Agenda - 02-17-2009 - 4l - Laserfiche WebLink

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Benefits resulting from the project and to measure and document them in a way that meets both the University's internal carbon reduction objectives and the County's objective to generate economic benefits. E. Adjustments to County Payments 121. General. During the Term of this Agreement, the Parties acknowledge that changes in the renewable energy marketplace and in the regulation of GHG emissions may occur that may affect the compensation paid to the County under this Agreement. Accordingly, pursuant to the terms and conditions hereunder, the Parties agree to make certain adjustments to the County's payments under the following circumstances as set forth in Paragraphs 122-125 hereunder: (a) beginning in 2015 and in each year thereafter during the Term the Agreement, to reflect certain differences that may arise between the Average Allowance Market Prices for such years and the Forecasted Carbon Prices set forth on Exhibit A for such years (the "Emission Allowance Price Adjustment"); (b) to reflect changes in Global Warming Potential that may arise during the Term of the Agreement (the "GWP Adjustment"); and (c) to reflect additional compensation that may result from the University monetizing additional or different Environmental Benefits under this Agreement (the "Adjustment for Other Environmental Benefits"). The Parties shall jointly retain the Carbon Price Consultant, beginning on or about the date that the flare becomes operational, and the Parties shall share equally all fees and expenses payable to the Carbon Price Consultant. 122. Emission Allowance Price Adjustment. The Parties acknowledge that the Flare and Conversion Percentages have been established, in part, based on the Forecasted Carbon Prices set forth on Exhibit A. Any adjustment in the Flare and Conversion Percentages pursuant to this Paragraph shall be based on a comparison of the Average Allowance Market Prices and the Forecasted Carbon Prices performed pursuant to a methodology (the "Emission Allowance 35 {00018638.DOC 24}