Common use of Termination Payment After the Commercial Operation Date Clause in Contracts

Termination Payment After the Commercial Operation Date. If the Early Termination Date occurs on or after the Commercial Operation Date, then the Termination Payment shall be calculated in accordance with this Section 10.3(b). If Owner is the Defaulting Party, then the Termination Payment shall be owed to NYSEG and shall be equal to the product of (1) the Total Compensation Amount and (2) the number of Calendar Days remaining in the Delivery Period as of the effective date of termination divided by the total number of Calendar Days in the Delivery Period. If NYSEG is the Defaulting Party, then the Termination Payment, if any, shall be owed to Owner and shall equal the positive difference between the total value of all unpaid Annual Post-Commercial Operation Payments less a reasonable estimate of the net revenue to be derived from use of the Project over the Calendar Days remaining in the Delivery Period. If the result of such calculation is negative, then Owner shall remit payment to NYSEG. The Parties may engage an independent third party to estimate anticipated net revenue from sales from the Project in the NYISO Markets. Any costs incurred in engaging an independent third party will be divided evenly between NYSEG and Owner.

Termination Payment After the Commercial Operation Date. If the Early Termination Date occurs on or after the Commercial Operation Date, then the Termination Payment shall be calculated in accordance with this Section 10.3(b10.03(b). . (i) If Owner is the Defaulting Party, then the Termination Payment shall be owed to NYSEG and shall be equal to the product of (1) the Total Compensation Amount and (2) the number of Calendar Days days remaining in the Delivery Period as of the effective date of termination divided by the total number of Calendar Days days in the Delivery Period. . (ii) If NYSEG is the Defaulting Party, then the Termination Payment, if any, shall be owed to Owner and shall equal the positive difference between the total value of all unpaid Annual Post-Commercial Operation Payments less a reasonable estimate of the net revenue to be derived from use of the Project over the Calendar Days days remaining in the Delivery Period. If the result of such calculation is negative, then Owner shall remit payment to NYSEG. The Parties may engage an independent third party to estimate anticipated net revenue from sales from the Project in the NYISO Markets. Any costs incurred in engaging an independent third party will be divided evenly between NYSEG and Owner.