Common use of Accounts Receivable Purchase Price Clause in Contracts

Accounts Receivable Purchase Price. NATIONAL GRID shall pay to ESCO the Accounts Receivable Purchase Price in the manner and at the time set forth in Section 3.4. For each Account Receivable purchased under this Agreement, if the ESCO Charges in respect thereof exceed the face amount of such Account Receivable, such that the Accounts Receivable Purchase Price is less than zero (0), NATIONAL GRID shall have the right to either (i) set off and apply any and all ESCO Charges, payments, or amounts owing to NATIONAL GRID by ESCO under this Agreement to or for the credit on the account of NATIONAL GRID against any and all of the obligations of NATIONAL GRID including but not limited to the Accounts Receivable Purchase Price to any affected sums, deposits, fees and charges under this Agreement, now or hereafter existing under this Agreement, or (ii) require ESCO to pay such ESCO Charges to NATIONAL GRID in full, without any deduction or setoff, within ten days after receipt of NATIONAL GRID’s invoice of any amounts due. NATIONAL GRID may request payments by check, ACH or EFT from ESCO. NATIONAL GRID has the right to impose a continuing late payment penalty each month in the amount of 1.5 % of any unpaid sums previously invoiced and any objections to payment must be made in writing to NATIONAL GRID within 60 days after the date of the subject invoice. ESCO’S FAILURE TO PRESENT AN INVOICE CLAIM WITHIN determines that a refund is owed to ESCO with respect to any purchase of Accounts Receivable hereunder, NATIONAL GRID will either make such refund, or credit ESCO’s account, within 10 days after its determination.

Accounts Receivable Purchase Price. NATIONAL GRID shall pay to ESCO the Accounts Receivable Purchase Price in the manner and at the time set forth in Section 3.4. For each Account Receivable purchased under this Agreement, if the ESCO Charges in respect thereof exceed the face amount of such Account Receivable, such that the Accounts Receivable Purchase Price is less than zero (0), NATIONAL GRID shall have the right to either (i) set off and apply any and all ESCO Charges, payments, or amounts owing to NATIONAL GRID by ESCO under this Agreement to or for the credit on the account of NATIONAL GRID against any and all of the obligations of NATIONAL GRID including but not limited to the Accounts Receivable Purchase Price to any affected sums, deposits, fees and charges under this Agreement, now or hereafter existing under this Agreement, or (ii) require ESCO to pay such ESCO Charges to NATIONAL GRID in full, without any deduction or setoff, within ten days after receipt of NATIONAL GRID’s invoice of any amounts due. NATIONAL GRID may request payments by check, ACH or EFT from ESCO. NATIONAL GRID has the right to impose a continuing late payment penalty each month in the amount of 1.5 % of any unpaid sums previously invoiced and any objections to payment must be made in writing to NATIONAL GRID within 60 days after the date of the subject invoice. ESCO’S FAILURE TO PRESENT AN INVOICE CLAIM WITHIN THIS 60-DAY PERIOD SHALL CONSTITUTE A WAIVER OF ANY CLAIM ESCO MAY HAVE WITH RESPECT TO THE ACCOUNTS RECEIVABLE PURCHASE PRICE SET FORTH IN THE SUBJECT INVOICE. In the event NATIONAL GRID determines that a refund is owed to ESCO with respect to any purchase of Accounts Receivable hereunder, NATIONAL GRID will either make such refund, or credit ESCO’s account, within 10 days after its determination.