CREDIT MEMORANDUMS. Paragraph 1.1 of Letter Agreement No. 1 to Amendment No. 14 is deleted in its entirety and is replaced with the following quoted text. QUOTE
CREDIT MEMORANDUMS. At any time from time to time with respect to any payment obligation of United under Sections 2.5(d) or Section 3.6 the CPA, and at United’s sole discretion, United shall have the right, but not the obligation, to deliver to Contractor a credit memorandum substantially in the form attached hereto as Exhibit A (each, a “Credit Memorandum”) on or before the due date of such payment obligation under the CPA; provided, however, that, if United has not delivered a Credit Memorandum with respect to any payment obligation under Section 2.5(d) or Section 3.6 of the CPA prior to the due date of such payment obligation under the CPA and United does not pay such obligation in cash on or prior to the due date of such payment obligation under the CPA, then United shall be deemed to have elected to credit the full amount of such payment obligation against the Prepayment Balance Amount. Each Credit Memorandum shall indicate the portion of the applicable payment to be credited against the Prepayment Balance Amount, the remaining amount of the Prepayment Balance Amount and, to the extent United has made an election pursuant to Section 2.2(f) or to the extent the Prepayment Balance Amount is not sufficient to cover such payment in full, the portion of such payment to be paid in cash. Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement is intended to, or shall be interpreted or construed to, limit United’s right to dispute invoiced Prepayments, and, if any invoiced Prepayment that was credited against the Prepayment Balance Amount is subsequently reduced in connection with a dispute under the CPA, then such credit to the Prepayment Balance Amount shall be reversed to the extent of such reduction without any further action by the parties.
CREDIT MEMORANDUMS
