Common use of Tracking Account Clause in Contracts

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.