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:{{ukaprov|(d)(ii)(2)}} '''{{ukaprov|Failure to Comply by Receiving Party}}''': If the failure to deliver occurs as a result of the failure of {{ukaprov|Receiving Party}} to comply with the {{ukaprov|Requirements under the UK ETS}} as specified below, the {{ukaprov|Payment Date}} will be postponed and {{ukaprov|Delivering Party}} may, by notice to {{ukaprov|Receiving Party}}, require {{ukaprov|Receiving Party}} so to comply, and the following provisions shall apply. | |||
:{{ | ::(A) '''{{ukaprov|Failure to Comply Remedied}}''': If {{ukaprov|Receiving Party}} complies on or before the {{ukaprov|Final Compliance Date}}: | ||
::(A) '''{{ | :::(X) {{ukaprov|Delivering Party}} shall deliver to {{ukaprov|Receiving Party}} the {{ukaprov|Allowances to be Delivered}} and, in respect of an {{ukaprov|Allowance Forward Transaction}}, {{ukaprov|Receiving Party}} shall pay to {{ukaprov|Delivering Party}} on the {{ukaprov|Payment Date}} an amount equal to the {{ukaprov|Allowance Purchase Price}} multiplied by the {{ukaprov|Number of Allowances}} and, in respect of an {{ukaprov|Allowance Option Transaction}}, {{ukaprov|Receiving Party}} shall pay to {{ukaprov|Delivering Party}} on the Payment Date an amount equal to the {{ukaprov|Allowance Strike Price}} multiplied by the number of {{ukaprov|Allowances to be Delivered}} (and, in each case, for purposes of determining the Payment Date, the date of actual delivery shall be deemed to be the {{ukaprov|Delivery Date}}); and | ||
:::(X) {{ | :::(Y) {{ukaprov|Receiving Party}} shall pay to {{ukaprov|Delivering Party}} on the {{ukaprov|Payment Date}} (determined in accordance with Part {{ukaprov|(d)(ii)(2)}}(A)(X) above) interest on an amount equal to the number of {{ukaprov|Allowances}} that were required to be delivered on the {{ukaprov|Delivery Date}} (but which were not delivered on that date) multiplied by the {{ukaprov|Allowance Purchase Price}} or {{ukaprov|Allowance Strike Price}}, as applicable, for the period from (and including) the original {{ukaprov|Delivery Date}} to (but excluding) the date of actual delivery at the {{ukaprov|Default Rate}}. | ||
:::(Y) {{ | ::(B) '''{{ukaprov|Failure to Comply Not Remedied}}''': If {{ukaprov|Receiving Party}} fails to comply on or before the {{ukaprov|Final Compliance Date}}, {{ukaprov|Delivering Party}} may, by written notice to {{ukaprov|Receiving Party}}, terminate the parties’ obligations under “{{ukaprov|Physical Settlement}}” above and {{ukaprov|Receiving Party}} shall pay to {{ukaprov|Delivering Party}} an amount equal to {{ukaprov|Delivering Party’s Replacement Cost}} (if a positive number) on the first succeeding {{ukaprov|Business Day}}, adjusted to take into account any amount previously paid (which for the avoidance of doubt, shall not include any Premium paid by the Buyer in respect of an {{ukaprov|Allowance Option Transaction}}) by {{ukaprov|Receiving Party}} to {{ukaprov|Delivering Party}} in respect of the relevant {{ukaprov|UK Emissions Allowance Transaction}}. <br> | ||
::(B) '''{{ |