The Default Termination Payment is intended to return to Project Co the value of the Project that the State is taking back, less any Liabilities that Project Co may have to the State.
The value of the Project and the Default Termination Payment can be calculated by:
• the State conducting a competitive retender process to obtain the highest compliant tender price for the Project (where there is a liquid market); or
• an independent expert appointed by the parties (where there is no liquid market, or the State elects not to conduct a competitive retender).