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Common use of Future Offset Conditions Clause in Contracts

Future Offset Conditions. (a) The parties acknowledge and agree that: (i) the Financial Settlement Offset Amount (required to be paid by the Entity pursuant to this agreement) is in respect of the Impact Area identified in the Authority Offset Condition; and (ii) in the event that a change to the Authority is requested which has the effect of changing the Impact Area, the Administering Agency is not restrained from doing either of the following when the Administering Agency issues a Change Notice: (A) imposing a new Offset Condition to reflect the changed Impact Area; or (B) changing the Authority Offset Condition to reflect the changed Impact Area. (b) If the Administering Agency carries out any of the actions in clause 2.4(a)(ii), the parties acknowledge and agree that clause 5 applies (by virtue of clause 5.1(b)(ii)).

Appears in 2 contracts

Samples: Financial Settlement Offset, Financial Settlement Offset Agreement

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Future Offset Conditions. (a) The parties acknowledge and agree that: (i) the Financial Settlement Agreed Proponent-Driven Offset Amount (required to be paid delivered by the Entity pursuant to this agreement) is in respect of the Impact Area identified in the Authority Offset Condition; and (ii) in the event that a change Change to the Authority is requested and made which has the effect of changing the Impact Area, the Administering Agency is not restrained from doing either of the following when the Administering Agency issues a Change Noticechanges the Authority: (A) imposing a new Offset Condition to reflect the changed Impact Area; or (B) changing the Authority Offset Condition to reflect the changed Impact Area. (biii) If the Administering Agency carries out any of the actions in clause 2.4(a)(ii), the parties acknowledge and agree to amend this agreement so that clause 5 applies (by virtue of clause 5.1(b)(ii))the Agreed Proponent-Driven Offset is amended so that it is for the changed Impact Area.

Appears in 1 contract

Samples: Proponent Driven Offset Agreement

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Future Offset Conditions. (a) The parties acknowledge and agree that: (i) the Financial Settlement Agreed Proponent-Driven Offset Amount (required to be paid delivered by the Entity pursuant to this agreement) is in respect of the Impact Area identified in the Authority Offset Condition; and (ii) in the event that a change Change to the Authority is requested and made which has the effect of changing the Impact Area, the Administering Agency is not restrained from doing either of the following when the Administering Agency issues a Change Noticechanges the Authority: (A) imposing a new Offset Condition to reflect the changed Impact Area; or (B) changing the Authority Offset Condition to reflect the changed Impact Area. (b) If the Administering Agency carries out any of the actions in clause 2.4(a)(ii), the parties acknowledge and agree to amend this agreement so that clause 5 applies (by virtue of clause 5.1(b)(ii))the Agreed Proponent-Driven Offset is amended so that it is for the changed Impact Area.

Appears in 1 contract

Samples: Agreed Delivery Arrangement

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