Eligible CRTs definition
Eligible CRTs are CRTs that are: (i) issued by the Reserve to any Avoided Grassland Conversion Project (each as further described in the Grassland Project Protocol) registered with the Reserve, or are Forest CRTs (but only in such circumstances under which the use of Forest CRTs is expressly allowed by the Grassland Project Protocol for this purpose); and (ii) Retired for the sole purpose of compensating the Reversal and not for any other purpose including, without limitation, for the purpose of offsetting the GHG emissions of third parties. Project Owner shall be required to purchase CRTs if Project Owner does not have a sufficient quantity of Eligible CRTs to fulfill Project Owner’s obligations to cause Eligible CRTs to be retired under this Agreement.
Eligible CRTs are CRTs that are: (i) in Project Owner’s account with the Reserve immediately before the CRTs are Retired (as defined below); (ii) issued by the Reserve to any Avoided Grassland Conversion Project (each as further described in the Grassland Project Protocol) registered with the Reserve, or are Forest CRTs (but only in such circumstances under which the use of Forest CRTs is expressly allowed by the Grassland Project Protocol for this purpose); and (iii) Retired for the sole purpose of compensating the Reversal and not for any other purpose including, without limitation, for the purpose of offsetting the GHG emissions of third parties. Project Owner shall be required to purchase CRTs if Project Owner does not have a sufficient quantity of Eligible CRTs to fulfill Project Owner’s obligations to cause Eligible CRTs to be retired under this Agreement.
Eligible CRTs are CRTs that are: (i) in the Forest Owner’s account with the Reserve immediately before the Forest Owner Retires Eligible CRTs, (ii) issued by the Reserve to a Reforestation, Improved Forest Management or Avoided Conversion project (each as further described in the Forest Protocols) registered with the Reserve (regardless of whether such project is located on the Property or properties other than the Property) and (iii) Retired for the sole purpose of compensating the Reversal and not for any other purpose including without limitation offsetting the GHG emissions of third parties. Forest Owner shall be required to purchase CRTs if Forest Owner does not have a sufficient quantity of Eligible CRTs to fulfill the Forest Owner’s obligations to Retire Eligible CRTs under this Agreement. To “Retire” a quantity of CRTs (which quantity is determined by this Agreement and the Forest Protocols) means to transfer a quantity of CRTs into an account, which is designated by the Reserve and dedicated to retiring CRTs, such that after the transfer, the Forest Owner holds no rights to transfer, convey or otherwise control the transferred CRTs. A “Reversal” exists if the Reserve determines that the difference between the Carbon Stocks and the baseline for the Forest Project, which baseline is defined and determined by the Forest Protocols and denominated in metric tonnes of carbon dioxide (“Baseline”), (such difference a “Net Carbon Reduction”) for a given year is less than the Net Carbon Reduction for the year immediately preceding the given year.
Examples of Eligible CRTs in a sentence
In the case of such termination, Project Owner shall Retire Eligible CRTs pursuant to the procedures provided by Section 4(b).
More Definitions of Eligible CRTs
Eligible CRTs are CRTs that are: (i) in Grassland Owner's account with the Reserve immediately before Grassland Owner Retires such CRTs, (ii) issued by the Reserve to any Avoided Conversion project (each as further described in the Grassland Project Protocol) registered with the Reserve, and (iii) Retired for the sole purpose of compensating the Reversal and not for any other purpose including, without limitation, for the purpose of offsetting the GHG emissions of third parties. Grassland Owner shall be required to purchase CRTs if Grassland Owner does not have a sufficient quantity of Eligible CRTs to fulfill Grassland Owner's obligations to Retire Eligible CRTs under this Agreement.
Eligible CRTs are CRTs that are: (i) in Forest Owner's account with the Reserve immediately before Forest Owner Retires such CRTs, (ii) issued by the Reserve to any Reforestation, Improved Forest Management or Avoided Conversion project (each as further described in the Forest Project Protocols) registered with the Reserve, and (iii) Retired for the sole purpose of compensating the Reversal and not for any other purpose including, without limitation, for the purpose of offsetting the GHG emissions of third parties. Forest Owner shall be required to purchase CRTs if Forest Owner does not have 2 [Note: This provision may need to be modified by the Reserve, depending on the nature of the ownership rights of the Forest Owner. See footnote 1. Furthermore, only the property that is subject to this Agreement will be described in Exhibit B.] a sufficient quantity of Eligible CRTs to fulfill Forest Owner's obligations to Retire Eligible CRTs under this Agreement.