Daily Butane. Value ("DBV"): the daily agreed upon butane purchase price ("BPP") from ETP plus the total daily RIN value (“DRV”), multiplied by the daily total number of butane gallons blended ("GB"). Expressed as a formula: DBV = (GB)*(BPP+DRV) Bay City DBV = (GB)*(BPP+1/2DRV) a. DRV will be determined by using the percentage of each type of RINs specified by the Renewable Fuel Standard Program updated annually or the most recent requirements and will be adjusted retroactively for any difference between the requirements at the time of the calculation and the requirements contained in a final rule establishing Renewable Volume Obligations for the year. OPIS daily posting for the respective RINs pricing will be used. In order to minimize the daily average RINs Cost, postings for prior year’s RINs will be used up to the maximum allowable percentage.
Appears in 3 contracts
Samples: Terminal Services Agreement (MPLX Lp), Terminal Services Agreement (MPLX Lp), Terminal Services Agreement (MPLX Lp)
Daily Butane. Value ("DBV"): the daily agreed upon butane purchase price ("BPP") from ETP plus the total daily RIN value (“DRV”), multiplied by the daily total number of butane gallons blended ("GB"). Expressed as a formula: DBV = (GB)*(BPP+DRV) Bay City DBV = (GB)*(BPP+1/2DRV)
a. DRV will be determined by using the percentage of each type of RINs specified by the Renewable Fuel Standard Program updated annually or the most recent requirements and will be adjusted retroactively for any difference between the requirements at the time of the calculation and the requirements contained in a final rule establishing Renewable Volume Obligations for the year. OPIS daily posting for the respective RINs pricing will be used. In order to minimize the daily average RINs Cost, postings for prior year’s years RINs will be used up to the maximum allowable percentage.
Appears in 2 contracts
Samples: Terminal Services Agreement (MPLX Lp), Terminal Services Agreement (MPLX Lp)
Daily Butane. Value ("“DBV"”): the daily agreed upon butane purchase price ("“BPP"”) from ETP Sunoco Logistics (“SXL”), plus the total daily RIN value (“DRV”), multiplied by the daily total number of butane gallons blended ("“GB"”). Expressed as a formula: DBV = (GB)*(BPP+DRV) Bay City DBV = (GB)*(BPP+1/2DRV)
a. DRV 34 “DRV” will be determined by using the percentage of each type of RINs specified by the Renewable Fuel Standard Program updated annually or the most recent requirements and will be adjusted retroactively for any difference between the requirements at the time of the calculation and the requirements contained in a final rule establishing Renewable Volume Obligations for the year. OPIS daily posting for the respective RINs pricing will be used. In order to minimize the daily average RINs Cost, postings for prior year’s years RINs will be used up to the maximum allowable percentage.
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