Common use of Interest Payments on Cash Clause in Contracts

Interest Payments on Cash. Delivery Date Security or Performance Assurance posted in cash shall earn Simple Interest. Seller shall provide a monthly invoice to SCE that sets forth the calculation of the interest amount due and SCE shall make payment thereof by the later of the third (3rd) Business Day (so long as no Event of Default has occurred and is continuing with respect to Seller): of the first (1st) month after the month to which the invoice relates; or after the day on which such invoice is received. On or after the occurrence of an Event of Default by Seller, SCE shall retain any such interest amount as additional Performance Assurance hereunder for so long as such Event of Default is continuing or the obligations of Seller under this Agreement have not been satisfied.

Interest Payments on Cash. Delivery Date Security or Performance Assurance posted in cash shall earn Simple Interest. Seller shall provide a monthly invoice to SCE that sets forth the calculation of the interest amount due and SCE shall make payment thereof by the later of the third (3rd) Business Day (so long as no Event of Default has occurred and is continuing with respect to Seller): of the first (1st) month after the month to which the invoice relates; or after the day on which such invoice is received. On or after the occurrence of an Event of Default by Seller, SCE shall retain any such interest amount as additional Performance Assurance hereunder for so long as such Event of Default is continuing or the obligations of Seller under this Agreement have not been satisfied.

Interest Payments on Cash. Performance Assurance and Delivery Date Security or Performance Assurance posted in cash shall earn Simple Interest. Seller shall provide a monthly invoice to SCE that sets forth the calculation of the interest amount due and SCE shall make payment thereof by the later of the third (3rd) Business Day (so long as no Event of Default has occurred and is continuing with respect to Seller): of the first (1st) month after the month to which the invoice relates; or after the day on which such invoice is received. On or after the occurrence of an Event of Default by Seller, SCE shall retain any such interest amount as additional Performance Assurance or Delivery Date Security hereunder for so long as such Event of Default is continuing or the obligations of Seller under this Agreement have not been satisfied.