Agenda - 02-03-2009 - 6b - Laserfiche WebLink

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110 in particular as it relates to the University's commitment under the American College and University Presidents Climate Commitment. If such alternative categorization of Environmental Benefits would result in a greater overall value to the University and a greater overall payment to the County than the County would receive if the Environmental Benefits were solely categorized as Carbon Credits,and the University decides in a given month,in its sole discretion,to monetize a portion or all of the Environmental Benefits in a manner other than as Carbon Credits, the University shall pay to the County fifty percent (50%) of the proceeds resulting from such monetization net of any costs the University incurs both in monetizing the Environmental Benefits and replacing Carbon Credits that would otherwise have been generated by the operation of the LFG Project, if any,but for the University's decision to monetize another type of Environmental Benefit. Provided,however, that nothing in this Agreement shall obligate the County to incur all or any portion of any costs that exceed any surplus proceeds resulting from the monetization of any Environmental Benefits. In the event the University generates a surplus in any month, it shall provide an accounting of the surplus revenue thus generated in the Monthly Billing Statement and the monthly payment to the County shall be increased accordingly. A sample calculation is provided in Exhibit G. J.2 4471-Notwithstanding anything contained herein to the contrary, the County shall have the option,exercisable at any time and from time to time upon thirty(30)days'written notice to the University, to purchase Carbon Credits from a third party and to exchange such Carbon Credits,without any additional compensation, for an amount equal to up to fifteen percent(15%) of the Carbon Credits generated by the LFG Project in a given month. The Carbon Credits purchased from a third party for exchange must be eligible carbon offsets under a Cap-and-Trade System enacted under federal legislation in the United States, or in the absence of such a system, {00022477.DOC}