Energy Settlement Area means the bus or distribution of busses that represents the physical location of Network Load and by which the obligations of the Network Customer to PJM are settled.
Settlement Cycle means the period of Clearance System Business Days following a transaction on the Relevant Exchange in the Underlying, during which period settlement will customarily take place according to the rules of such Relevant Exchange.
Settlement Payment means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement.
settlement system means a system established and operated by the Bank to facilitate the transfer of funds for the discharge of payment and settlement obligations between system participants;
Settlement Unit means each hour in a day divided into hour-long periods starting at 00:00 on such day.