Batched Payments. Buyer may choose to group all invoices that have not been discounted and that have Net Dates ranging from: (i) the sixteenth day of the first month of a calendar quarter to the fifteenth day of the second month of that calendar quarter and initiate payment for such invoices on the third day of the second month of that calendar quarter or if that day is not a business day, then on the next business day; (ii) the sixteenth day of the second month of a calendar quarter to the third day of the third month of that calendar quarter and initiate payment for such invoices on the third day of the third month of that calendar quarter or if that day is not a business day, then on the next business day; and (iii) the fourth day of the third month of a calendar quarter to the fifteenth day of the first month of the next calendar quarter and initiate payment for such invoices on the third day of the first month of that next calendar quarter or if that day is not a business day, then on the next business day with each such monthly payment date referred to as the (“Monthly Batch Payment Date”) with the result that some invoices shall be paid earlier than their Net Dates and some invoices shall be paid later than their Net Dates. Alternatively, Buyer may choose to group all invoices that have not been discounted and that have Net Dates ranging from the fourth day of the second month of a calendar quarter to the third day of the second month of the following calendar quarter and initiate payment for such invoices on the third day of the first month of that following calendar quarter or if that day is not a business day, then on the next business day (each such payment date being referred to as the “Quarterly Batch Payment Date”) with the result that some invoices shall be paid earlier than their Net Dates and some invoices shall be paid later than their Net Dates.
Batched Payments. To the extent permitted by law, Buyer may choose to group all approved invoices that are not paid on their applicable early payment discount dates and all approved invoices that have not been discounted and that have Net Dates ranging from the sixteenth (16th) day of one month to the fifteenth (15th) day of the next month, and initiate payment of all such approved invoices on the 3rd day of the second month (the “Batch Payment Date”), with the result that some approved invoices will be paid earlier than their Net Dates and some approved invoices will be paid later than their Net Dates. If the Batch Payment Date falls on a weekend or holiday, the approved invoice will be paid on the next day that Buyer and the banks used by Buyer are open for business.
