Common use of Change of Market Structure Clause in Contracts

Change of Market Structure. In the event the CAISO implements changes in the market design such that Seller (due to payment of a nominal fee or at no cost to Seller) becomes exempt from, is reimbursed for or receives any refunds, credits or benefits from the CAISO for congestion charges or losses, whether due to congestion revenue rights, LMP adjustments, market adjustment, invoice adjustments or any other hedging instruments associated with the delivery of Product in accordance with the terms of this Agreement (collectively, any such refunds, credits or benefits are referred to as “Reductions”), then, at Buyer’s option, either (i) Seller shall transfer any such Reductions and their related rights to Buyer; or (ii) Buyer shall reduce payments due to Seller under this Agreement in amounts equal to the Reductions and Seller shall retain the Reductions; provided that Buyer shall be responsible for CAISO charges or losses, and entitled to receive CAISO credits, benefits or reductions related to congestion from and after the CAISO Interconnection Point.

Change of Market Structure. In the event the CAISO implements changes in the market design such that Seller (due to payment of a nominal fee or at no cost to Seller) becomes exempt from, is reimbursed for or receives any refunds, credits or benefits from the CAISO for congestion charges or losses, whether due to congestion revenue rights, LMP Locational Marginal Price (LMP) adjustments, market adjustment, invoice adjustments or any other hedging CAISO market instruments associated with the delivery of Product in accordance with the terms of this Agreement (collectively, any such refunds, credits or benefits are referred to as “Reductions”), then, at Buyer’s option, either (i) Seller shall promptly Notify Buyer of such Reductions and transfer any such Reductions and their related rights to Buyer; or (ii) Buyer shall reduce payments due to Seller under this Agreement in amounts equal to the Reductions and Seller shall retain the Reductions; provided that Buyer shall be responsible for CAISO charges or losses, and entitled to receive CAISO credits, benefits or reductions Reductions related to congestion from and after or losses attributed to the CAISO Interconnection PointLMP.

Change of Market Structure. In the event the CAISO implements changes in the market design such that Seller (due to payment of a nominal fee or at no cost to Seller) becomes exempt from, is reimbursed for or receives any refunds, credits or benefits from the CAISO for congestion charges or losses, whether due to congestion revenue rights, LMP Locational Marginal Price (LMP) adjustments, market adjustment, invoice adjustments or any other hedging CAISO market instruments associated with the delivery of Product in accordance with the terms of this Agreement (collectively, any such refunds, credits or benefits are referred to as “Reductions”), then, at Buyer’s option, either (i) Seller shall promptly notify Buyer of such Reductions and transfer any such Reductions and their related rights to Buyer; or (ii) Buyer shall reduce payments due to Seller under this Agreement in amounts equal to the Reductions and Seller shall retain the Reductions; provided that Buyer shall be responsible for CAISO charges or losses, and entitled to receive CAISO credits, benefits or reductions related to congestion from and after or losses attributed to the CAISO Interconnection PointLMP.