Common use of Accelerated Payments by Xxxxx Clause in Contracts

Accelerated Payments by Xxxxx. If at any time and from time to time during the term of this Agreement, a Buyer Downgrade Event occurs, notwithstanding the provisions of Article 7 (Billing and Settlement), Seller shall have the right to require Buyer to divide the Monthly Settlement Amount into twice-monthly amounts and pay such amounts on a twice- monthly basis for so long as the Buyer Downgrade Event continues. A “twice-monthly basis” as referred to in the preceding sentence means that each month will be divided into two billing periods. The first twice-monthly billing period shall begin on the first (1st) calendar day of the month and end on the fifteenth (15th) calendar day of the month. The second twice-monthly billing period shall begin on the sixteenth (16th) calendar day of the month and end on the last calendar day of the month. For twice monthly payments, the Monthly Settlement Date will apply to the payment for the second twice-monthly billing period. The settlement date for the first twice-monthly billing period shall be the first Business Day after fourth (4th) calendar day of the month following service. For example, for service from January 1 through January 15, the settlement date would be the first Business Day after the fourth (4th) calendar day of February. Buyer’s failure to make such accelerated payments shall be deemed an Event of Default under Section 12.1 (Events of Default) of the Agreement.

Accelerated Payments by Xxxxx. If at any time and from time to time during the term of this Agreement, a Buyer Downgrade Event occurs, notwithstanding the provisions of Article 7 (Billing and Settlement), Seller shall have the right to require Buyer to divide the Monthly Settlement Amount or Monthly Spot Energy Settlement Amount into twice-monthly amounts and pay such amounts on a twice- twice-monthly basis for so long as the Buyer Downgrade Event continues. A “twice-monthly basis” as referred to in the preceding sentence means that each month will be divided into two billing periods. The first twice-monthly billing period shall begin on the first (1st) calendar day of the month and end on the fifteenth (15th) calendar day of the month. The second twice-monthly billing period shall begin on the sixteenth (16th) calendar day of the month and end on the last calendar day of the month. For twice monthly payments, the Monthly Settlement Date will apply to the payment for the second twice-monthly billing period. The settlement date for the first twice-monthly billing period shall be the first Business Day after fourth (4th) calendar day of the month following service. For example, for service from January 1 through January 15, the settlement date would be the first Business Day after the fourth (4th) calendar day of February. Buyer’s failure to make such accelerated payments shall be deemed an Event of Default under Section 12.1 (Events of Default) of the Agreement.