Common use of INTEREST PAYMENTS ON STIPULATED AMOUNT Clause in Contracts

INTEREST PAYMENTS ON STIPULATED AMOUNT. Commencing on the date which is three business days from the date of execution of this Agreement by the Parties (such date, the "Initial Interest Payment Date" and such initial interest payment, the "Initial Interest Payment") and on the first day of each month thereafter prior to the Final Payment Date, as defined in Section 3.2.4 below, EDISON shall make a payment to SELLER of simple interest on the outstanding balance of the Stipulated Amount calculated at a rate of seven (7) % per annum; provided, however, that if the date of execution of this Agreement occurs within five (5) days of the end of a month, then the Initial Interest Payment Date shall be the first day of the following month. As to unpaid sums for power deliveries included in the Stipulated Amount, interest at such annual rate shall run from the date on which the unpaid sum for a particular monthly delivery first were to have been mailed by EDISON to SELLER under the Contract until such interest is paid on the Initial Interest Payment Date. For offsets against such unpaid sums included in the Stipulated Amount, simple interest at the same seven (7) % annual rate shall run from the date on which each amount that EDISON is entitled to offset first became due from SELLER to EDISON. Interest owed to SELLER and interest owed to EDISON pursuant to the foregoing calculations will be netted to determine the actual amount owing to SELLER on the Initial Interest Payment Date. For illustration purposes, Exhibit 3.2.2 to this Agreement sets forth the amount of the Initial Interest Payment that EDISON would make to SELLER assuming that the Initial Interest Payment Date occurred on June 18, 2001. Thereafter, interest payable monthly to SELLER under this Section 3.2.2 shall be calculated based on the remaining unpaid balance of the Stipulated Amount, as adjusted from time-to-time to reflect any partial payments of the Stipulated Amount by EDISON. EDISON's obligation under this Agreement to make such interest payments shall terminate at the end of the Standstill Period, as defined in Section 3.3.1, regardless of the nature of the event that causes the end of the Standstill Period. Nothing in this Agreement shall prejudice any position either Party may take in the future concerning the appropriateness of Edison asserting a right to make later adjustments to the Stipulated Amount based on a common law right of offset, setoff or recoupment with respect to claims against SELLER, if any, that would not be barred by the mutual release set forth in Section 3.6.

INTEREST PAYMENTS ON STIPULATED AMOUNT. Commencing on the date which is three business days from the date of execution of this Agreement by the Parties (such date, the "Initial Interest Payment Date" and such initial interest payment, the "Initial Interest Payment") and on the first day of each month thereafter prior to the Final Payment Date, as defined in Section 3.2.4 below, EDISON shall make a payment to SELLER of simple interest on the outstanding balance of the Stipulated Amount calculated at a rate of seven (7) % per annum; provided, however, that if the date of execution of this Agreement occurs within five (5) days of the end of a month, then the Initial Interest Payment Date shall be the first day of the following month. As to unpaid sums for power deliveries included in the Stipulated Amount, interest at such annual rate shall run from the date on which the unpaid sum for a particular monthly delivery first were to have been mailed by EDISON to SELLER under the Contract until such interest is paid on the Initial Interest Payment Date. For offsets against such unpaid sums included in the Stipulated Amount, simple interest at the same seven (7) % annual rate shall run from the date on which each amount that EDISON is entitled to offset first became due from SELLER to EDISON. Interest owed to SELLER and interest owed to EDISON pursuant to the foregoing calculations will be netted to determine the actual amount owing to SELLER on the Initial Interest Payment Date. For illustration purposes, Exhibit 3.2.2 to this Agreement sets forth the amount of the Initial Interest Payment that EDISON would make to SELLER assuming that the Initial Interest Payment Date occurred on June 18, 2001. Thereafter, interest payable monthly to SELLER under this Section 3.2.2 shall be calculated based on the remaining unpaid balance of the Stipulated Amount, as adjusted from time-to-time to reflect any partial payments of the Stipulated Amount by EDISON, and as further adjusted from time-to-time to reflect any additional amounts owed by SELLER to EDISON. EDISON's obligation under this Agreement to make such interest payments shall terminate at the end of the Standstill Period, as defined in Section 3.3.1, regardless of the nature of the event that causes the end of the Standstill Period. Nothing in this Agreement shall prejudice any position either Party may take in the future concerning the appropriateness of Edison asserting a right to make later adjustments to the Stipulated Amount based on a common law right of offset, setoff or recoupment with respect to claims against SELLER, if any, that would not be barred by the mutual release set forth in Section 3.6.

INTEREST PAYMENTS ON STIPULATED AMOUNT. Commencing on the date which is three business days from the date of execution of this Agreement by the Parties (such date, the "Initial Interest Payment Date" and such initial interest payment, the "Initial Interest Payment") and on the first day of each month thereafter prior to the Final Payment Date, as defined in Section 3.2.4 below, EDISON shall make a payment to SELLER of simple interest on the outstanding balance of the Stipulated Amount calculated at a rate of seven (7) % per annum; provided, however, that if the date of execution of this Agreement occurs within five (5) days of the end of a month, then the Initial Interest Payment Date shall be the first day of the following month. As to unpaid sums for power deliveries included in the Stipulated Amount, interest at such annual rate shall run from the date on which the unpaid sum for a particular monthly delivery first were to have been mailed by EDISON to SELLER under the Contract until such interest is paid on the Initial Interest Payment Date. For offsets against such unpaid sums included in the Stipulated Amount, simple interest at the same seven (7) % annual rate shall run from the date on which each amount that EDISON is entitled to offset first became due from SELLER to EDISON. Interest owed to SELLER and interest owed to EDISON pursuant to the foregoing calculations will be netted to determine the actual amount owing to SELLER on the Initial Interest Payment Date. For illustration purposes, Exhibit 3.2.2 to this Agreement sets forth the amount of the Initial Interest Payment that EDISON would make to SELLER assuming that the Initial Interest Payment Date occurred on June 18, 2001. Thereafter, interest payable monthly to SELLER under this Section 3.2.2 shall be calculated based on the remaining unpaid balance of the Stipulated Amount, as adjusted from time-to-time to reflect any partial payments of the Stipulated Amount by EDISON. EDISON's obligation under this Agreement to make such interest payments shall terminate at the end of the Standstill Period, as defined in Section 3.3.1, regardless of the nature of the event that causes the end of the Standstill Period. Nothing in this Agreement shall prejudice any position either Party may take in the future concerning the appropriateness of Edison asserting a right to make later adjustments to the Stipulated Amount based on a common law right of offset, setoff or recoupment with respect to claims against SELLER, if any, that would not be barred by the mutual release set forth in Section 3.6.

INTEREST PAYMENTS ON STIPULATED AMOUNT. Commencing on the date which is three business days from the date of execution of this Agreement by the Parties (such date, the "Initial Interest Payment Date" and such initial interest payment, the "Initial Interest Payment") and on the first day of each month thereafter prior to the Final Payment Date, as defined in Section 3.2.4 below, EDISON shall make a payment to SELLER of simple interest on the outstanding balance of the Stipulated Amount calculated at a rate of seven (7) % per annum; provided, however, that if the date of execution of this Agreement occurs within five (5) days of the end of a month, then the Initial Interest Payment Date shall be the first day of the following month. As to unpaid sums for power deliveries included in the Stipulated Amount, interest at such annual rate shall run from the date on which the unpaid sum for a particular monthly delivery first were to have been mailed by EDISON to SELLER under the Contract until such interest is paid on the Initial Interest Payment Date. For offsets against such unpaid sums included in the Stipulated Amount, simple interest at the same seven (7) % annual rate shall run from the date on which each amount that EDISON is entitled to offset first became due from SELLER to EDISON. Interest owed to SELLER and interest owed to EDISON pursuant to the foregoing calculations will be netted to determine the actual amount owing to SELLER on the Initial Interest Payment Date. For illustration purposes, Exhibit 3.2.2 to this Agreement sets forth the amount of the Initial Interest Payment that EDISON would make to SELLER assuming that the Initial Interest Payment Date occurred on June 18, 2001. Thereafter, interest payable monthly to SELLER under this Section 3.2.2 shall be calculated based on the remaining unpaid balance of the Stipulated Amount, as adjusted from time-to-time to reflect any partial payments of the Stipulated Amount by EDISON. EDISON's obligation under this Agreement to make such interest payments shall terminate at the end of the Standstill Period, as defined in Section 3.3.1, regardless of the nature of the event that causes the end of the Standstill Period. Nothing in this Agreement shall prejudice any position either Party may take in the future concerning the appropriateness of Edison asserting a right to make later adjustments to the Stipulated Amount amount based on a common law right of offset, setoff or recoupment with respect to claims against SELLER, if any, that would not be barred by the mutual release set forth in Section 3.6.

INTEREST PAYMENTS ON STIPULATED AMOUNT. Commencing on the date which is three business days from the date of execution of this Agreement by the Parties (such date, the "Initial Interest Payment Date" and such initial interest payment, the "Initial Interest Payment") and on the first day of each month thereafter prior to the Final Payment Date, as defined in Section 3.2.4 below, EDISON shall make a payment to SELLER of simple interest on the outstanding balance of the Stipulated Amount calculated at a rate of seven (7) % per annum; provided, however, that if the date of execution of this Agreement occurs within five (5) days of the end of a month, then the Initial Interest Payment Date shall be the first day of the following month. As to unpaid sums for power deliveries included in the Stipulated Amount, interest at such annual rate shall run from the date on which the unpaid sum for a particular monthly delivery first were to have been mailed by EDISON to SELLER under the Contract until such interest is paid on the Initial Interest Payment Date. For offsets against such unpaid sums included in the Stipulated Amount, simple interest at the same seven (7) % 7)% annual rate shall run from the date on which each amount that EDISON is entitled to offset first became due from SELLER to EDISON. Interest owed to SELLER and interest owed to EDISON pursuant to the foregoing calculations will be netted to determine the actual amount owing to SELLER on the Initial Interest Payment Date. For illustration purposes, Exhibit 3.2.2 to this Agreement sets forth the amount of the Initial Interest Payment that EDISON would make to SELLER assuming that the Initial Interest Payment Date occurred on June 18, 2001. Thereafter, interest payable monthly to SELLER under this Section 3.2.2 shall be calculated based on the remaining unpaid balance of the Stipulated Amount, as adjusted from time-to-time to reflect any partial payments of the Stipulated Amount by EDISON, and as further adjusted from time-to-time to reflect any additional amounts owed by SELLER to EDISON. EDISON's obligation under this Agreement to make such interest payments shall terminate at the end of the Standstill Period, as defined in Section 3.3.1, regardless of the nature of the event that causes the end of the Standstill Period. Nothing in this Agreement shall prejudice any position either Party may take in the future concerning the appropriateness of Edison asserting a right to make later adjustments to the Stipulated Amount based on a common law right of offset, setoff or recoupment with respect to claims against SELLER, if any, that would not be barred by the mutual release set forth in Section 3.6.