Emission Credits Clause Samples
The Emission Credits clause defines how rights to emission credits, such as carbon offsets or allowances, are allocated and managed between the parties to a contract. Typically, it specifies which party is entitled to claim, own, or benefit from any emission credits generated as a result of the contract’s activities, and may outline procedures for transferring or reporting these credits. This clause ensures clarity and prevents disputes over the ownership and use of emission credits, which can have significant financial and regulatory implications.
Emission Credits. The Parties acknowledge that Off-Taker has applied to the Illinois Environmental Protection Agency (“TEPA”) for certain emission credits in respect of sulfur dioxide, oxides of nitrogen and particulates (collectively, “Credits”), and that upon the approval thereof by IEPA, a portion or the entirety of such Credits (as applicable) will be provided to and used by Provider, without additional consideration, so that Provider will comply with certain emission limits set forth in its “Permit to Install” in respect of the Plant (the “Installation Permit”). Accordingly, Off-Taker will make available to Provider all or a portion of such Credits, depending upon the number of such Credits that are approved by the IEPA and that are required for use by Provider, so that Provider is able to operate the Plant in accordance with such Installation Permit. As of the Effective Date, the Parties estimate that approximately two hundred thirty (230) tons of such SO2 Credits will be retained by Off-Taker. Such Credits will be provided by Off-Taker to Provider promptly upon the approval thereof by the I KPA. Provided, however, (i) in no event will Off-Taker be required to make available to Provider more Credits than are approved by the TFPA in the Off-Taker’s application for Credits, and (ii) in the event the IEPA provides Off-Taker with more Credits than are required by Provider to operate the Plant in accordance with the Installation Permit, the excess Credits will be retained by Off-Taker. For the avoidance of doubt, the Parties acknowledge that Off-Taker will not be required to provide Provider with any such excess Credits in connection with any proposed amendment by Provider of the Installation Permit following its original issuance.
Emission Credits. (i) To the extent Emission Credits are not required to satisfy the compliance obligations of the Purchased Assets, such Emissions Credits shall be pooled with those attributable to Seller's remaining generating stations under the Power Supply Agreement (for the term of the Power Supply Agreement) and such pooled credits shall be applied pro rata to all such generating stations to meet their compliance obligations under applicable Law, provided that if Buyer exercises the Option with respect to both of the Generating Facilities, excess Emission Credits from one of the Generating Facilities shall first be applied to the other Generating Facility to the extent necessary to meet its compliance obligations under applicable Law. If any Emissions Credits attributable to the Purchased Assets are sold after the Closing Date, Buyer shall be entitled to 100% of the net sale proceeds therefrom.
(ii) In the event Buyer sells or transfers either or both of the Generating Facilities that constitute Purchased Assets, the Emission Credits related to such Generating Facilities shall remain subject to the provisions of this Agreement with respect to the use of such Emission Credits for Seller's remaining generating stations, and Buyer hereby covenants to provide therefor in any agreement for any such sale or transfer to the satisfaction of Seller.
Emission Credits. The Seller agrees and acknowledges that the DoE shall be entitled to amend this Agreement in order to insert a clause that governs emission credits in line with Government's policies, after such policies have been established and finalised, provided that the Seller's general economic position shall not be materially adversely affected by such amendment.
Emission Credits. Except for those previously registered to the Seller as of November 23, 2010, all emissions reductions in favor of the Seller from any federal, state or local regulatory agencies which are or were generated or derived from current or past operations of the Purchased Assets.
Emission Credits. 23.1. The Participant acknowledges and agrees that the City owns and shall be entitled to retain, register for use, trade and sale, and enjoy all benefits of, all credits and any other rights or benefits resulting from any reduction or displacement in emissions of greenhouse gases or any other pollutants, or that relate to any other environment attributes (together the "Credits") arising out of the Deep Retrofit Project. If through operation of law or any other circumstance title to any Credits arising in the circumstances described herein vests in the Participant then the Participant shall automatically and without formal instrument and for no consideration transfer or otherwise convey such Credits to the City. The Participant agrees that it has no rights to any Credits or the proceeds thereof as a result of the Retrofit Work under the Deep Retrofit Project in accordance with the terms of this Agreement.
23.2. Notwithstanding Section 23.1 above, the Participant shall be entitled to such Credits as are required for the Participant to apply in the determination of its obligations for the Building to meet LEED certification, other certifications or standards, and obtain grants, financial incentives and/or financing from third party providers for the Deep Retrofit Project.
23.3. This Section shall survive the termination of this Agreement.
Emission Credits. EIC will at all times during of the Term be the sole owner of the GLF installed at or on the Project and at all times will be the sole owner of and have exclusive rights to any Greenhouse Gas, Carbon Dioxide or other pollution related Credits which may or may not be applicable at any time due to the energy efficiency or energy reduction capacity of the Geoexchange System. Any updating or improvement to the technology by EIC of the system owned by EIC which results in further conventional energy usage reduction resulting in any further Credits, will be to the sole account of EIC and EIC shall have the unrestricted right of ownership or trade of such Credits resulting form the efficiency of its equipment, system, design and continuing usage the Project.
Emission Credits. (a) If the Closing occurs, the actual total emissions generated by the Facility on or after January 1, 2006, until the Closing Date for which sulfur dioxide Emissions Allowances (“SO2 Emissions Allowances”) are required shall be determined by the parties as soon as practicable after the Closing Date and the Seller shall at its option promptly after such determination either (a) transfer, or cause another Person to transfer, to the Purchaser SO2 Emissions Allowances in the amount required for such emissions or (b) reimburse the Purchaser in an amount equal to the cost of such SO2 Emissions Allowances at the price per such Emission Allowance as published in the Cantor Environmental Brokerage Monthly Market Price Indices (or its successor index) as of the Closing Date.
(b) If the Closing occurs, Seller and Purchaser agree that the cost of purchasing Emission Allowances required for emissions of oxides of nitrogen generated by operation of the plant (the “NOX Emissions Allowances”) from May 1, 2006 through September 30, 2006 (“Ozone Season”) shall be allocated by determining, as soon as practicable after the end of the Ozone Season, the actual total of such emissions by the Facility for which such Emission Allowances are required from May 1, 2006 through the Closing Date, the actual total of such emissions by the Facility for which such NOX Emission Allowances are required from May 1, 2006 through September 30, 2006, and the difference between such totals. The total NOX Emission Allowances required for operation of the Facility during the entire 2006 Ozone Season shall also be determined and shall be referred to in herein as “Total 2006 Ozone Emission Allowances”. In the event that the Total 2006 Ozone Emission Allowances is 136 or lower, Purchaser shall reimburse Seller for 11 NOX Emission Allowances in an amount equal to the cost of such NOX Emission Allowances as of the Closing Date. In the event that the Total 2006 Ozone Emission Allowance is greater than 136 but less than 148, Purchaser shall reimburse Seller in an amount equal to the proportion of the amount of emissions of oxides of nitrogen which were generated by the Facility from the Closing Date through September 30, 2006 compared to the total of such emissions generated by the Facility during the Ozone Season multiplied by the cost of 11 NOX Emission Allowances required for such emissions based on the cost of such NOX Emission Allowances in the open market as of the Closing Date. In the event that ...
Emission Credits. Upon registration of system ownership and until such time that the Operating Lease has run its course, EIC will at all times have and not only be the sole owner of the geo-field installed at or on the premises of the Owner but at all times will also be the sole owner of and have exclusive rights to any Greenhouse Gas, Carbon Dioxide or other pollution related Credits which may or may not be applicable at any time on the site due to the energy efficiency or energy reduction capacity of the geothermal heat pumps exclusively [handwritten initials] sold and provided to the homeowner by EIC. Any updating or improvement to the technology by EIC of the system owned by EIC which results in further conventional energy usage reduction resulting in any further Credits, will be to the sole account of EIC and EIC shall have the unrestricted right of ownership or trade of such Credits resulting form the efficiency of its equipment, system, design and continuing usage at and on the Owner's premises.
Emission Credits. The parties agree that all emission reduction credits attributable to the Project shall become the property of the City, and the City shall make all decisions respecting the disposition of the emission reduction credits consistent with Executive Committee Report EX31.15 "Revised Carbon Credit Policy and Revenue Opportunities" adopted by City Council at its meeting of May 7, 8, 9 and 10, 2013.
Emission Credits. BVA LFG and the County agree that any emission credits that arise BVA collection, treatment or sale of Landfill Gas at the Landfill shall belong proportionally to the party(s) paying for or acquiring said credits as allowed by law.