Common use of PRICE REVISIONS FOR BIODIESEL Clause in Contracts

PRICE REVISIONS FOR BIODIESEL. The price revision procedure for 1D to be used for winter mixes with B5 BioDiesel, B10 BioDiesel and B20 BioDiesel shall be the same as described above in “Price Revisions” and “NOTE”. The price revision procedure for B5, B10 and B20 BioDiesel will be as follows: The B5 BioDiesel pricing shall be based on 95% of the low-sulfur diesel average as described above plus 5% of the soybean oil price based on the price of soybean oil per pound as shown in The Wall Street Journal's “Cash Prices - Fats and Oils” for each Thursday's Posted Prices, using a multiplier of 7.6465 to convert to gallons. The B10 BioDiesel pricing shall be based on 90% of the low-sulfur diesel average as described above plus 10% of the soybean oil price based on the price of soybean oil per pound as shown in the Wall Street Journal’s “Cash Prices –Fats and Oils” for each Thursday’s Posted Prices, using a multiplier of 7.6465 to convert to gallons. The B20 BioDiesel pricing shall be based on 80% of the low-sulfur diesel average as described above plus 20% of the soybean oil price based on the price of soybean oil per pound as shown in The Wall Street Journal's “Cash Prices - Fats and Oils” for each Thursday's Posted Prices, using a multiplier of 7.6465 to convert to gallons. NYS Procurement will compute any price revisions by determining the difference between the combined posted prices on Thursday, March 14, 2013 and the combined posted prices on every Thursday during the Contract period beginning with the publication of August 15, 2013. Applicable price changes will be effective as of the start of business on the following Friday. If the prices are not posted on Thursday, the previous business day on which the specified prices are posted will be utilized. The following is an example of B5, B10, and B20 BioDiesel Price Revisions utilizing pricing from the Albany OPIS Posting Location. Price revisions will actually be based on the OPIS Posting Location designated in Attachment 1 – Price Pages. B5: The average posted price for Albany on Thursday, March 14, 2013 for soy bean oil is $.4790/lb. Using the multiplier of 7.6465, the adjusted price per gallon is $3.6626 for soybean oil. Five percent (5%) of that figure ($.1831) plus 95% of the 2D base of $3.1530 ($2.9954) yields a March 14, 2013 base price for B5 fuel of $3.1785/gal. In order to arrive at the adjustment for B5 fuel for a future week, subtract the current base price for Thursday March 14, 2013 ($3.1785/gal) from the current week’s combined average weighted price (for example $3.2084/gal.), which yields a price change of +$.0300/gal. for B5 Biodiesel. B10: The average posted price for Albany on Thursday, March 14, 2013 for soy bean oil is $.4790/lb. Using the multiplier of 7.6465, the adjusted price per gallon is $3.6626 for soybean oil. Ten percent (10%) of that figure ($.3663) plus 90% of the 2D base of $3.1530 ($2.8377) yields a March 14, 2013 base price for B10 fuel of $3.2040/gal. In order to arrive at the adjustment for B10 fuel for a future week, subtract the current base price for Thursday March 14, 2013 ($3.2040/gal) from the current week’s combined average weighted price (for example $3.2084/gal.), which yields a price change of +$.0044/gal. for B10 Biodiesel. B20: The average posted price for Albany on Thursday, March 14, 2013 for soy bean oil is $.4790/lb. Using the multiplier of 7.6465, the adjusted price per gallon is $3.6626 for soybean oil. Twenty percent (20%) of that figure ($.7325) plus 80% of the 2D base of $3.1530 ($2.5224) yields a March 14, 2013 base price for B20 fuel of $3.2549/gal. In order to arrive at the adjustment for B20 fuel for a future week, subtract the current base price for Thursday March 14, 2013 ($3.2549/gal) from the current week’s combined average weighted price (for example $3.2084/gal.), which yields a price change of -$.0465/gal. for B20 Biodiesel. All other terms and conditions stated above in "Price Revisions" and "NOTE" will apply to BioDiesel also.

PRICE REVISIONS FOR BIODIESEL. The price revision procedure for 1D to be used for winter mixes with B5 BioDiesel, B10 BioDiesel and B20 BioDiesel shall be the same as described above in “Price Revisions” and “NOTE”. The price revision procedure for B5, B10 and B20 BioDiesel will be as follows: The B5 BioDiesel pricing shall be based on 95% of the low-sulfur diesel average as described above plus 5% of the soybean oil price based on the price of soybean oil per pound as shown in The Wall Street Journal's “Cash Prices - Fats and Oils” for each Thursday's Posted Prices, using a multiplier of 7.6465 to convert to gallons. The B10 BioDiesel pricing shall be based on 90% of the low-sulfur diesel average as described above plus 10% of the soybean oil price based on the price of soybean oil per pound as shown in the Wall Street Journal’s “Cash Prices –Fats and Oils” for each Thursday’s Posted Prices, using a multiplier of 7.6465 to convert to gallons. The B20 BioDiesel pricing shall be based on 80% of the low-sulfur diesel average as described above plus 20% of the soybean oil price based on the price of soybean oil per pound as shown in The Wall Street Journal's “Cash Prices - Fats and Oils” for each Thursday's Posted Prices, using a multiplier of 7.6465 to convert to gallons. NYS Procurement will compute any price revisions by determining the difference between the combined posted prices on Thursday, March 1413, 2013 2014 and the combined posted prices on every Thursday during the Contract period beginning with the publication of August 15, 2013period. Applicable price changes will be effective as of the start of business on the following Friday. If the prices are not posted on Thursday, the previous business day on which the specified prices are posted will be utilized. The following is an example of B5, B10, and B20 BioDiesel Price Revisions utilizing pricing from the Albany OPIS Posting Location. Price revisions will actually be based on the OPIS Posting Location designated in Attachment 1 – Price Pages. B5: The average posted price for Albany on Thursday, March 1413, 2013 2014 for soy bean oil is $.4790...4250/lb. Using the multiplier of 7.6465, the adjusted price per gallon is $3.6626 3.2345 for soybean oil. Five percent (5%) of that figure ($.1831.1617) plus 95% of the 2D base of $3.1530 ($2.9954) yields a March 14, 2013 2014 base price for B5 fuel of $3.17853.1970/gal ($3.0372) yields a March 13, 2014 base price for B5 of $3.1989/gal. . In order to arrive at the adjustment for B5 fuel for a future week, ,subtract the current base price for Thursday March 14, 2013 2014 ($3.17853.1989/gal) from the current week’s combined average weighted price (for example $3.20843.2289/gal.), which yields a price change of +$.0300/gal. for B5 Biodiesel. B10: The average posted price for Albany on Thursday, March 1413, 2013 2014 for soy bean oil is $.4790.4230/lb. Using the multiplier of 7.6465, the adjusted price per gallon is $3.6626 3.2345 for soybean oil. Ten percent (10%) of that figure ($.3663.32351) plus 90% of the 2D base of $3.1530 3.1970 ($2.83772.8773) yields a March 1413, 2013 2014 base price for B10 fuel of $3.20403.2008/gal. In order to arrive at the adjustment for B10 fuel for a future week, subtract the current base price for Thursday March 14, 2013 2014 ($3.20403.2008/gal) from the current week’s combined average weighted price (for example $3.20843.2289/gal.), which yields a price change of +$.0044.0281/gal. for B10 Biodiesel. B20: The average posted price for Albany on Thursday, March 1413, 2013 2014 for soy bean oil is $.4790.4230/lb. Using the multiplier of 7.6465, the adjusted price per gallon is $3.6626 3.2345 for soybean oil. Twenty percent (20%) of that figure ($.7325.6469) plus 80% of the 2D base of $3.1530 3.1970 ($2.52242.5576) yields a March 1413, 2013 2014 base price for B20 fuel of $3.25493.2045/gal. In order to arrive at the adjustment for B20 fuel for a future week, subtract the current base price for Thursday March 1413, 2013 2014 ($3.25493.2045/gal) from the current week’s combined average weighted price (for example $3.20843.2289/gal.), which yields a price change of -$.0465/gal-$.0244gal. for B20 Biodiesel. All other terms and conditions stated above in "Price Revisions" and "NOTE" will apply to BioDiesel also.

PRICE REVISIONS FOR BIODIESEL. The price revision procedure for 1D to be used for winter mixes with B5 BioDieselBiodiesel, B10 BioDiesel Biodiesel and B20 BioDiesel Biodiesel shall be the same as described above in “Price Revisions” and “NOTE”. The price revision procedure for B5, B10 and B20 BioDiesel Biodiesel will be as follows: The B5 BioDiesel Biodiesel pricing shall be based on 95% of the low-low posted price for low sulfur diesel average (as described above above) plus 5% of the soybean oil price based on the price of soybean oil per pound as shown in The Wall Street Journal's “Cash Prices - Fats and Oils” for each Thursday's Posted Prices, which is Wednesday’s cash price, using a multiplier of 7.6465 to convert to gallons. The B10 BioDiesel Biodiesel pricing shall be based on 90% of the low-low posted price for low sulfur diesel average (as described above above) plus 10% of the soybean oil price based on the price of soybean oil per pound as shown in the Wall Street Journal’s “Cash Prices –Fats and Oils” for each Thursday’s Posted Prices, which is Wednesday’s cash price, using a multiplier of 7.6465 to convert to gallons. The B20 BioDiesel Biodiesel pricing shall be based on 80% of the low-low posted price for low sulfur diesel average (as described above above) plus 20% of the soybean oil price based on the price of soybean oil per pound as shown in The Wall Street Journal's “Cash Prices - Fats and Oils” for each Thursday's ’s Posted Prices, which is Wednesday’s cash price, using a multiplier of 7.6465 to convert to gallons. NYS Procurement Services will compute any price revisions by determining the difference between the combined posted prices on Thursday, March 14July 30, 2013 2020 and the combined posted prices on every Thursday during the Contract period period, beginning with the publication of August 15, 2013OPIS Oil Price Daily on the Thursday immediately preceding the contract start date. Applicable price changes will be effective as of the start of business on the following Friday. If the prices are not posted on Thursday, the previous business day on which the specified prices are posted will be utilized. The following is an example of B5, B10, and B20 BioDiesel Biodiesel Price Revisions utilizing pricing from the Albany OPIS Posting Location. Price revisions All values will actually be based on truncated to four (4) decimal places (dollars per gallon) prior to every operation in calculating the OPIS Posting Location designated in Attachment 1 – Price Pagesfinal result. B5: The average posted price for Albany on Thursdayfinal result will also be truncated, March 14if necessary, 2013 for soy bean oil is $.4790/lb. Using the multiplier of 7.6465, the adjusted price per gallon is $3.6626 for soybean oil. Five percent to four (5%4) of that figure ($.1831) plus 95% of the 2D base of $3.1530 ($2.9954) yields a March 14, 2013 base price for B5 fuel of $3.1785/gal. In order to arrive at the adjustment for B5 fuel for a future week, subtract the current base price for Thursday March 14, 2013 ($3.1785/gal) from the current week’s combined average weighted price (for example $3.2084/galdecimal places.), which yields a price change of +$.0300/gal. for B5 Biodiesel. B10: The average posted price for Albany on Thursday, March 14, 2013 for soy bean oil is $.4790/lb. Using the multiplier of 7.6465, the adjusted price per gallon is $3.6626 for soybean oil. Ten percent (10%) of that figure ($.3663) plus 90% of the 2D base of $3.1530 ($2.8377) yields a March 14, 2013 base price for B10 fuel of $3.2040/gal. In order to arrive at the adjustment for B10 fuel for a future week, subtract the current base price for Thursday March 14, 2013 ($3.2040/gal) from the current week’s combined average weighted price (for example $3.2084/gal.), which yields a price change of +$.0044/gal. for B10 Biodiesel. B20: The average posted price for Albany on Thursday, March 14, 2013 for soy bean oil is $.4790/lb. Using the multiplier of 7.6465, the adjusted price per gallon is $3.6626 for soybean oil. Twenty percent (20%) of that figure ($.7325) plus 80% of the 2D base of $3.1530 ($2.5224) yields a March 14, 2013 base price for B20 fuel of $3.2549/gal. In order to arrive at the adjustment for B20 fuel for a future week, subtract the current base price for Thursday March 14, 2013 ($3.2549/gal) from the current week’s combined average weighted price (for example $3.2084/gal.), which yields a price change of -$.0465/gal. for B20 Biodiesel. All other terms and conditions stated above in "Price Revisions" and "NOTE" will apply to BioDiesel also.