Common use of Negotiated Fallback Clause in Contracts

Negotiated Fallback. Each Party shall promptly negotiate in good faith to agree with the other on an Alternative Settlement Price (or a method for determining the Alternative Settlement Price), and, if the Parties have not so agreed on or before the fifth Business Day following the first Calculation Date on which the Market Disruption Event existed, the next applicable Fallback Mechanism shall apply.

Negotiated Fallback. Each Party shall promptly negotiate in good faith to agree with the other on an Alternative Settlement Price (or a method for determining the Alternative Settlement Price), and, if the Parties have not so agreed on or before the fifth (5th) Business Day following the first Calculation Date on which the Market Disruption Event existed, the next applicable Fallback Mechanism shall apply.;

Negotiated Fallback. Each Party shall which means that each party will, promptly upon becoming aware of the Market Disruption Event, negotiate in good faith to agree with the other on an Alternative Settlement Price a relevant price (or a method for determining the Alternative Settlement Pricea relevant price), and, if the Parties parties have not so agreed on or before the fifth Business Day following the first Calculation Date on which date of the Market Disruption Event existedEvent, the next applicable Fallback Mechanism clause (b) below shall apply.