Common use of Before Reference Date Clause in Contracts

Before Reference Date. If the Put is exercised prior to the Reference Date, then the Put Price shall be equal to: (i) the Put Price that the CTC Members and the Additional Members would have received under Section 9.3(a)(i) and Section 9.3(a)(ii), including the proviso thereto, calculated as if the Put Price were paid on the Reference Date, discounted at the rate of 5% per annum from the Reference Date to the Date of Payment; plus (ii) the amount of any Adjusted Bidding Credits to which the CTC Members and the Additional Members are entitled pursuant to Section 9.6.

Before Reference Date. If the Put is exercised prior to the Reference Date, then the Put Price shall be equal to: (i) the Put Price that the CTC Members and the Additional Members would have received under Section 9.3(a)(i) and Section 9.3(a)(ii), including the proviso thereto, calculated as if the Put Price were paid on the Reference Date, discounted at the rate of 5% per annum from the Reference Date to the Date of Payment; plus (ii) the amount of any Adjusted Bidding Credits to which the CTC Members and the Additional Members are entitled pursuant to Section 9.6.