Substitution of Indices. To the extent that any of the indices necessary to determine the Gas Price are not available at any time during the Term, the Parties agree, on notice from either Party to the other Party (an "Index Notice") to negotiate promptly and in good faith a mutually satisfactory substitute index. If the Parties cannot agree on a substitute index within thirty (30) days of the date of the Index Notice, Seller and Buyer each in good faith shall prepare a list of up to five (5) substitute indices for the prices of Gas sold and delivered to third parties at the Delivery Point(s), which may be comprised, without limitation, of alternative published reference postings or prices. Each Party shall sort its proposed substitute indices in that Party's priority order, with its most preferred substitute index listed first, and deliver its list to the other Party within forty (40) days of the date of the Index Notice. The first listed index appearing in Buyer's list that also appears in Seller's list shall become the substitute index, effective as of the date the previous index became unavailable (with retroactive adjustment of xxxxxxxx under this Agreement as necessary). If either Party fails to provide a list of its proposed substitute indices within the time herein provided, such Party's preferences shall not be considered, and the first listed index appearing in the other Party's list shall become the substitute index.
Substitution of Indices. In the event that any of the posted indices referenced herein cease to be published, their basis of determination materially changes or new, more appropriate indices are published, the parties may agree to substitute a mutually agreeable index. XXXXXXXX X SYSTEM POWER SUPPLY PERFORMANCE INCENTIVE/DISINCENTIVE Recognizing that incentives for favorable fuel prices, and GENCO generating unit efficiencies are provided as part of this or other agreements, the power supply cost incentive/disincentive shall be based on the actual cost of off-system power purchases, excluding purchases under long-term contracts in effect on the Closing Date, in comparison to an indexed cost as described herein. Each month, an indexed cost of purchased power shall be computed for on-peak and off-peak purchases for each week during the month in the amount equal to the sum of (i) the product of the quantities for each week in the month of on-peak purchases and the corresponding Prices of Spot Electricity - East New York, Weekly Index (on-peak) published weekly in Power Markets Week; (ii) the product of the quantities for each week in the month of off-peak purchases and the corresponding Prices of Spot Electricity - East New York, midpoint of the Weekly Range (off-peak), published weekly in Power Markets Week and (iii) the product of total on-peak and off-peak purchases and a Basis Differential computed for a 12-month period prior to the Commencement Date (the "Target Purchase Cost"). The Basis Differential shall be computed (pound) as the difference between the weighted average per cost MWh of purchase indexed as described above, excluding the Basis Differential component, and the actual cost of purchases per MWh. The parties agree that in the event that any index ceases to be published, or there is a substantial change in the manner in which the index is established, another mutually agreeable index shall be substituted, and/or the Basis/Differential shall be recomputed, as appropriate. For each month, if the Actual Purchase Cost is less than the Target Purchase Cost, the Authority shall pay Energy Manager 33% of the savings. Should the Actual Purchase Cost exceed 101 % of the Target Purchase Cost, Energy Manager shall incur a penalty equal to 33% of such excess cost. In any other event, the Authority shall reimburse Energy Manager for the Actual Purchase Cost with no adjustment for incentive or penalty amounts. The net amount of incentive or penalty will not exceed $2 million on an...
