Tracking Account. If the Access Charge rate methodology implemented pursuant to Section 7.1.6 results in Access Charge rates for any Participating TO which are different from those in effect prior to the application of Section 7.1.6, an amount equal to the difference between the new rates and the prior rates shall be
Tracking Account a. The Parties shall record all Changes paid by PREPA according to Section 17.1 (Resource Provider Requirements) in an unfunded tracking account maintained by PREPA (the “Tracking Account”). Resource Provider shall have the right, upon reasonable notice and during business hours, to audit PREPA’s records reflecting the balance in the Tracking Account and to identify and object to any error in such calculations. If the Parties cannot agree on an adjustment to the balance in the Tracking Account within thirty (30) Days of PREPA’s receipt of Resource Provider’s objection, then a Party may refer such matter to dispute resolution by either Party pursuant to Section 21.11 (Dispute Resolution).
b. If the Tracking Account has a balance at the end of the twenty-second (22nd) Agreement Year (“Balance”), then PREPA shall have the right to withhold and retain up to fifty percent (50%) of the amounts due in each Billing Period of the remaining Term. The Parties shall subtract the retained amount from the Balance until the Balance equals zero (0). If any portion of the Balance remains outstanding at the expiration of the Term under Section 2.2 (Initial Term), then PREPA shall have the option to extend the Term up to an additional two (2) Agreement Years as necessary to repay the Balance plus Interest by applying such monthly retention as set forth above. If, at the expiration of the initial Term under Section 2.2 (Initial Term), an undisputed deficit exists in the Tracking Account, then PREPA shall pay Resource Provider an amount sufficient to compensate Resource Provider for such deficit within thirty (30) Days after the expiration of the Term. If a Party terminates this Agreement early pursuant to Article 15 (Termination), and an undisputed balance remains in the Tracking Account (the “Termination Balance”), Resource Provider shall repay such Termination Balance plus Interest to PREPA within thirty (30) Days of the Termination Date. Notwithstanding the foregoing, Resource Provider shall have the option to prepay all or any portion of the Balance or the anticipated Termination Balance, if applicable, at any time or from time to time.
c. The Parties agree that PREPA shall have the right to an annual audit of payments or credits for Changes as a result of a Post-Agreement Date Tax or a Post-Agreement Date Environmental Cost and to adjust such payments if necessary, as a result of the findings of such audit. Both Parties shall have the right to participate in such audit.
Tracking Account. A notional account and not a physical deposit account (the “Tracking Account”) will be maintained by the Calculation Agent and used for the purposes set forth below. A positive Tracking Account balance indicates that amounts in the Tracking Account are owed by CSEL to Noble. A negative Tracking Account balance indicates that amounts (in absolute value terms) in the Tracking Account are owed by Noble to CSEL. Either Party may, in its sole discretion, make payments to the other Party in excess of those required herein. Such payments shall, on a dollar-for-dollar basis, decrease (if payment is made by CSEL to Noble), or increase (if payment is made by Noble to CSEL), the Tracking Account balance immediately upon either Party’s receipt of such payment. The Calculation Agent shall maintain and make all calculations and adjustments relating to the notional value of the Tracking Account balance.
Tracking Account. A notional account and not a physical deposit account (the “Tracking Account”) will be maintained by the Calculation Agent and used for the purposes set forth below. A positive Tracking Account balance indicates that amounts in the Tracking Account are owed by Party A to Noble. A negative Tracking Account balance indicates that amounts (in absolute value terms) in the Tracking Account are owed by Noble to Party A. Either Party may, in its sole discretion, make payments to the other Party in excess of those required herein for the purpose of adjusting the Tracking Account. Such payments shall, on a dollar-for-dollar basis, decrease (if payment is made by Party A to Noble), or increase (if payment is made by Noble to Party A), the Tracking Account balance immediately upon either Party’s receipt of such payment. The Calculation Agent shall maintain and make all calculations and adjustments relating to the notional value of the Tracking Account balance. If COD occurs more than one month prior to the Effective Date set forth above, then at the request of Party B, Party A shall enter into an amendment to this Confirmation drafted by Party A and otherwise reasonably satisfactory to Party A to change the Effective Date to the first day of the month following the month during which COD occurs with the fixed price for the added Calculation Period(s) to be reflective of market at the time of the amendment, as mutually agreed between the Parties.
Tracking Account. (a) A tracking account (the "Tracking Account") shall be maintained by Genco to track, for each Day: (i) the actual amount of Natural Gas required to produce the Net Electrical Output when the Merchant Project is dispatched at or above the Minimum Load and delivered by Genco for that Day and (ii) the amount of Natural Gas required to produce the Net Electrical Output when the Merchant Project is dispatched at or above the Minimum Load and delivered by Genco for that Day based on the Expected Heat Rate. If the actual amount of Natural Gas required to produce the Net Electrical Output for such Day varies from the amount of Natural Gas which would be required to produce such Net Electrical Output based on the Expected Heat Rate (using the Expected Heat Rate value associated with the dispatch level), then a balance shall accrue in the Tracking Account for such Day in the following manner:
(i) If the actual amount of Natural Gas required to produce such Net Electrical Output on such Day is greater than the amount which would be required based on the Expected Heat Rate (using the Expected Heat Rate value associated with the dispatch level), then a positive amount equal to the differential Natural Gas (expressed in cubic meters and adjusted for the Reference Conditions), multiplied by the Delivered Cost of Natural Gas, for such Day, shall accrue to the Tracking Account for such Day.
(ii) If the actual amount of Natural Gas required to produce such Net Electrical Output on such Day is less than the amount which would be required based on the Expected Heat Rate (using the Expected Heat Rate value associated with the dispatch level), then a negative amount equal to the differential Natural Gas (expressed in cubic meters and adjusted for the Reference Conditions), multiplied by the Delivered Cost of Natural Gas for such Day, shall accrue to the Tracking Account for such Day.
(b) At the end of each Calculation Period, the Tracking Account shall be cleared and (i) if the Tracking Account balance is positive, Genco shall contribute such amount to the Consortium, whereas (ii) if the Tracking Account balance is negative, the Consortium shall distribute such amount to Genco. The Parties hereby agree that any amount contemplated under this Section 13.02(b) shall be set-off against any amounts otherwise distributed in accordance with Article VI.
(c) There shall be no tracking account adjustment for the Natural Gas consumed during any compression process, start-up, no load op...
Tracking Account. If the Access Charge rate methodology implemented pursuant to Section 7.1.6 results in Access Charge rates for any Participating TO which are different from those in effect prior to the application of Section 7.1.6, an amount equal to the difference between the new rates and the prior rates shall be recorded in a tracking account. The balance of that tracking account will be recovered from customers and paid to the appropriate Participating TO after termination of the cost recovery plan set forth in Section 368 of California Public Utilities Code (as added by AB 1890). The recovery and payments shall be based on an amortization period not exceeding three years in the case of electric
Tracking Account. (a) Seller shall maintain an account (the "TRACKING ACCOUNT"), as provided in this Section 4.4. As of the Effective Date, the balance of the Tracking Account shall be an amount equal to the sum of (i) four hundred and eight million, seven hundred and fifty-nine thousand, nine hundred and sixteen dollars and seventy-one cents ($408,759,916.71) (which represents the agreed balance of the Tracking Account as of May 31, 2001) and (ii) the net change in the Tracking Account for the period from and including June 1, 2001 and ending on the Effective Date, determined pursuant to Section 4.4 of the Agreement as it existed immediately prior to the Tenth Amendment. Within thirty (30) days after the Effective Date, Seller shall provide Buyer with Seller's calculation of the Effective Date balance of the Tracking Account, together with supporting documentation therefor. If Buyer and Seller are unable to agree on the Effective Date balance of the Tracking Account within twenty (20) days of receipt by Buyer of Seller's calculation, the Effective Date balance of the Tracking Account shall be determined by a nationally recognized independent accounting firm mutually acceptable to the parties, the fees of which shall be shared equally between Buyer and Seller. Seller and Buyer agree that the Effective Date balance of the Tracking Account as finally determined hereunder (the "OUTSTANDING BALANCE") shall be deemed to be a loan by Seller to Buyer in a principal amount equal to the Outstanding Balance (the "TRACKING ACCOUNT LOAN"). Notwithstanding any limitations on recourse in any Project Document to the contrary, but subject to all terms and conditions of subordination (including with respect to the Collateral) set forth in the Intercreditor Agreement, Buyer hereby waives any such limitations on recourse applicable to it with respect to its obligations hereunder, and agrees that it shall be personally liable (on a recourse basis) for the repayment of the Tracking Account Loan and any accrued and unpaid interest thereon pursuant to this Agreement. Repayment of the Tracking Account Loan shall be made in accordance with this Section 4.4.
(b) [Reserved].
(c) Interest shall accrue on the unpaid balance of the Tracking Account Loan for the period commencing on the Effective Date until the Tracking Account Loan shall have been paid in full, at the Interest Rate, calculated on the basis of the actual number of Days elapsed divided by 365. From the Effective Date to but excluding June...
Tracking Account. Except as expressly provided herein, for each Monthly Billing Period commencing on June 1, 2000, Seller or Purchaser, as applicable, shall make to the other Party a payment in an amount equal to the balance of the Tracking Account, as set out in Section 12.1.
Tracking Account. Promptly following the Effective Date, the Company shall create and maintain a funding tracking account (the “Tracking Account”) for each of the Shareholders. The initial amounts to be recorded in the Tracking Account of each of Invecture and DZHC shall be equal to the Initial Contribution of each Shareholder deemed pursuant to Section 5.1. For greater certainty, the Tracking Accounts are intended to track the actual and deemed capital contributions of the Shareholders for determining each Shareholder’s Proportionate Share and is separate from the capital of the Company for LGSM purposes. In addition to the Initial Contributions, each Shareholder’s Tracking Account shall be credited with any further capital contributions made by such Party as set out in this Section 5.2, including once paid to the Company, the Initial Working Capital (as defined in the Earn-in Right Agreement.
