Common use of Replacement Value Clause in Contracts

Replacement Value. The Replacement Value shall be determined by the Non-Defaulting Party or by the Non-Affected Party (or, if there are two Affected Parties, by each Affected Party). It corresponds to the gains of the Party responsible for calculation (expressed as a negative amount) or the loss of the Party responsible for calculation (expressed as a positive amount) resulting for such Party from the termination of the relevant Transaction and, at the sole discretion of the Non-Defaulting Party or the Non-Affected Party (or if there are two Affected Parties, each Affected Party), is based upon: