OFFSET SHARING AGREEMENT Sample Clauses

OFFSET SHARING AGREEMENT. Each of the Purchasers and each of the banks which are parties to the Revolving Credit Agreements shall have executed and delivered an Offset Sharing Agreement, in the form attached hereto as Exhibit H (the "Offset Sharing Agreement"), and the Offset Sharing Agreement shall be in full force and effect.

OFFSET SHARING AGREEMENT. Based on the results of completing the development work under section 2, the Parties will make best efforts to negotiate an Offsets Sharing Agreement by September 30, 2010. a. The Offsets Sharing Agreement will provide to the Parties a share of the total annual reductions from sources, sinks and reservoirs in the Land Use Planning Area that result from the carrying out of the conservation and changes to forest practices in the Land Use Planning Area (“Qualifying Offsets”) for the purpose of allowing the Parties to have such offsets recognized under the chosen programs. b. The Parties acknowledge that some mutually agreed upon portion of the total annual Qualifying Offsets will be reserved and held outside of the Offsets Sharing Agreement in order to account for potential future participation in similar agreements of other First Nations whose territories are within the Land Use Planning Area. c. The Agreement will set out how the total annual share of Qualifying Offsets will be distributed to the Coastal First Nations, less amounts under 3.b., based on the following priorities: i. as first priority, a dedicated amount of each year’s verified Qualifying Offsets, in tonnes, agreed to by the Parties to cover the cost to the Coastal First Nations of implementing, managing and administering the Offset Sharing Agreement; ii. as second priority, a dedicated amount of each year’s verified Qualifying Offsets, in tonnes, to be agreed to by the Parties, to cover the cost to the Coastal First Nations in meeting its obligations under this Reconciliation Protocol after taking into consideration any other revenues also provided under this Reconciliation Protocol {Protocol}; and iii. as third priority, the Parties will each receive 50% of the remaining tonnes of each year’s verified Qualifying Offsets, from the project.