Common use of Early termination and TOP Charges Clause in Contracts

Early termination and TOP Charges. (a) If ARTC terminates a Train Path Schedule or this agreement (other than under clause 2, clause 12.1 for a breach by ARTC, clause 12.2 due to ARTC ceasing to carry on business or becoming insolvent or clause 12.3 of this agreement), the Access Holder must within one month of termination pay ARTC an amount equal to the present value of the TOP Charges which would have otherwise been payable over the remaining term of each terminated Train Path Schedule as calculated by ARTC. In calculating the present value, ARTC will:

Early termination and TOP Charges. (a) If ARTC terminates a Train Path Schedule or this agreement (other than under clause 2, clause 12.1 for a breach by ARTC, clause 12.2 due to ARTC ceasing to carry on business 2 or becoming insolvent or clause 12.3 of this agreement), the Access Holder must within one month of termination pay ARTC an amount equal to the present value of the TOP Charges which would have otherwise been payable over the remaining term of each terminated Train Path Schedule as calculated by ARTC. In calculating the present value, ARTC will:

Early termination and TOP Charges. (a) If ARTC terminates a Train Path Schedule or this agreement (other than under clause 2, clause 12.1 for a breach by ARTC, clause 12.2 due to ARTC ceasing to carry on business 2 or becoming insolvent or clause 12.3 of this agreement), the Access Holder must within one month of termination pay ARTC an amount equal to the net present value of the TOP Charges applying as at the date of termination for each Train Path Schedule being terminated which would have otherwise been payable over the remaining term of each terminated Train Path Schedule as calculated by ARTC. In calculating the present value, ARTC will: