Market Settlements Clause Samples

The Market Settlements clause defines the procedures and obligations for finalizing financial transactions related to market activities between parties. It typically outlines how payments, adjustments, and reconciliations are calculated and exchanged based on market prices, volumes, or other relevant data, often referencing specific timeframes or settlement periods. This clause ensures that all parties have a clear understanding of how and when financial settlements will occur, thereby reducing disputes and promoting transparency in market-based transactions.
Market Settlements. Payment for reducing load is based on the actual kWh relief provided plus the adjustment for losses, subject to the Reporting and Compliance provisions below. The minimum duration of a load reduction request is one hour. The magnitude of capacity relief provided by Full Program Option participants shall be the amount determined in accordance with the Reporting and Compliance provisions below. The magnitude of relief provided by Energy Only Option participants, and the magnitude of energy relief provided by Full Program Option participants, may be less than, equal to, or greater than the kW amount declared on the Emergency Registration Form. Compensation will be provided for reductions in energy consumption during emergency events by Full Program Option participants and Energy Only Option participants regardless of whether the participant’s load during the event exceeds its peak load contribution for the applicable Delivery Year. PJMSettlement pays the applicable LMP to the PJM Member that nominates the load. Payment will be equal to the measured energy load reduction adjusted for losses times the applicable LMP. The measured energy load reduction for locations with approved Economic Load Response registrations prior to a Load Management Eventemergency energy settlement submission that have an economic CBL different than the maximum base load as defined in the PJM Manual will use the associated economic CBL to determine the energy load reduction unless the locations on the Emergency Load Response registration are not the same locations as those included on the Economic Load Response registration. If, at the time that a Load Management Event or emergency event is initiated by PJM, an end- use customer is already responding economically (i.e., pursuant to the Economic Load Response rules) and economic CBL is based on Symmetric Additive Adjustment, then the CBL calculated based on the Symmetric Additive Adjustment period prior to the economic event will be used. Locations that do not have an approved Economic Load Response registration prior to a Load Management Event submission of emergency energy settlement by the Curtailment Service Provider will use the Customer Baseline Load as defined in section 3.3A.2 and associated Symmetric Additive Adjustment as defined in section 3.3A.2measured load the hour before the load reduction unless an alternative CBL is approved pursuant to section 3.3A.2.01 as the CBL to determine the energy load reduction. If, however, th...
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Market Settlements. Reimbursement for reducing load is based on the actual kWh relief provided plus the adjustment for losses. The magnitude of relief provided can be less than, equal to, or greater than the kW amount declared on the Emergency Load Response Pilot Program Registration form. PJM pays the higher of the appropriate zonal Locational Marginal Price (LMP) or $500/MWh to the PJM Member that nominates the load. The PJM Member is also assessed a $10 transaction fee per account for each event. During emergency conditions, costs for emergency purchases in excess of the LMP are allocated among PJM members in proportion to their net purchases from the PJM energy market during the hour. Consistent with this pricing methodology, all charges under this pilot program are allocated to purchasers of energy, in proportion to their net purchases from the PJM energy market during the hour. If the Load Response participant is also an ALM customer and ALM is called for concurrent with this program, then payments will be made to the customer according to this program only for the time during which ALM obligations were not in effect. Any response in excess of the contracted ALM amount will be compensated under this program for the entire duration of response. Pilot program charges and credits will appear on the PJM Members monthly ▇▇▇▇, as described in the PJM Manual for Operating Agreement Accounting and the PJM Manual for Billing.
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Related to Market Settlements

  • Loss Settlement In this Condition D., the terms "cost to repair or replace" and "replacement cost" do not include the increased costs incurred to comply with the enforcement of any ordinance or law, except to the extent that coverage for these increased costs is provided in E.11. Ordinance Or Law under Section I – Property Coverages. Covered property losses are settled as follows: 1. Property of the following types: a. Personal property; b. Awnings, carpeting, household appliances, outdoor antennas and outdoor equipment, whether or not attached to buildings; c. Structures that are not buildings; and d. Grave markers, including mausoleums; 2. Buildings covered under Coverage A or B at replacement cost without deduction for depreciation, subject to the following: a. If, at the time of loss, the amount of insurance in this policy on the damaged building is 80% or more of the full replacement cost of the building immediately before the loss, we will pay the cost to repair or replace, without deduction for depreciation, but not more than the least of the following amounts: (1) The limit of liability under this policy that applies to the building; (2) The replacement cost of that part of the building damaged with material of like kind and quality and for like use; or (3) The necessary amount actually spent to repair or replace the damaged building. b. If, at the time of loss, the amount of insurance in this policy on the damaged building is less than 80% of the full replacement cost of the building immediately before the loss, we will pay the greater of the following amounts, but not more than the limit of liability under this policy that applies to the building: (1) The actual cash value of that part of the building damaged; or (2) That proportion of the cost to repair or replace, without deduction for depreciation, that part of the building damaged, which the total amount of insurance in this policy on the damaged building bears to 80% of the replacement cost of the building. c. To determine the amount of insurance required to equal 80% of the full replacement cost of the building immediately before the loss, do not include the value of: (1) Excavations, footings, foundations, piers, or any other structures or devices that support all or part of the building, which are below the undersurface of the lowest basement floor; (2) Those supports described in (1) above which are below the surface of the ground inside the foundation walls, if there is no basement; and (3) Underground flues, pipes, wiring and drains. d. We will pay no more than the actual cash value of the damage until actual repair or replacement is complete. Once actual repair or replacement is complete, we will settle the loss as noted in 2.a. and b. above. However, if the cost to repair or replace the damage is both: (1) Less than 5% of the amount of insurance in this policy on the building; and (2) Less than $2,500;

  • The Settlement Following mediation with a neutral party, a Settlement has been reached. As part of the Settlement, a Qualified Settlement Fund of $39,500,000 will be established to resolve the Class Action. The Net Settlement Amount is $39,500,000 minus any Administrative Expenses (including taxes and tax expenses), Court-approved Attorneys’ Fees and Costs, and Class Representative Compensation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court.

  • Pro rata interest settlement If the Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 23.5 (Procedure for transfer) or any assignment pursuant to Clause 23.6 (Procedure for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period): (a) any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and (b) the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so that, for the avoidance of doubt: (i) when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and (ii) the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 23.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

  • Claims and Settlements Each party shall, within five (5) days after the making of any claim under the Bond, provide UMB Fund Services, Inc. (“UMBFS”) with written notice of the amount and nature of such claim, and UMBFS will provide written notice to all other parties within five (5) days of receipt. Each party shall, within five (5) days of the receipt thereof, provide UMBFS with written notice of the terms of settlement of any claim made under the Bond by such party, and UMBFS will provide written notice to all other parties within five (5) days of receipt. In the event that two or more parties shall agree to settlement with the fidelity company of a claim made under the Bond with respect to a single loss, such parties shall, within five days after settlement, provide UMBFS with written notice of the amounts to be received by each claiming party under Section 4 hereof, and UMBFS will provide written notice to all other parties within five (5) days of receipt. The officer(s) of the respective parties designated as responsible for filing notices required by paragraph (g) of the Rule 17g-1 under the Act shall give and receive any notice required hereby.

  • Borrowing Procedures and Settlements (a) Each Revolving Facility Borrowing or a Borrowing of Other Revolving Loans shall be made by a written request by an Authorized Person delivered to the Administrative Agent (which may be delivered through the Administrative Agent’s electronic platform or portal) and received by the Administrative Agent no later than 1:00 p.m., Local Time, (i) on the Business Day that is the requested funding date in the case of a request for a Swingline Borrowing, (ii) on the Business Day that is one Business Day prior to the requested funding date in the case of a request for an ABR Borrowing, and (iii) on the Business Day that is three Business Days prior to the requested funding date in the case of all other requests, specifying (A) the amount of such Borrowing, and (B) the requested funding date (which shall be a Business Day); provided that the Administrative Agent may, in its sole discretion, elect to accept as timely requests that are received later than 1:00 p.m., Local Time, on the applicable Business Day. All Borrowing requests which are not made on-line via the Administrative Agent’s electronic platform or portal shall be subject to (and unless the Administrative Agent elects otherwise in the exercise of its sole discretion, such Borrowing shall not be made until the completion of) the Administrative Agent’s authentication process (with results satisfactory to the Administrative Agent) prior to the funding of any such requested Loan. Each such Borrowing request shall specify the following information in compliance with Section 2.02: (i) the aggregate amount of the requested Borrowing, which amount shall not result in the Revolving Facility Credit Exposure exceeding the Borrowing Base; (ii) the date of such Borrowing, which shall be a Business Day; (iii) whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; (iv) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and (v) the location and number of the Borrower’s account to which funds are to be disbursed. If no election as to the Type of Revolving Facility Borrowing is specified, then the requested Revolving Facility Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing request in accordance with this Section 2.03(a), the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.