Distribution Company Termination Payment definition

Distribution Company Termination Payment means, if Distribution Company is the defaulting Party, (a) prior to the Commercial Operation Date, an amount equal to the Proportionate Share of all costs prudently incurred by Owner as of the termination date in connection with the development and construction of the NECEC Transmission Line, or (b) on or after the Commercial Operation Date, an amount equal to the Proportionate Share multiplied by the Net Book Value of the NECEC Transmission Line. In either of these cases the Distribution Company Termination Payment will be reduced by the present value, discounted at the Discount Rate, of the Proportionate Share of the revenues (after taxes), if any; (i) received or to be received by Owner from HQUS as successor to Distribution Company under this Agreement pursuant to Sections 8.2 and 14.8 of the HQUS TSA, and (ii) to be received by Owner from long term transmission services provided to other third parties on the NECEC Transmission Line during the remaining Term of the Agreement. For the purpose of these calculations, the revenues will be reduced by the operating costs incurred, or projected by Owner in good faith to be incurred, to provide the corresponding services and by the costs and losses incurred or experienced by Owner as a consequence of the Distribution Company’s default. The reductions determined in accordance with clauses (i) and (ii) above will be limited to the amounts determined in accordance with clauses (a) and (b) above, and the reduction described in clause (ii) above will be determined considering only 90% of the revenues to be received. For purposes of calculating the Distribution Company Termination Payment, the denominator in “Proportionate Share” shall be 1,200 MW.
Sample 1Sample 2Sample 3

Examples of Distribution Company Termination Payment in a sentence

  • Owner may not seek recovery under this Section 14.5 if it has been paid the Distribution Company Termination Payment.

Related to Distribution Company Termination Payment

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Termination Payment has the meaning set forth in Section 6.03.

  • Termination Payment Date means the date on which the RECIPIENT is required to repay to ECOLOGY any outstanding balance of the loan and all accrued interest.

  • Distribution Payment Date has the meaning set forth in paragraph 2(b) of Annex I.

  • Termination Payments has the meaning specified in Section 10(a).

  • Lease Termination Payments means all payments received by or on behalf of any Seller with respect to a Lease with respect to any terminations, surrenders, modifications, renewals or amendments of any such Lease.

  • Early Termination Payment is defined in Section 4.3(b) of this Agreement.

  • Swap Termination Payment Upon the designation of an “Early Termination Date” as defined in the Swap Agreement, the payment to be made by the Swap Administrator to the Swap Provider from payments from the Trust Fund, or by the Swap Provider to the Swap Administrator for payment to the Trust Fund, as applicable, pursuant to the terms of the Swap Agreement.

  • Company Termination Fee has the meaning set forth in Section 7.3(a).

  • Series A Distribution Payment Date has the meaning assigned to such term in Section 5.11(b)(i)(A).

  • Delayed contribution payment means an amount paid by an employee for purchase of current service. The amount shall be determined using the same formula in KRS 61.5525, and the payment shall not be picked up by the employer. A delayed contribution payment shall be deposited to the member's account and considered as accumulated contributions of the individual member. In determining payments under this subsection, the formula found in this subsection shall prevail over the one found in KRS 212.434;

  • Termination Compensation means a monthly cash amount equal to one-twelfth ( 1/12th) of the highest amount of the annual cash compensation (including cash bonuses and other cash-based compensation, including for these purposes amounts earned or payable whether or not deferred) received by Executive during any one of the three (3) calendar years immediately preceding the calendar year in which Executive’s Termination Date occurs; provided, that if the cash compensation received by Executive during the Termination Year exceeds the highest amount of the annual cash compensation received by Executive during any one of the immediately preceding three (3) consecutive calendar years, the cash compensation received by Executive during the Termination Year shall be deemed to be Executive’s highest amount of annual cash compensation. In no event shall Executive’s Termination Compensation include equity-based compensation (e.g., income realized as a result of Executive’s exercise of non-qualified stock options or other stock based benefits).

  • Estimated Swap Termination Payment means, with respect to an Early Termination Date, an amount determined by Party A in good faith and in a commercially reasonable manner as the maximum payment that could be owed by Party B to Party A in respect of such Early Termination Date pursuant to Section 6(e) of the ISDA Master Agreement, taking into account then current market conditions.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Termination Benefit means the benefit set forth in Article 7.

  • Benefit Distribution Date means the date upon which all or an objectively determinable portion of a Participant’s vested benefits will become eligible for distribution. Except as otherwise provided in the Plan, a Participant’s Benefit Distribution Date shall be determined based on the earliest to occur of an event or scheduled date set forth in Articles 4 through 9, as applicable.

  • Early Termination Amount means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, these Conditions or the relevant Final Terms;

  • Company Contribution Amount means, for any one Plan Year, the amount determined in accordance with Section 3.5.

  • Compensation Payment means a payment, whether in monetary form or in the form of a benefit or service, by or on behalf of an insurer to a complainant to compensate the complainant for a proven or estimated financial loss incurred as a result of the insurer’s contravention, non-compliance, action, failure to act, or unfair treatment forming the basis of the complaint, where the insurer accepts liability for having caused the loss concerned, but excludes any –

  • Change in Control Benefit means the benefit set forth in Section 4.1 below.

  • Deferred Sales Charge Payment Date means October 10, 2013 and the tenth day of each month thereafter through February 10, 2014.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Post-Termination Period means a period of 12 months (subject to extension as set forth in Section 8(f)) following the effective date of the termination of Executive’s employment.

  • Compensation Accrued at Termination means the following:

  • Lump Sum Payment means, collectively, the lump-sum payments that may be payable to Executive pursuant to the first sentence of Subsection 6(b)(iii) and pursuant to Subsection 6(c)(ii)(B).

  • Agreement Termination Date is defined in Section 7.4.