PAYMENT AND ADDITIONAL CAPITAL COST Sample Clauses

PAYMENT AND ADDITIONAL CAPITAL COST. Payment for each Cargo shall be made forty-five (45) Days after the ▇▇▇▇ of lading date at the FPSO Terminal (▇▇▇▇ of lading date equals zero) and shall be made without discount, deduction, withholding, set-off or counter claim in U.S. Dollars by telegraphic transfer of immediately available funds (“same day funds”) on or before the due date to the bank and account designated by Seller, against presentation to Buyer of the documents expressly specified for presentation for payment in accordance with Clause 22 (“Documents”), or in absence of such documents upon presentation of Seller’s Letter of Indemnity as set out in Clause 22 (“Documents”). In no event will any payment be made prior to Completion of Delivery to Buyer. For each Cargo, Buyer is responsible for, and Seller will include on its invoice, an interest charge for the period starting thirty (30) Days after the ▇▇▇▇ of lading date at the FPSO Terminal and ending on but excluding the forty-fifth (45th) Day after the ▇▇▇▇ of lading date at the FPSO Terminal on the basis of an annual rate corresponding to the three (3) month London Interbank Offered Rate (“LIBOR”) (or such other interest rate as may be issued in replacement thereof) plus one (1.0) percentage point. Unless otherwise agreed to between the Parties, interest on overdue payments shall be paid for the period starting on and including the due date and ending on but excluding the value date of the payment, on the basis of an annual rate corresponding to LIBOR (or such other interest rate as may be issued in replacement thereof) plus three (3.0) percentage points. If delivery is not completed forty-five (45) Days after the ▇▇▇▇ of lading date at the FPSO Terminal payment for Cargo shall be made to Seller promptly within forty- eight (48) hours after Completion of Delivery. If delivery is not completed forty-five (45) Days after the ▇▇▇▇ of lading date at the FPSO Terminal for any reason directly related to Seller or the Vessel, no interest shall be payable from Buyer to Seller.. In the event the payment due date falls on a Saturday or a New York banking holiday other than a Monday, then payment will be effected on the preceding New York Banking Day. If the payment due date falls on a Sunday or a Monday which is a banking holiday in New York, then the payment shall be effected on the next New York Banking Day.