {{ietaprov|Receiving Party}} will be entitled to include in such amount any losses arising out of or in connection with any claim, demand, action or proceeding brought against the {{ietaprov|Receiving Party}} by a third party consequent upon the {{ietaprov|Transfer}} by the {{ietaprov|Receiving Party}} of an {{ietaprov|Affected Allowance}} {{ietaprov|Transfer}}red to it by the {{ietaprov|Delivering Party}} under a Transaction.<br>
| |
| Notwithstanding anything herein to the contrary, none of the above amounts shall include {{ietaprov|Excess Emissions Penalty}} or any amount which the {{ietaprov|Receiving Party}} must pay to a third party in respect of any such penalty payable to any other party (or {{ietaprov|Relevant Authority}}) by that third party.<br>
| |
| “'''{{ietaprov|Entity}}'''” means an individual, government or state or division of it, government or state agency, corporation, partnership or such other entity as the context may require.<br>
| |
| “'''{{ietaprov|EU Allowance}}'''” or “'''{{ietaprov|EUA}}'''” means a unit of account that is an “allowance” as defined in the {{ietaprov|Directive}} and issued pursuant to Chapter III thereof.<br>
| |
| “'''{{ietaprov|EU ETS Rules}}'''” means the rules and regulations, as amended from time to time, of participation in and operation of, the {{ietaprov|EU ETS}} as applicable in a {{ietaprov|Member State}} and certain non-Member States with whom a {{ietaprov|Participation Agreement}} has been signed.<br>
| |
| “'''{{ietaprov|EU ETS}}'''” means the EU Emission Trading System established by the {{ietaprov|Directive}}. <br>
| |
| “EU” means the European Union as it exists from time to time.<br>
| |
| “'''{{ietaprov|EURIBOR}}'''” means, in relation to an amount owed under this {{ietaprov|Agreement}} on which interest is to accrue in Euros:<br>
| |
| (c) the interest rate for Euro deposits for a period of one month that appears on Reuters Page {{ietaprov|EURIBOR}}01 (or such other screen display or service as may replace it for the purpose of displaying the interest rates for Euro deposits offered in the euro-zone) as at 11:00 hours on the {{ietaprov|Payment Due Date}}, and where the amount or any part of it remains overdue one month after the {{ietaprov|Payment Due Date}} such interest rate as appears on such page for such deposits as at such time as at the day one month after the {{ietaprov|Payment Due Date}} and thereafter as at monthly intervals until the amount is no longer overdue; or<br>
| |
| (d) if no such interest rate appears on Reuters (or such replacement), the arithmetic mean (rounded upwards to 3 decimal places) of the rates per annum at which each of not less than two major banks in the Euro-zone interbank market quoted that they were offering (Euro deposits/deposits) in an amount comparable with that overdue amount to major banks in the Euro-zone interbank market for a period of one month as at 11:00 hours on the {{ietaprov|Payment Due Date}} or as at the day one month after the {{ietaprov|Payment Due Date}} or as at monthly intervals thereafter as the case may be.<br>
| |
| “Euro” means the lawful currency of the member states of the European Union that adopt the single currency in accordance with the Treaty establishing the European Community, as amended by the Treaty on European Union.<br>
| |
| “'''{{ietaprov|European Option}}'''” means a style of {{ietaprov|Option}} that may be exercised only during an {{ietaprov|Exercise Period}} that consists of one day.<br>
| |
| “'''{{ietaprov|EUTL}}'''” or “'''{{ietaprov|European Union Transaction Log}}'''” means the independent transaction log provided for in Article 20(1) of the {{ietaprov|Directive}}, the operation of which is further detailed in the {{ietaprov|Registries Regulation}}.<br>
| |
| “'''{{ietaprov|Event of Default}}'''” has the meaning given to it in Clause {{ietaprov|14.2}} (Events of Default). <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|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 Time}}'''” means the time on an {{ietaprov|Expiration Date}} at which the {{ietaprov|Option}} expires, as specified in the {{ietaprov|Confirmation}}.<br>
| |
| “'''{{ietaprov|Final Delivery Date}}'''” means the date that is two (2) {{ietaprov|Delivery Banking Day}}s after receipt of a notice given under Clause {{ietaprov|12.1}} (Failure to Transfer) or Clause {{ietaprov|12.2}} (Failure to Accept).<br>
| |
| “'''{{ietaprov|FM Affected Party}}'''” has the meaning given to it in Clause {{ietaprov|13.1}} ({{ietaprov|Force Majeure}}).<br>
| |
| “'''{{ietaprov|FM Affected Transaction}}'''” has the meaning given to it in Clause {{ietaprov|13.1}} ({{ietaprov|Force Majeure}}).<br>
| |
| “'''{{ietaprov|Fourth Validity Period}}'''” means, in respect of {{ietaprov|EUA}}s and {{ietaprov|AEUA}}s, the period starting 1 January 2021 to 31 December 2030. [Not used]<br>
| |
| “'''{{ietaprov|Force Majeure}}'''” means the occurrence of any event or circumstance, beyond the control of the {{ietaprov|FM Affected Party}}, that is not a {{ietaprov|Suspension Event}}, and that could not, after using all reasonable efforts, be overcome and which makes it impossible for the {{ietaprov|FM Affected Party}} to either (a) deliver the {{ietaprov|Period Traded Allowance}}s from any {{ietaprov|Holding Account}} in any {{ietaprov|Registry}} (or if one or more {{ietaprov|Delivering Party’s Holding Account}}s are specified, from such {{ietaprov|Delivering Party’s Holding Account}}(s)) or (b) accept the {{ietaprov|Period Traded Allowance}}s into the {{ietaprov|Receiving Party’s Holding Account}}(s), in accordance with the {{ietaprov|EU ETS}}. The inability of a Party to perform a relevant delivery or acceptance obligation as a result of it having insufficient {{ietaprov|Period Traded Allowance}}s in the relevant {{ietaprov|Holding Account}} (whether caused by: the low or non-allocation of {{ietaprov|Allowance}}s from a {{ietaprov|Member State}}, non-Member State or {{ietaprov|Central Administrator}}; the delay or failure of a {{ietaprov|Member State}} or {{ietaprov|Central Administrator}} to replace {{ietaprov|Allowance}}s with {{ietaprov|Allowance}}s for the subsequent {{ietaprov|Validity Period}}; or the failure of that Party to procure sufficient {{ietaprov|Allowance}}s to meet its delivery obligations) shall not constitute a {{ietaprov|Force Majeure}}; provided, however, that this is not an exhaustive list of events which will not constitute a {{ietaprov|Force Majeure}} and is provided for the avoidance of doubt only.<br>
| |
| “'''{{ietaprov|GHG Reductions}}'''” means the removal, limitation, reduction, avoidance, sequestration or mitigation of {{ietaprov|GHG}}s’ emissions relative to the scenario that reasonably represents the anthropogenic emissions by sources or anthropogenic removal by sinks of {{ietaprov|GHG}} in the absence of such removal, limitation, reduction, avoidance, sequestration or mitigation. [Not Used]<br>
| |
| “'''{{ietaprov|GHG}}'''” means any of the gases listed in Annex II of the {{ietaprov|Directive}} and such other gases as may be included in the {{ietaprov|Directive}} from time to time.<br>
| |
| “'''{{ietaprov|Holding Account}}'''” means any digital record of a party or person in any {{ietaprov|Relevant Registry}} as may be specified in the {{ietaprov|Confirmation}} to a Transaction, that will be used to record the issue (if applicable), holding, transfer, acquisition, surrender, cancellation, and replacement of Allowances.<br>
| |
| “'''{{ietaprov|Illegality Affected Transactions}}'''” has the meaning given to it in Clause {{ietaprov|14.7}} (Illegality).<br>
| |
| “'''{{ietaprov|Illegality Affected Party}}'''” has the meaning given to it in Clause {{ietaprov|14.6}} ({{ietaprov|Termination Payment}}s).<br>
| |
| “'''{{ietaprov|Illegality}}'''” has the meaning given to it in Clause {{ietaprov|14.7}} (Illegality).<br>
| |
| “'''{{ietaprov|Indebtedness}}'''” means any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money.<br>
| |
| “'''{{ietaprov|Letter of Credit}}'''” means an irrevocable standby letter of credit payable on demand in a form and substance satisfactory to the {{ietaprov|Requesting Party}} and issued or confirmed by a financial institution whose credit rating is at least Standard & Poor’s Rating Services (a division of the McGraw-Hill Companies Inc.) “A-”, Moody’s Investors Services Inc. equivalent, or Fitch, Inc. equivalent.<br>
| |
| “'''{{ietaprov|Long Stop Date}}'''” means, in respect of a {{ietaprov|Suspension Event}} that occurs with respect to a {{ietaprov|Transfer}} or acceptance obligation that would otherwise be required to be performed within the period:<br>
| |
| (e) from (and including) 1 May 2021 to (and including) 31 December 2022: 1 June 2024;<br>
| |
| (f) from (and including) 1 January 2023 to (and including) 31 December 2024: 1 June 2026;<br>
| |
| (g) from (and including) 1 January 2025 to (and including) 31 December 2026: 1 June 2028;<br>
| |
| (h) from (and including) 1 January 2027 to (and including) 31 December 2028: 1 June 2030; and<br>
| |
| (i) from (and including) 1 January 2029 to (and including) the twenty-fifth (25th) calendar day of the month in which the {{ietaprov|Validity Period Reconciliation Deadline}} is scheduled to occur: the twenty-fifth (25th) calendar day of the month in which the {{ietaprov|Validity Period Reconciliation Deadline}} is scheduled to occur.<br>
| |
| “'''{{ietaprov|Loss}}'''” means:<br>
| |
| (a) for the purposes of Clause {{ietaprov|13.2(c)}} (Two-way Loss {{ietaprov|Termination Payment}}), an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the {{ietaprov|FM Affected Transaction}}(s) or any uncompleted portions of them, including any {{ietaprov|EEP Amount}} (if applicable, in which case Clauses 12.1(b)(ii) through 12.1(b)(iv) (Failure to Transfer) shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of such Party whether or not greater than market costs) or, without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). {{ietaprov|Loss}} does not include legal fees or out-of-pocket expenses. Each Party may (but need not) determine its {{ietaprov|Loss}} by reference to quotations of average relevant rates or prices from two or more leading brokers in the {{ietaprov|Allowance}}s trading market who are independent of the Parties; or<br>
| |
| (b) for the purposes of Clause {{ietaprov|14.6}} ({{ietaprov|Termination Payment}}s), an amount that the {{ietaprov|Non-Defaulting Party}} reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of all Transactions or any uncompleted portions of them, including any {{ietaprov|EEP Amount}}, if applicable, in which case Clauses 12.1(b)(ii) through 12.1(b)(iv) (Failure to Transfer) shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of the Non- {{ietaprov|Defaulting Party}} whether or not greater than market costs) or, at the election of the Non- {{ietaprov|Defaulting Party}} but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). {{ietaprov|Loss}} includes losses and costs (or gains) in respect of any payment required to have been made which has not been made or non-compliance with Clauses 5 (Allowance Transfers) or 6 (Effecting Transfers) (whether or not as a result of the suspension of the obligation to pay or comply with those sub-clauses under Clauses 14.3 (Suspension following {{ietaprov|Event of Default}}) or 14.5 ({{ietaprov|Early Termination Date}})) on or before the {{ietaprov|Early Termination Date}}. {{ietaprov|Loss}} does not include the {{ietaprov|Non-Defaulting Party}}’s legal fees or out-of-pocket expenses. The {{ietaprov|Non-Defaulting Party}} may (but need not) determine its {{ietaprov|Loss}} by reference to quotations of average relevant rates or prices from two or more leading brokers in the {{ietaprov|Allowance}}s trading market who are independent of the Parties; or<br>
| |
| (c) for the purposes of Clause {{ietaprov|14.7}} (Illegality):<br>
| |
| (i) if there is only one {{ietaprov|Illegality Affected Party}}, as per the definition for the purposes of Clause {{ietaprov|14.6}} ({{ietaprov|Termination Payment}}s) as set forth above; or<br>
| |
| (ii) if both Parties are {{ietaprov|Illegality}} Affected Parties, an amount that each Party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with the termination of the {{ietaprov|Illegality}} Affected Transaction(s) or any uncompleted portions of them, including any {{ietaprov|EEP Amount}} (if applicable, in which case Clauses 12.1(b)(ii) through 12.1(b)(iv) (Failure to Transfer) shall apply equally to the determination of such amount), any loss of bargain, cost of funding (based on the actual costs of such Party whether or not greater than market costs) or, without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or re-establishing any related trading position (or any gain resulting from any of them). {{ietaprov|Loss}} does not include legal fees or out-of-pocket expenses. Each Party may (but need not) determine its {{ietaprov|Loss}} by reference to quotations of average relevant rates or prices from two or more leading brokers in the {{ietaprov|Allowance}}s trading market who are independent of the Parties.<br>
| |
| “'''{{ietaprov|Market Amount}}'''” means the sum (whether positive or negative) of (i) the {{ietaprov|Market Quotation}} for the Transactions if a {{ietaprov|Market Quotation}} is determined and (ii) losses and costs (or gains) in respect of any payment required to have been made and not made or non-compliance with Clauses 5 (Allowance Transfers) or 6 (Effecting Transfers) on or before the {{ietaprov|Early Termination Date}} or as a result of suspension under Clause {{ietaprov|14.3}} (Suspension following {{ietaprov|Event of Default}}); or, for the purposes of Clause {{ietaprov|14.6}} ({{ietaprov|Termination Payment}}s), the {{ietaprov|Non-Defaulting Party}}’s {{ietaprov|Loss}} (whether positive or negative) for the Transactions if a {{ietaprov|Market Quotation}} cannot be determined or would not (in the reasonable belief of the {{ietaprov|Non-Defaulting Party}}) produce a commercially reasonable result.<br>
| |
| “'''{{ietaprov|Market Quotation}}'''” means, with respect to the {{ietaprov|Non-Defaulting Party}}, an amount determined on the basis of the average of quotations from {{ietaprov|Reference Market Maker}}s. Each quotation will be for an amount, if any, that would be paid to the {{ietaprov|Non-Defaulting Party}} (expressed as a negative number) or by the {{ietaprov|Non-Defaulting Party}} (expressed as a positive number) in consideration of an agreement between the {{ietaprov|Non-Defaulting Party}} and the quoting {{ietaprov|Reference Market Maker}} to enter into {{ietaprov|Replacement Transactions}} for the same amount of {{ietaprov|Period Traded Allowance}}s having the same {{ietaprov|EEP Status}}. The quotation shall (i) take into account any existing {{ietaprov|Credit Support Document}} with respect to the obligations of the {{ietaprov|Non-Defaulting Party}} but (ii) disregard any losses, costs (or gains) in respect of any payment required to have been made and not made or non-compliance with Clauses 5 (Allowance Transfers) or 6 (Effecting Transfers) on or before the {{ietaprov|Early Termination Date}}.<br>
| |
| “'''{{ietaprov|Agreement}}'''” has the meaning ascribed to it in Clause {{ietaprov|1.2}} (Subject of Agreement).<br>
| |
| “'''{{ietaprov|Material Adverse Change}}'''” has the meaning given to it in Clause {{ietaprov|14.2(h)}} ({{ietaprov|Material Adverse Change}}).<br>
| |
| “'''{{ietaprov|Member State}}'''” means any one of the {{ietaprov|Member State}}s of the European Union from time to time. <br>
| |
| “'''{{ietaprov|Member State Registry}}'''” means the {{ietaprov|Registry}} established for each {{ietaprov|Member State}} pursuant to the {{ietaprov|Directive}} and the {{ietaprov|Registries Regulation}}. [used once]<br>
| |
| <br>
| |
| “'''{{ietaprov|Monthly Billing Cycle}}'''” means that payments fall due in accordance with the first elective in item 9.1 of Part 1 of {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’).<br>
| |
| “'''{{ietaprov|National Administrator}}'''” means the entity responsible for managing, on behalf of a {{ietaprov|Member State}}, a set of user accounts under the jurisdiction of a {{ietaprov|Member State}} in the {{ietaprov|Union Registry}} as designated in accordance with Article 8 of the {{ietaprov|Registries Regulation}}.<br>
| |
| “'''{{ietaprov|No Encumbrances Obligation}}'''” has the meaning given to it in Clause {{ietaprov|5.3}} (No Encumbrances).<br>
| |
| “'''{{ietaprov|Non-Defaulting Party}}'''” means the Party that is not the {{ietaprov|Defaulting Party}}.<br>
| |
| “'''{{ietaprov|Operator}}'''” means an “operator” as defined in the {{ietaprov|Directive}}.<br>
| |
| “'''{{ietaprov|Option Transaction}}'''” means a {{ietaprov|Transaction}} relating to an {{ietaprov|Option}} that is identified as an {{ietaprov|Option}} {{ietaprov|Transaction}} under this {{ietaprov|Agreement}} in the relevant {{ietaprov|Confirmation}}.<br>
| |
| “'''{{ietaprov|Option}}'''” means a right but not an obligation to [enter into a Transaction/ buy or sell Allowances], which is granted to a {{ietaprov|Buyer}} by way of an {{ietaprov|Option}} {{ietaprov|Transaction}} in consideration of the payment of a {{ietaprov|Premium}} to the {{ietaprov|Seller}}, which {{ietaprov|Option}} may be an {{ietaprov|American Option}}, a {{ietaprov|Bermudan Option}}, or a {{ietaprov|European Option}}.<br>
| |
| “'''{{ietaprov|Original Affected Party}}'''” means the person from whose {{ietaprov|Holding Account}} the {{ietaprov|Unauthorised Transfer}} of the relevant {{ietaprov|Affected Allowance}} occurred.<br>
| |
| “'''{{ietaprov|Participation Agreement}}'''” means any argument, rule, procedure, instrument or other law or regulation which governs a non-Member State’s participation in and the {{ietaprov|Transfer}} of {{ietaprov|Allowance}}s between the {{ietaprov|EU ETS}} and any similar system of the non-Member State.<br>
| |
| “Party” means one or other of the parties to this {{ietaprov|Agreement}} and “Parties” is to be construed accordingly.<br>
| |
| “'''{{ietaprov|Payment Due Date}}'''” means either the date specified in the {{ietaprov|Confirmation}} or, if none is so specified, the relevant elective specified in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) and, if no election is made there, the fifth (5th) {{ietaprov|Banking Day}} after the later of (a) the {{ietaprov|Delivery Date}} and (b) the date on which the {{ietaprov|Statement}}is delivered to the {{ietaprov|Receiving Party}} in accordance with Clause {{ietaprov|9.2}} (Statement), subject to the provisions of Clause {{ietaprov|12}} (Transfer or Acceptance Failure) and Clause {{ietaprov|13.4}} ({{ietaprov|Suspension Event}}) in which case the {{ietaprov|Payment Due Date}} shall be measured accordingly from the {{ietaprov|Delayed Delivery Date}} (such {{ietaprov|Payment Due Date}} being the “'''{{ietaprov|Delayed {{ietaprov|Payment Due Date}} }}'''”).<br>
| |
| “'''{{ietaprov|Performance Assurance}} Provider” means, as the context requires, any {{ietaprov|Entity}} that provides {{ietaprov|Performance Assurance}} on behalf of one of the Parties.<br>
| |
| “'''{{ietaprov|Performance Assurance}}'''” means a {{ietaprov|Letter of Credit}}, cash or other security in form and amount reasonably satisfactory to the {{ietaprov|Requesting Party}}.<br>
| |
| “'''{{ietaprov|Period Traded Allowance}}'''” means, in relation to a Transaction, an {{ietaprov|Allowance}} that is of the {{ietaprov|Specified Period}} specified in the relevant {{ietaprov|Confirmation}}. <br>
| |
| “'''{{ietaprov|Physically Netted Allowances}}'''” means those {{ietaprov|Period Traded Allowance}}s which were not actually {{ietaprov|Transfer}}red to the relevant {{ietaprov|Receiving Party’s Holding Account}} as a result of the operation of Clause {{ietaprov|9.7}} (Physical Netting of Deliveries).<br>
| |
| “'''{{ietaprov|Positive Mark to Market Amount}}'''” has the meaning given to it in Clause {{ietaprov|7.6}} ({{ietaprov|Option Transaction}}s).<br>
| |
| “'''{{ietaprov|Potential Exercise Day}}'''” means, in respect of a {{ietaprov|Bermudan Option}}, each day that the Parties agree, as specified in the {{ietaprov|Confirmation}}, to be a day on which the {{ietaprov|Buyer}} may exercise the {{ietaprov|Option}}, each such date if not a {{ietaprov|Banking Day}}, the next following day that is a {{ietaprov|Banking Day}}, and the {{ietaprov|Expiration Date}}.<br>
| |
| “'''{{ietaprov|Premium}}'''” means the price (if any) to be paid by the {{ietaprov|Buyer}} in respect of the {{ietaprov|Option Transaction}}, as specified in the {{ietaprov|Confirmation}}, exclusive of {{ietaprov|VAT}} and other applicable taxes. <br>
| |
| “'''{{ietaprov|Premium Payment Date}}'''” means the date specified in the {{ietaprov|Confirmation}} to a {{ietaprov|Transaction}} or, if none is so specified, five (5) {{ietaprov|Banking Day}}s after the {{ietaprov|Trade Date}}.<br>
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| “'''{{ietaprov|PTA Quantity}}'''” means, in relation to a {{ietaprov|Transaction}} and a {{ietaprov|Specified Period}}, the number of {{ietaprov|Period Traded Allowance}}s that the Parties have agreed to {{ietaprov|Transfer}} and accept for that {{ietaprov|Transaction}} as specified in the relevant {{ietaprov|Confirmation}}.<br>
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| “'''{{ietaprov|Put Option}}'''” means an {{ietaprov|Option}} {{ietaprov|Transaction}} entitling (but not obliging) the {{ietaprov|Buyer}} upon exercise to sell {{ietaprov|Allowance}}s to the {{ietaprov|Seller}} at the {{ietaprov|Strike Price}} per Allowance.<br>
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| “'''{{ietaprov|Receiving Party}}'''” means in respect of a {{ietaprov|Transaction}} that is (a) not an {{ietaprov|Option Transaction}}, the {{ietaprov|Buyer}}; (b) an {{ietaprov|Option}} {{ietaprov|Transaction}} which is a {{ietaprov|Call Option}}, the {{ietaprov|Buyer}}; or (c) an {{ietaprov|Option}} {{ietaprov|Transaction}} which is a {{ietaprov|Put Option}}, the {{ietaprov|Seller}}.<br>
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| “'''{{ietaprov|Receiving Party’s Delivery Banking Day Location}}'''” means, in relation to a Transaction, the place specified as such in this {{ietaprov|Confirmation}} for the relevant Transaction, or, if a place is not so specified: (i) the place specified as such in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’); or (ii) if no such place is specified, the place in which the {{ietaprov|Receiving Party}}’s address for the purposes of receiving notices connected with the relevant {{ietaprov|Transaction}} is located; or (iii) if no such address is given, the place in which the {{ietaprov|Receiving Party}} has its registered office.<br>
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| <br>
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| “'''{{ietaprov|Receiving Party’s Holding Account}}'''” means the {{ietaprov|Holding Account}}(s) specified by the {{ietaprov|Receiving Party}} in the {{ietaprov|Confirmation}} to a {{ietaprov|Transaction}} (including any additional account agreed by the Parties in accordance with Clause {{ietaprov|6.5}} (Effecting Transfers)). Where the {{ietaprov|Receiving Party}} has specified a {{ietaprov|Registry}} only without specifying the {{ietaprov|Holding Account}} details in the {{ietaprov|Confirmation}}, “'''{{ietaprov|Receiving Party’s Holding Account}}'''” includes any {{ietaprov|Holding Account}} notified by the {{ietaprov|Receiving Party}} to the {{ietaprov|Delivering Party}} under Clause {{ietaprov|6.6}} (Effecting Transfers).<br>
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| <br>
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| “'''{{ietaprov|Receiving Party’s Replacement Cost}}'''”, in respect of a failure to {{ietaprov|Transfer}} a number of {{ietaprov|Allowance}}s of a particular {{ietaprov|Allowance Type}} and {{ietaprov|Specified Period}} pursuant to Clause {{ietaprov|12.1}} (Failure to Transfer) of the Agreement (being the “'''{{ietaprov|Undelivered Allowances}}'''”) has the meaning ascribed to it in the Agreement, except when the {{ietaprov|Excess Emissions Penalty}} is specified to apply in the relevant {{ietaprov|Schedule}}, in which case it means an amount (if positive) equal to the sum of:<br>
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| (a) either:<br>
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| (i) if in one or more arm’s length transactions the {{ietaprov|Receiving Party}} is able, using its reasonable endeavours, to purchase a number of {{ietaprov|Allowance}}s of the same {{ietaprov|Allowance Type}} and {{ietaprov|Specified Period}} as the {{ietaprov|Undelivered Allowances}} (“'''{{ietaprov|Replacement Allowances}}'''”), to be {{ietaprov|Transfer}}red during the period from (but excluding) the {{ietaprov|Final Delivery Date}} to (and including) the {{ietaprov|Reconciliation Deadline}} on or immediately following the {{ietaprov|Delivery Date}} (the “'''{{ietaprov|Buy-In Period}}'''”), which in respect of each such individual purchase of Allowances, when aggregated with other such purchases, amounts to a purchase of a number of {{ietaprov|Allowance}}s equal to the number of {{ietaprov|Undelivered Allowances}}:<br>
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| (A) the price (per Allowance) at which the {{ietaprov|Receiving Party}} is able to purchase the relevant number of {{ietaprov|Replacement Allowances}}; less<br>
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| (B) the {{ietaprov|Allowance Price}} agreed by the Parties in respect of the {{ietaprov|Undelivered Allowances}}; multiplied by<br>
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| (C) the number of {{ietaprov|Replacement Allowances}} which the {{ietaprov|Receiving Party}} is able to purchase at the price indicated in (1); plus<br>
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| (D) interest for the period from (and including) the {{ietaprov|Delivery Date}} to (but excluding) the date of termination calculated on an amount equal to the product of the number of {{ietaprov|Undelivered Allowances}} and an amount equal to the excess, if any, of the price determined pursuant to (1) over the {{ietaprov|Allowance Price}} agreed between the Parties in respect of the {{ietaprov|Undelivered Allowances}} at the rate specified in Clause {{ietaprov|9.5(a)}} (Interest) of the Agreement; or<br>
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| (ii) if in one or more arm’s length transactions the Receiving Party, using its reasonable endeavours, is unable to purchase a number of {{ietaprov|Replacement Allowances}} equivalent to the {{ietaprov|Undelivered Allowances}} to be delivered during the {{ietaprov|Buy-In Period}}:<br>
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| (A) in respect of the number of {{ietaprov|Replacement Allowances}} for which the {{ietaprov|Receiving Party}} is able to effect a {{ietaprov|Buy-In}} during the {{ietaprov|Buy-In Period}}, an amount for such {{ietaprov|Allowance}}s calculated in accordance with paragraph (i) above; and<br>
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| (B) in respect of the number of {{ietaprov|Replacement Allowances}} equal to the number of {{ietaprov|Undelivered Allowances}} minus the number of {{ietaprov|Replacement Allowances}} referred to in A(ii)(1) above (the “'''{{ietaprov|Shortfall}}'''”), the sum of:<br>
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| (i) the price (per Allowance) at which the Receiving Party, using its reasonable endeavours and in an arm’s length transaction, is or would be able to purchase as soon as reasonably possible after the {{ietaprov|Reconciliation Deadline}} a number of {{ietaprov|Replacement Allowances}} equal to the {{ietaprov|Shortfall}}; less<br>
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| (ii) the {{ietaprov|Allowance Price}} agreed by the Parties in respect of the {{ietaprov|Undelivered Allowances}}; plus<br>
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| (iii) the {{ietaprov|EEP Amount}}; multiplied by<br>
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| (iv) the {{ietaprov|Shortfall}}; plus<br>
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| (v) interest for the period from (and including) the {{ietaprov|Delivery Date}} to (but excluding) the date the {{ietaprov|Receiving Party}} is or would be able to purchase {{ietaprov|Replacement Allowances}} in accordance with paragraph A(ii)(2)(I) above on an amount equal to the product of the {{ietaprov|Shortfall}} and an amount equal to the excess, if any, of the price determined pursuant to paragraph A(ii)(2)(I) above over the {{ietaprov|Allowance Price}} agreed between the Parties in respect of the {{ietaprov|Undelivered Allowances}} at the rate specified in Clause {{ietaprov|9.5(a)}} (Interest) of the Agreement; and<br>
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| (b) such reasonable costs and expenses which the {{ietaprov|Receiving Party}} incurs as a result of the {{ietaprov|Delivering Party}}’s failure to {{ietaprov|Transfer}} the {{ietaprov|Shortfall}} (including, without limitation, broker fees, commissions and legal fees) to the extent that those costs and expenses are not reflected in paragraphs A(i) or A(ii) above.<br>
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| Where the {{ietaprov|Receiving Party}} confirms that it has been unable to purchase {{ietaprov|Replacement Allowances}} during the {{ietaprov|Buy-In Period}}, it shall be for the {{ietaprov|Delivering Party}} to show that it has been as a result of the {{ietaprov|Receiving Party}} failing to use its reasonable endeavors to do so.<br>
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| “'''{{ietaprov|Reconciliation Deadline}}'''” means 30 April of any calendar year in relation to the immediately preceding calendar year, or as otherwise specified in the {{ietaprov|EU ETS Rules}}.<br>
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| “'''{{ietaprov|Reference Market Maker}}'''” means three (3) leading traders in the {{ietaprov|Allowance}}s trading market for the relevant {{ietaprov|Allowance Type}} selected by the {{ietaprov|Non-Defaulting Party}} in good faith which satisfy all the criteria that the {{ietaprov|Non-Defaulting Party}} applies generally at the time in deciding whether to offer or to make an extension of credit and which are independent of the Parties.<br>
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| “'''{{ietaprov|Reference Price}}'''” means the price or formula agreed between the Parties as the reference price, as specified in the {{ietaprov|Confirmation}}, and if no such price or formula is specified, then the average of a quotation from each of three leading traders in the trading market for the relevant {{ietaprov|Allowance}}s Type, as selected by the {{ietaprov|Buyer}} in good faith. <br>
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| “'''{{ietaprov|Registries Regulation}}'''” means the EU Commission Regulation No. 389/2013 of 2 May 2013 establishing a {{ietaprov|Union Registry}} pursuant to {{ietaprov|Directive}} 2003/87/EC and of the Council, Decisions No. 280/2004/EC and No. 406/2009/EC of the European Parliament and of the Council and repealing Commission Regulations (EU) No. 920/2010 and No. 1193/2011, as may be amended from time to time, including by Commission Regulation (EU) 2018/208.<br>
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| “'''{{ietaprov|Registry}}'''” means the registry established by a {{ietaprov|Member State}}, non-Member State (with which a {{ietaprov|Participation Agreement}} has been signed) or the EU pursuant to the {{ietaprov|Directive}} or the {{ietaprov|Registries Regulation}}, in order to ensure the accurate accounting of the issue, holding, transfer, acquisition, surrender, cancellation and replacement of Allowances. For the avoidance of doubt, references to a {{ietaprov|Registry}} shall include (i) the {{ietaprov|Union Registry}} and (ii) collectively the {{ietaprov|Holding Account}}s and all other accounts within the {{ietaprov|Union Registry}} that are under the jurisdiction of a single {{ietaprov|National Administrator}} designated by a {{ietaprov|Member State}}. In the case of (ii), such {{ietaprov|Holding Account}}s and other accounts will together be deemed, for the purposes of this {{ietaprov|Agreement}}, to be a {{ietaprov|Registry}} for that {{ietaprov|Member State}}.<br>
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| “'''{{ietaprov|Registry Operation}}'''” means, other than by reason of the occurrence of an {{ietaprov|Administrator Event}}:<br>
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| (a) the continuing functioning of the {{ietaprov|Relevant Registry}};<br>
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| (b) the continuing functioning of the {{ietaprov|EUTL}}; and/or<br>
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| (c) the continuing functioning of the link between each of the {{ietaprov|Relevant Registry}} and the {{ietaprov|EUTL}}.<br>
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| “'''{{ietaprov|Registry Pair}}'''” means a pair of Registries identified by the Parties in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) or in a {{ietaprov|Confirmation}} with respect to which physical netting of deliveries pursuant to Clause {{ietaprov|9.7}} (Physical Netting of Deliveries) may be affected.<br>
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| “'''{{ietaprov|Relevant Authority}}'''” means the body (or its affiliated agencies) established by a {{ietaprov|Member State}} or non-Member State from time to time to administer the {{ietaprov|EU ETS}} in its jurisdiction.<br>
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| “'''{{ietaprov|Relevant Change in Tax}}'''” has the meaning given to it in Clause {{ietaprov|14.9}} (Change in Taxes). <br>
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| “'''{{ietaprov|Relevant Entity}}'''” has the meaning given to it in Clause {{ietaprov|14.2(h)(i)}} ({{ietaprov|Credit Rating}}).<br>
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| “'''{{ietaprov|Relevant Registry}}'''” means a {{ietaprov|Registry}} through which either Party is obliged to perform a {{ietaprov|Transfer}} or acceptance obligation under and in accordance with a Transaction. Where a Party specifies more than one {{ietaprov|Holding Account}} for {{ietaprov|Transfer}} or acceptance purposes, the {{ietaprov|Relevant Registry}} shall be identified in accordance with Clause {{ietaprov|5.1(c)}} (Primary Obligation).<br>
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| “'''{{ietaprov|Relevant Tax}}'''” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest or penalties) that is imposed by any government or other taxing authority directly in respect of any payment or transfer request under this {{ietaprov|Agreement}} other than stamp, registration, documentation or similar tax. {{ietaprov|Relevant Tax}} does not include, without limitation, income tax, taxes on emissions or the activities giving rise to emissions or taxes imposed generally on a Party’s business.<br>
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| “'''{{ietaprov|Replacement Allowances}}'''” has the meaning given to it in paragraph (A)(i) of the definition of {{ietaprov|Receiving Party’s Replacement Cost}}.<br>
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| “'''{{ietaprov|Replacement Transactions}}'''” means transactions that would have the effect of preserving for the {{ietaprov|Non-Defaulting Party}} the economic equivalent of any payment or compliance with Clauses 5 (Allowance Transfers) or 6 (Effecting Transfers) (whether the underlying obligation was absolute or contingent) that would, but for the occurrence of the relevant {{ietaprov|Early Termination Date}}, have been required after that date.<br>
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| “'''{{ietaprov|Requesting Party}}'''” has the meaning given to it in Clause {{ietaprov|14.2(h).}} <br>
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| “'''{{ietaprov|Required Authorisations}}'''” means all governmental and other licences, authorisations, permits, consents, contracts and other approvals (if any) that are required to enable the Party to fulfil any of its obligations under this {{ietaprov|Agreement}}.<br>
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| “'''{{ietaprov|Schedule}}'''” means a schedule to this {{ietaprov|Agreement}}.<br>
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| “'''{{ietaprov|System}}'''” means the system of transferring {{ietaprov|Allowance}}s between either or both of (a) persons within the EU and (b) persons in third countries, in either case as recognized in accordance with, and subject to, the procedure of the {{ietaprov|Directive}} established in, and as implemented by the national laws of, each {{ietaprov|Member State}} and certain non-Member States.<br>
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| “'''{{ietaprov|Seller}}'''” means the Party specified as such for the purposes of an {{ietaprov|Option}} {{ietaprov|Transaction}} in the relevant {{ietaprov|Confirmation}}.<br>
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| “'''{{ietaprov|Shortfall}}'''” has the meaning given to it in paragraph (A)(ii)(2) of the definition of {{ietaprov|Receiving Party’s Replacement Cost}}.<br>
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| “'''{{ietaprov|Specified Period}}'''” means, in relation to a {{ietaprov|Transaction}} and a {{ietaprov|PTA Quantity}}, the relevant {{ietaprov|Validity Period}} of issue of {{ietaprov|Allowance}}s as agreed between the Parties at the time of entering into the Transaction.<br>
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| “'''{{ietaprov|Specified Transaction}}'''” means any transaction (including an agreement with respect to the transaction) existing at the date of this {{ietaprov|Agreement}} or after that date entered into between one Party (or any {{ietaprov|Credit Support Provider}} of that Party) and the other Party (or any {{ietaprov|Credit Support Provider}} of that other Party) that is a commodity forward or future, commodity option, commodity swap or other commodity transaction, including any contract for differences or transaction, or any other similar transaction relating to commodities, unless otherwise specified in {{ietaprov|Schedule 2}} (‘‘{{ietaprov|Elections}}’’) in relation to a Party, insofar as the transaction relates to the commodity or commodities so specified in relation to that Party.<br>
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| “'''{{ietaprov|Statement Amount}}'''” has the meaning given to it in Clause {{ietaprov|9.2(a)(v)}} (Statement). <br>
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| “'''{{ietaprov|Statement}}'''” has the meaning given to it in Clause {{ietaprov|9.2(a)}} (Statement).<br>
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| “'''{{ietaprov|Strike Price}}'''” means in respect of an {{ietaprov|Option}} {{ietaprov|Transaction}} the price per {{ietaprov|Allowance}} specified or otherwise as determined in or pursuant to the relevant {{ietaprov|Confirmation}}.<br>
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| “'''{{ietaprov|Suspension Event}}'''” A {{ietaprov|Suspension Event}} occurs when, on any date, a Party to the Agreement is unable to perform its {{ietaprov|Transfer}} or acceptance obligations under and in accordance with a {{ietaprov|Transaction}} through a {{ietaprov|Relevant Registry}} as a result of the application of any of the following:<br>
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| (a) an absence of {{ietaprov|Registry Operation}}; or<br>
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| (b) the occurrence of an {{ietaprov|Administrator Event}}.<br>
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| “'''{{ietaprov|Tangible Net Worth}}'''” means the sum of all paid up shareholder contributions to the share capital account or any other capital account ascribed for such purposes and any accumulated earnings less any accumulated retained losses and intangible assets including, but not limited to, goodwill.<br>
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| “Termination Currency” means Euros.<br>
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| {{ietaprov|Termination Payment Date}}'''” has the meaning given to it in Clause {{ietaprov|14.6(d)}} ({{ietaprov|Termination Payment}}s).<br>
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| “'''{{ietaprov|Termination Payment}}'''” has the meaning given to it in Clause {{ietaprov|14.6(a)}} ({{ietaprov|Termination Payment}}s).<br>
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| “'''{{ietaprov|Total Debt}}'''” means, for a specified period, the sum of financial indebtedness for borrowed money (which includes debts payable to {{ietaprov|Affiliate}}s as well as debt instruments to financial institutions).<br>
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| “'''{{ietaprov|Trade Date}}'''” means the date a {{ietaprov|Transaction}} is agreed as specified in the {{ietaprov|Confirmation}} for the Transaction.<br>
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| “'''{{ietaprov|Transaction}}'''” means an agreement between the Parties to undertake one or more transactions (including inter alia, transactions relating to forwards and options) involving Transfers of {{ietaprov|Allowance}}s subject to the terms of this {{ietaprov|Agreement}} and which is identified as a {{ietaprov|Transaction}} under this {{ietaprov|Agreement}} in the relevant {{ietaprov|Confirmation}}.<br>
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| “'''{{ietaprov|Transfer Request}}'''” means a request made in accordance with the {{ietaprov|System}} to effect a Transfer.<br>
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| “'''{{ietaprov|Transfer}}'''” means (whether used as a verb or a noun) with respect to a Transaction, the transfer of {{ietaprov|Allowance}}s from one {{ietaprov|Holding Account}} to another under and in accordance with and for the purposes of the Scheme, and “{{ietaprov|Transfer}}red” and “{{ietaprov|Transfer}}able” are to be construed accordingly.<br>
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| “'''{{ietaprov|Unauthorised Transfer}}'''” means the transfer by debiting of any {{ietaprov|Allowance}} from an account holder’s {{ietaprov|Holding Account}} and the crediting of a {{ietaprov|Holding Account}} of another person, which {{ietaprov|Transfer}} is not initiated by the relevant authorised representative or additional authorised representative (as referred to in the {{ietaprov|Registries Regulation}}) of the first account holder.<br>
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| “'''{{ietaprov|Undelivered Allowances}}'''” has the meaning given to it in the definition of {{ietaprov|Receiving Party’s Replacement Cost}}.<br>
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| “'''{{ietaprov|UNFCCC}}'''” means the United Nations Framework Convention on Climate Change adopted in New York on May 9, 1992. [not used]<br>
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| “'''{{ietaprov|Union Registry}}'''” means the {{ietaprov|Registry}} referred to as the ‘Union registry’ in Article 19(1) of the {{ietaprov|Directive}}.<br>
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| “'''{{ietaprov|Unpaid Amounts}}'''” owing to any Party means:<br>
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| (a) any amount that became payable to that Party prior to the first day of the period for which the obligations of the Parties are suspended under Clause {{ietaprov|13}} ({{ietaprov|Force Majeure}} and {{ietaprov|Suspension Event}}) which remains unpaid; or<br>
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| (b) any amount that became payable to that Party on or prior to an {{ietaprov|Early Termination Date}} under Clause {{ietaprov|14}} (Termination) which remains unpaid.<br>
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| “'''{{ietaprov|Validity Period}}'''” means with respect to {{ietaprov|EUA}}s and {{ietaprov|AEUA}}s, the period referred to in Article 13 of the {{ietaprov|Directive}} beginning 1 January 2021. <br>
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| “'''{{ietaprov|Validity Period Reconciliation Deadline}}'''” means the final {{ietaprov|Reconciliation Deadline}} in the {{ietaprov|Validity Period}} specified in the {{ietaprov|Confirmation}}.<br>
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| “'''{{ietaprov|Value Added Tax}}'''” or “'''{{ietaprov|VAT}}'''” means (a) any {{ietaprov|Value Added Tax}} imposed by any {{ietaprov|Member State}} or non- {{ietaprov|Member State}}, or (b) any replacement or other tax levied by reference to value added to a transaction.<br>
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