Common use of Market Value Determination Clause in Contracts

Market Value Determination. To ascertain the Market Value as contemplated in Section 3.3.1, the Non-Defaulting Party may consider, among other things, settlement prices of applicable NYMEX power futures contracts, quotations from leading dealers in energy swap contracts, which may include bona fide offers from EESI and its affiliates, and bona fide third party offers (including any rate available for a return to Utility services), all adjusted for the length of the remaining Contract Term and differences in transmission costs and volume. An adjustment will also be made, if appropriate for comparison purposes, such that the price contained in any applicable replacement contract, replacement transaction or other applicable determination reflects the applicable load factors attributable to the Facilities. It is expressly agreed that a Party will not be required to enter into any replacement transaction in order to determine an Early Termination Payment. If the Defaulting Party disagrees with any aspect of the methodology or the calculation of the Early Termination Payment, the issue will be submitted to arbitration in accordance with the Agreement and the resulting Early Termination Payment will be due and payable within five (5) business days after the award.

Market Value Determination. To ascertain the Market Value as contemplated in Section 3.3.1, the Non-Defaulting Party may consider, among other things, settlement prices of applicable NYMEX power futures contracts, quotations from leading dealers in energy swap contracts, which may include bona fide offers from EESI and its affiliates, and bona fide third party offers (including any rate available for a return to Utility services), all adjusted for the length of the remaining Contract Term and differences in transmission costs and volume. An adjustment will also be made, if appropriate for comparison purposes, such that the price contained in any applicable replacement contract, replacement transaction or other applicable determination reflects the applicable load factors attributable to the Facilities. It is expressly agreed that a Party will not be required to enter into any replacement transaction in order to determine an Early Termination Payment. If the Defaulting Party disagrees with any aspect of the methodology determination of Market Value or the calculation of the Early Termination Payment, the issue will be submitted to arbitration in accordance with the Agreement and the resulting Early Termination Payment will be due and payable within five (5) business days after the award.