The Option Premium Amount payable by the Option Buyer under an Option Transaction in which the relevant Underlying Transaction is a Futures Transaction equals the Option Premium Price times the Notional Quantity for such Futures Transaction times the Calculation Period for such Futures Transaction.
Congestion Price means the congestion component of the Locational Marginal Price, which is the effect on transmission congestion costs (whether positive or negative) associated with increasing the output of a generation resource or decreasing the consumption by a Demand Resource, based on the effect of increased generation from or consumption by the resource on transmission line loadings, calculated as specified in Operating Agreement, Schedule 1, section 2, and the parallel provisions of Tariff, Attachment K-Appendix, section 2.
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Level in respect of such day.
Life-cycle cost means the expected total cost of ownership during the life of a product, including disposal costs.
Target Price means the estimated amount payable to the Contractor for the performance of the Work under a Cost Plus Fixed Fee (CPFF) Contract.