Variable Settlement definition
Examples of Variable Settlement in a sentence
Seller’s obligations to deliver Product at the Contract Quantity and pay the Variable Settlement at the Payment Quantity shall be reduced proportionately by the amount of reduction in the Project’s NQC and/or EFC, as determined by CAISO or Governmental Authority.
Seller’s obligations to deliver Product at the Contract Quantity and pay the Variable Settlement at the Payment Quantity shall be reduced proportionately by the amount of any Planned Outage, as long as Seller complies with the Planned Outage scheduling obligations as described in Section 6.
After the applicable Showing Month and in accordance with Article Nine, Buyer shall make a Monthly Payment (or “MP”) to Seller for Product as follows: MPm = KPm – VSm where, MPm = Monthly Payment for month m; KPm = Capacity Payment for month m; VSm = Variable Settlement for month m.
The monthly Variable Settlement amount (“Variable Settlement” or “VS”) shall be calculated as follows [section subject to change based on Seller’s bid]: VSm = FQm × ∑ max (ESd, SASd, RASd) where, FQm = Confirmed Quantity for month m; ∑ = the sum from d = 1 to n; n = total number of days in a month; SASd = Spin Ancillary Services Settlement for day d; ESd = Energy Settlement for day d; and RASd = Regulation Ancillary Services Settlement for day d.
If a Cash Surrender Value is applied under any Variable Settlement Option, We will waive the Surrender Charge.
We may also offer other Assumed Interest Rates and other Variable Settlement Options from time to time, which may be available at the time You elect a settlement option.
PROCEEDS The total amount You apply to a Fixed or Variable Settlement Option on the Effective Date of this agreement.
If Seller is unable to deliver Product at the Contract Quantities for any reason, Buyer shall pay Seller for the ratio of (x) the Delivered Quantity to (y) the sum of the Contract Quantities for RA Attributes, Flexible RA Attributes, and Other Capacity Attributes, all as multiplied by (z) the Payment Quantity (“Confirmed Quantity”) as shown in the equation below; and the Variable Settlement will be reduced to reflect the Confirmed Quantity.
CASH SURRENDER VALUE The value payable at full surrender of the Variable Settlement Option will be equal to the commuted value of payments remaining in the guaranteed period, if any.
In the event of litigation to enforce any arbitration award or any other litigation related to this Agreement or the transactions, the prevailing party shall be entitled to recover reasonable attorneys' fees and other costs from the other party.