Accreditation Phase. 106 The Parties agree that in the event of the XXX not having satisfied the requirements for Accreditation within the time period agreed in the Accreditation Plan, although the Parties have tried in good faith and observing the principles set out in Chapter XVI (Appeals and Complaints), and particularly Sub-Chapters A and B, then upon XXXXX's sole but reasonable discretion: 106.1 GLEIF may terminate with immediate effect this Agreement, or 106.2 GLEIF may extend the deadline for obtaining Accreditation by no more than 3 months, particularly if it seems reasonable that within such extended deadline the XXX shall satisfy the requirements, or 106.3 GLEIF may grant a provisional Accreditation for specific functions for a specified time period. 107 In the event of GLEIF granting an extension of the deadline or of a provisional Accreditation, GLEIF shall notify the XXX about the outstanding requirements that must be satisfied within the specified period of time. If the XXX does not satisfy those requirements, GLEIF shall be entitled to terminate this Agreement with immediate effect. Only in rare situations, and entirely in GLEIF's sole but reasonable discretion, shall GLEIF once again extend the deadline or the duration of a provisional Accreditation. 108 For the avoidance of doubt, the XXX is not authorized to issue XXXx while still being a Candidate XXX, i.e. before having obtained Accreditation. In the event of a provisional Accreditation, GLEIF may authorize the Candidate XXX to issue XXXx, potentially with some limitations, at GLEIF's sole but reasonable discretion.
