Common use of Fee Collection Clause in Contracts

Fee Collection. 1. If SRECTrade is settling the Transaction between Buyer and Seller, as with transactions for EasyREC Users, SRECTrade shall deduct its Fees from the gross purchase price paid for User-Seller’s RECs, and shall remit the net payment to User pursuant to the terms of Section I.C hereof. 2. If SRECTrade is not settling the REC Transaction between Buyer and Seller, each User-Buyer and User-Seller shall pay all Fees due to SRECTrade pursuant to the terms of the Engagement Letter entered into by and between each User and SRECTrade, or per the terms relevant transaction, or as otherwise agreed to by the Parties, as confirmed by an Invoice issued by SRECTrade to User. a. User shall promptly notify SRECTrade when User or an affiliate of User has entered into a fully executed and effective purchase and sale agreement with the counter-party (that is, the party of the second part; specifically, the buyer or seller) of the Transaction. Once SRECTrade receives such notice, SRECTrade shall issue an irrevocable Invoice for all Fees due. i. In the event that certain conditions precedent delay the effectiveness of a purchase and sale agreement from the date of execution, User shall notify SRECTrade of such conditions precedent at the time of execution of the purchase and sale agreement, and the Invoice for all Fees due for that Transaction will not be issued unless and until any and all conditions precedent to the effectiveness of such purchase and sale agreement have been fully satisfied or performed. Upon satisfaction or performance of any and all such conditions precedent, User shall promptly notify SRECTrade, and SRECTrade shall issue an Invoice for its Fees. ii. For purposes of this Section III.B hereof, a “Condition Precedent” must be expressly set forth as a condition precedent to the effectiveness of the purchase and sale agreement, in the purchase and sale agreement for the relevant Transaction. b. User shall deliver payment to SRECTrade within fifteen (15) calendar days of Invoice issuance, pursuant to the invoice, unless otherwise agreed to the by the Parties in writing. c. If a User’s payment method fails or if User’s account is past due, SRECTrade reserves the right to collect Fees owed using other collection methods. This includes charging other payment methods on file with SRECTrade and retaining collection agencies and legal counsel for the collection of outstanding Fees.

Fee Collection. 1. If SRECTrade is settling the Transaction between Buyer and Seller, as with transactions for EasyREC Users, SRECTrade shall deduct its Fees from the gross purchase price paid for User-Seller’s RECs, and shall remit the net payment to User pursuant to the terms of Section I.C I. C. hereof. 2. If SRECTrade is not settling the REC Transaction between Buyer and Seller, each User-Buyer and User-Seller shall pay all Fees due to SRECTrade pursuant to the terms of the Engagement Letter entered into by and between each User and SRECTrade, or per the terms relevant transaction, or as otherwise agreed to by the Parties, as confirmed by an Invoice issued by SRECTrade to User. a. User shall promptly notify SRECTrade when User or an affiliate of User has entered into a fully executed and effective purchase and sale agreement with the counter-party (that is, the party of the second part; specifically, the buyer or seller) of the Transaction. Once SRECTrade receives such notice, SRECTrade shall issue an irrevocable Invoice for all Fees due. i. In the event that certain conditions precedent delay the effectiveness of a purchase and sale agreement from the date of execution, User shall notify SRECTrade of such conditions precedent at the time of execution of the purchase and sale agreement, and the Invoice for all Fees due for that Transaction will not be issued unless and until any and all conditions precedent to the effectiveness of such purchase and sale agreement have been fully satisfied or performed. Upon satisfaction or performance of any and all such conditions precedent, User shall promptly notify SRECTrade, and SRECTrade shall issue an Invoice for its Fees. ii. For purposes of this Section III.B III. B. hereof, a “Condition Precedentcondition precedent” must be expressly set forth as a condition precedent to the effectiveness of the purchase and sale agreement, in the purchase and sale agreement for the relevant Transaction. b. User shall deliver payment to SRECTrade within fifteen (15) calendar days of Invoice issuance, pursuant to the invoice, unless otherwise agreed to the by the Parties in writing. c. If a User’s payment method fails or if User’s account is past due, SRECTrade reserves the right to collect Fees owed using other collection methods. This includes incudes charging other payment methods on file with SRECTrade and retaining collection agencies and legal counsel for the collection of outstanding Fees.