(a) Each NOX Budget opt-in permit will contain all elements required for a complete NOX Budget opt-in permit application under §97.22.

(b) Each NOX Budget opt-in permit is deemed to incorporate automatically the definitions of terms under §97.2 and, upon recordation by the Administrator under subpart F or G of this part, every allocation, transfer, or deduction of NOX allowances to or from the compliance accounts of each NOX Budget opt-in unit covered by the NOX Budget opt-in permit or the overdraft account of the NOX Budget source where the NOX Budget opt-in unit is located.