Earned Credit Election if Customer’s election to obtain an Earned Credit is received within 60 calendar days of the date of the Earnings Report to obtain an Earned Credit (as defined below), Customer may elect to obtain a credit in an amount equal to the sum of the Earnings, plus 50% of the Earnings, and if Customer’s election to obtain an Earned Credit is received 61 or more calendar days after the date of the Earnings Report but prior to the third anniversary of the date of the Earnings Report, Customer may elect to obtain a credit in an amount equal to the Earnings (each an “Earned Credit”). Earned Credits will be applied only to fees payable for the SAAS Service, On-Prem Software or SimX Professional Services that have already accrued as of the date of the applicable Earnings Report or within three calendar years after the date of the applicable Earnings Report. SimX will, within five (5) calendar days of receipt of Customer’s election to obtain an Earned Credit, apply the Earned Credit first to any outstanding Customer invoices and then to any invoices submitted within three calendar years after the date of the applicable Earnings Report.
