CREDIT/SETTLEMENT Clause Samples

CREDIT/SETTLEMENT. (A) In consideration of the terms and conditions contained in this Agreement, Customer's payment to WorldCom of --**-- on or before the due date of WorldCom's April 1, 1999 invoice, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, upon execution of this Agreement, WorldCom agrees to give Customer a credit (the "CREDIT") equal to --**-- which the parties agree equals all invoiced and unpaid charges including interest and late fees owed by Customer for Services provided by WorldCom prior to January 1, 1999 (i.e., up through and including the January, 1999 invoice) (the "SETTLEMENT DATE") (including any Services provided to Hebron Communication Corporation or American Electronics Corporation d/b/a Discount Long Distance assertedly through Customer by WorldCom through the Settlement Date. For purposes of this Agreement, such Services shall include without limitation (i) the following WorldCom billing account numbers for Switched Services: --**--; and the following WorldCom billing account numbers for private line services: --**--, and any other accounts for which Customer had payment responsibility under that certain Payment Agreement dated June 1, 1996, and executed by Customer, WorldCom and National Telephone & Communications, Inc., including without limitation, billing account numbers --**--. In addition to the Credit described herein, WorldCom agrees to waive any finance charges up through and including March 31, 1999 (i.e., the April, 1999 invoice). WorldCom acknowledges that the rates charged to Customer from and after November 30, 1998, through the Rate Effective Date described in Section 1 above shall be consistent with the rates provided under the WilMAX Telecommunications Services Agreement dated June 1, 1996 (the "NTC AGREEMENT"), as referenced in that certain Payment Agreement by and between WorldCom, Customer and National Telephone & Communications, Inc. dated June 1, 1996. (B) In consideration hereof, Customer and WorldCom, together with and on behalf of their respective predecessors, successors, parents, subsidiaries, affiliates, assigns, agents, directors, officers, employees and shareholders hereby release the other party and its respective predecessors, successors, parents, subsidiaries, affiliates, assigns, agents, directors, officers, employees and shareholders, from any and all claims, demands, damages, causes of action, debts, obligations, liabilities or controversies of any kind what...