Common use of Additional Payment Amount Clause in Contracts

Additional Payment Amount. (a) The Buyer shall pay the Seller an additional purchase price of $225,000,000 (the "Additional Payment Amount") as adjusted in the manner described below: (i) if the Retail Choice Date (as defined below) occurs after the later of the Closing or January 1, 1999 and prior to January 1, 2000, the Additional Payment Amount shall be reduced by $75,000,000 multiplied by (x) the number of days in the calendar year 1999 before the Retail Choice Date divided by (y) 365; (ii) if the Retail Choice Date occurs on or after January 1, 2000 and prior to January 1, 2003, the Additional Payment Amount shall be reduced by (A) $75,000,000 plus (B) $50,000,000 multiplied by (x) the number of days from January 1, 2000 to the Retail Choice Date divided by (y) 365. (iii) if the Retail Choice Date occurs on or after January 1, 2003, the Additional Payment Amount shall be zero. (b) The "Retail Choice Date" shall be defined as the date on which Retail Access (as defined below) is first available to either (i) customers representing 89% of the 1995 kilowatthour sales of investor-owned utilities in Massachusetts or (ii) customers (including those of Massachusetts Electric Company) representing 50% of the 1995 kilowatthour sales of utilities in New England. "Retail Access" shall mean the ability of retail electric customers to purchase electric power directly from power generators, power marketers, or any other entities at prices not subject to regulation.