Total Daily Settlements definition
Total Daily Settlements means for each Renewable Product Group, the Total Daily Renewable Product Settlements, and for Permitted Feedstock, the Total Daily Permitted Feedstock Settlements. “Total Daily Permitted Feedstock Settlements” means the total amount invoiced in a Delivery Month for the Company Interim Tank Permitted Feedstock Payments minus the total amount invoiced in a Delivery Month for the Macquarie Interim Permitted Feedstock Payments pursuant to Section 10.1 of the Supply and Offtake Agreement. o “Macquarie Interim Permitted Feedstock Payment” means the value of the Permitted Feedstock identified in the Macquarie Interim Payment invoice. o “Company Interim Tank Permitted Feedstock Payments” has the meaning specified in and shall be calculated in accordance with Section 10.1(b)(i)(B) in the Supply and Offtake Agreement. “Total Daily Renewable Product Settlements” means for each Renewable Product Group, the total amount invoiced in a Delivery Month for the Company Interim Renewable Product Payment minus the total amount invoiced in a Delivery Month for the for the Macquarie Interim Renewable Product Payment. o “Macquarie Interim Renewable Product Payment” means the value of the relevant Renewable Product Group identified in the Macquarie Interim Payment invoice. o “Company Interim Renewable Product Payment” has the meaning specified in and shall be calculated in accordance with Section 10.1(b)(ii) of the Supply and Offtake Agreement. (c) “Variance True-Up Amount” means the product of the True-Up Volume, multiplied by the Applicable True-Up Index Value on the first Business Day of the next Delivery Month. “True-Up Volume” means the Actual Inventory Change minus the Monthly Variance Volume. “Actual Inventory Change” means the Ending In-Tank Inventory of the then-current Delivery Month minus the Ending In-Tank Inventory of the immediately prior Delivery month. III. Calculation of Transaction Costs “Transaction Costs” means the sum of (i) the Target Inventory Transaction Costs and (ii) the True-Up Volume Transaction Costs. “Target Inventory Transaction Costs” means the product of the absolute value of the Monthly Variance Volume multiplied by $0.063/Barrel. “True-Up Volume Transaction Costs” means the product of the absolute value of the True-Up Volume multiplied by $0.063/Barrel.