Termination Payment Prior to Commercial Operation Date. (A) If the termination of this Agreement due to a Seller Event of Default occurs before the Commercial Operation Date, then the Termination Payment shall be owed to Buyer and shall be calculated in accordance with Section 7.3(b)(ii). (B) If termination of this Agreement due to a Buyer Event of Default occurs before the Commercial Operation Date then the Termination Payment shall be owed to Seller and shall equal the sum of the actual, documented and verifiable costs incurred by Seller between the Effective Date and the date of termination in connection with the Project, less the fair market value (determined in a commercially reasonable manner) of (1) the individual assets acquired by Seller for the Project, or (2) the entire Project, 10 Note to Bidder – To be determined on a Project-by-Project basis.
Appears in 3 contracts
Samples: Storage Capacity Agreement, Storage Capacity Agreement, Storage Capacity Agreement
Termination Payment Prior to Commercial Operation Date. (A) If the termination of this Agreement due to a Seller Event of Default occurs before the Commercial Operation Date, then the Termination Payment shall be owed to Buyer and shall be calculated in accordance with Section 7.3(b)(ii).
(B) If termination of this Agreement due to a Buyer Event of Default occurs before the Commercial Operation Date then the Termination Payment shall be owed to Seller and shall equal the sum of the actual, documented and verifiable costs incurred by Seller between the Effective Date and the date of termination in connection with the Project, less the fair market value (determined in a commercially reasonable manner) of
of (1) the individual assets acquired by Seller for the Project, or (2) the entire Project, 10 Note to Bidder – To be determined on a Project-by-whichever is greater, regardless of whether or not any Seller asset or the entire Project basisis actually sold or disposed of.
Appears in 2 contracts
Samples: Storage Capacity Agreement, Storage Capacity Agreement
Termination Payment Prior to Commercial Operation Date. (A) If the termination of this Agreement due to a Seller Event of Default occurs before the Commercial Operation Date, then the Termination Payment shall be owed to Buyer and shall be calculated in accordance with Section 7.3(b)(ii).
(B) If termination of this Agreement due to a Buyer Event of Default occurs before the Commercial Operation Date then the Termination Payment shall be owed to Seller and shall equal the sum of the actual, documented and verifiable costs incurred by Seller between the Effective Date and the date of termination in connection with the Project, less the fair market value (determined in a commercially reasonable manner) of
(1) the individual assets acquired by Seller for the Project, or (2) the entire Project, 10 Note to Bidder – To be determined on a Project-by-Project basis.,
Appears in 2 contracts
Samples: Storage Capacity Agreement, Storage Capacity Agreement
