Definition: The Effective Peering Bandwidth is the maximum amount of traffic that can be safely transported (without packet loss) across peering infrastructure.
The general rule is that the Effective Peering Bandwidth is about 70% of the smallest-sized physical layer capacity in the path to the peer. This rule accounts for framing overhead, some need to burst, and the sinusoidal nature of Internet traffic. So for these sample calculations, we assume that we can maximally use about 7Gbps of the 10Gbps capacity. This assumption seems to resonate with the peering coordinator community.
Effective Peering Bandwidth = 70% * 10Gbps = 7000Mbps
So when modeling using the service, one should not expect to be able to use more than 70% of the peering capacity.