(a) If one or more Tariff Re-Opener Events occur, either the Company or the Agency may request the Expert Panel for an adjustment to the Tariff ("Tariff Adjustment Request"). The NWRB shall have the right to select the members of the Expert Panel from the pool of independent experts nominated by the Parties in accordance with Section 19.2.2 (Establishment and Operation of Expert Panel).
(b) No Tariff Adjustment Request may be made unless the aggregate impact (positive or negative) on the present value of Company's cash flows, as adjusted for exchange rate fluctuation and inflation, is greater than [•] Pesos (PHP [•]). The Party requesting the Tariff Adjustment Request must submit the necessary information to the Expert Panel to prove the occurrence of a Tariff Re-Opener Event and the change in cash flows.
(c) Upon receipt of a Tariff Adjustment Request, the Expert Panel shall verify the occurrence of the Tariff Re-Opener Event(s) claimed by the requesting Party and its impact on the Company's cashflow. Within [•] Business Days of receiving the Tariff Adjustment Request, the Expert Panel may require the requesting Party to submit additional information in connection with its review.
(d) The Expert Panel shall approve or disapprove the Tariff Adjustment Request within [•] Business days following receipt of the Tariff Adjustment Request or receipt of the additional information requested by the Expert Panel.
(e) The Parties shall amend the Agreement to implement the approved adjustment in the Tariff prospectively until the Termination Date (each such approved tariff adjustment, an "Extraordinary Tariff Adjustment").
The Tariff shall be adjusted every [•] following the formula indicated below:
[•]
where:
[•].