1. A successful bidder, or its successors in title, shall only be delivered allowances notified to the successful bidder pursuant to Article 61(3)(a), if the entire sum due notified to it pursuant to Article 61(3)(c), is paid to the auctioneer pursuant to Article 44(1).
2. A successful bidder, or its successors in title, that fails to meet its obligations under paragraph 1 of this Article in full by the due date notified to the successful bidder pursuant to Article 61(3)(d) shall be in default of payment.
3. A bidder in default of payment may be charged either or both of the following:
(a)
interest for each day beginning with the date on which payment was due pursuant to Article 61(3)(d) and ending on the date on which payment is made at an interest rate set out in the contract appointing the auction platform concerned, calculated on a daily basis;
(b)
a penalty, which shall accrue to the auctioneer less any costs deducted by the clearing system or settlement system.
4. Without prejudice to paragraphs 1, 2 and 3, where a successful bidder is in default of payment one of the following shall occur:
(a)
the central counterparty shall interpose to take delivery of the allowances and effect payment of the sum due to the auctioneer;
(b)
the settlement agent shall apply collateral taken from the bidder to effect payment of the sum due to the auctioneer.
5. In the event of a failure of settlement, the allowances shall be auctioned at the next two auctions scheduled on the auction platform concerned.