Common use of Payment and Credit Terms Clause in Contracts

Payment and Credit Terms. To the extent the provisions of this Section 3 conflict with the Master Agreement between the parties, the terms of the Master Agreement shall control. Payment and credit shall be made without discount, deduction, withholding, set-off or counterclaim in United States dollars by wire transfer of immediately available funds on or before the payment due date, as set forth in the Special Provisions, to the bank and account designated by Seller, against presentation to Buyer by Seller of original hard copy of, telecopy or telex invoice together with other documents expressly specified for presentation for payment in the Special Provisions. If the invoice is received after 12:00 p.m. CST, such invoice will be deemed received on the next day. Seller shall have the right to assess finance charges at the rate of the LIBOR rate as reported in “The Wall Street Journal” for any month in which a balance is past due hereunder plus two percentage (2%) points against all past due amounts and all accrued but unpaid finance charges, but not to exceed the maximum finance charges permitted by law. Buyer shall pay all the Seller’s costs (including attorneys’ fees and court costs) of collecting past due payments. When payment due date falls on a Saturday or on a weekday, other than Monday, which is not a banking day in New York then any such payment shall be made on the nearest preceding New York banking day. When the payment due date falls on a Sunday or a Monday which is not a banking day in New York such payment shall be made on the next following banking day. If sufficient credit for this transaction is not approved by Seller’s Credit Department, Buyer shall either prepay the full amount owed to Seller at least one (1) banking day prior to scheduled delivery date or shall secure payment by the issuance of an irrevocable letter of credit which will be opened in a form and substance and at a first-class bank acceptable to Seller. Any and all applicable taxes must be covered in the irrevocable letter of credit unless Buyer provides Seller with certificate(s) evidencing Buyer’s tax-exempt status three (3) days prior to scheduled delivery date. Failure by Buyer to timely make such required prepayment or timely issue the irrevocable letter of credit shall constitute a breach of this Agreement and thereafter Seller shall have the right to cancel this Agreement and/or proceed against Buyer for damages incurred by the Seller due to Buyer’s failure to perform.

Payment and Credit Terms. To Subject to establishment of satisfactory credit, terms are strictly net cash thirty (30) days from date of invoice, payable in U.S. funds. Invoices will be issued as shipments are made. If shipments are delayed by the extent BUYER, payments shall become due on the provisions date when the SELLER is prepared to make shipment. If the work to be performed hereunder is delayed by the BUYER, payments shall be made based on the purchase price and the percentage of this Section 3 conflict completion. Equipment held for the BUYER shall be at the risk and expense of the BUYER. If payments are not made in accordance with these terms and conditions, a service charge will, without prejudice to the Master Agreement between right of SELLER to immediate payment, be added in an amount equal to the parties, lower of 1.5% per month or fraction thereof or the highest legal rate on the unpaid balance. If BUYER fails to fulfill the terms of payment, SELLER may defer further shipments to BUYER at its option. Until the Master Agreement shall control. Payment purchase price and credit shall be made without discountall other sums due pursuant hereto are paid in full, deduction, withholding, set-off or counterclaim in United States dollars by wire transfer of immediately available funds on or before the payment due date, as set forth SELLER retains a security interest in the Special Provisions, materials sold (hereafter sometimes referred to the bank as 'Goods') and account designated by Seller, against presentation in all proceeds of said Goods. BUYER shall execute financing statement(s) on request and authorizes SELLER to Buyer by Seller of original hard copy of, telecopy or telex invoice together with other documents expressly specified for presentation for payment in the Special Provisionsexecute and file same. If the invoice is received after 12:00 p.m. CSTfinancial condition of the BUYER at any time does not, such invoice will in the judgment of the SELLER, justify continuance of the work to be deemed received performed by the SELLER hereunder on the next dayterms of payment agreed upon, the SELLER may require full or partial payment in advance or shall be entitled to cancel any order then outstanding and shall receive reimbursement of its reasonable and proper cancellation charges. Seller shall have In the right to assess finance charges at the rate event of bankruptcy or insolvency of the LIBOR rate as reported BUYER or in “The Wall Street Journal” for the event any month in which a balance proceeding is past due hereunder plus two percentage (2%) points brought against all past due amounts and all accrued but unpaid finance chargesthe BUYER, but not to exceed voluntarily or involuntarily, under the maximum finance charges permitted by law. Buyer shall pay all bankruptcy or any insolvency laws, the Seller’s costs (including attorneys’ fees and court costs) of collecting past due payments. When payment due date falls on a Saturday or on a weekday, other than Monday, which is not a banking day in New York then any such payment SELLER shall be made on entitled to cancel any order then outstanding at any time during the nearest preceding New York banking dayperiod allowed for filing claims against the estate and shall receive reimbursement for its reasonable and proper cancellation charges. When the payment due date falls on a Sunday or a Monday which is not a banking day in New York such payment In event of cancellation, SELLER shall be made on entitled to receive reasonable cancellation charges and shall not in such event be liable for breach or nonperformance of contract in whole or in part. The rights of the next following banking day. If sufficient credit for SELLER under this transaction is not approved by Seller’s Credit Department, Buyer shall either prepay paragraph are cumulative and in addition to all rights available to the full amount owed to Seller SELLER at least one (1) banking day prior to scheduled delivery date law or shall secure payment by the issuance of an irrevocable letter of credit which will be opened in a form and substance and at a first-class bank acceptable to Seller. Any and all applicable taxes must be covered in the irrevocable letter of credit unless Buyer provides Seller with certificate(s) evidencing Buyer’s tax-exempt status three (3) days prior to scheduled delivery date. Failure by Buyer to timely make such required prepayment or timely issue the irrevocable letter of credit shall constitute a breach of this Agreement and thereafter Seller shall have the right to cancel this Agreement and/or proceed against Buyer for damages incurred by the Seller due to Buyer’s failure to performequity.

Payment and Credit Terms. To Subject to establishment of satisfactory credit, terms are strictly net cash thirty (30) days from date of invoice, payable in U.S. funds. Invoices will be issued as shipments are made. If shipments are delayed by the extent BUYER, payments shall become due on the provisions date when the SELLER is prepared to make shipment. If the work to be performed hereunder is delayed by the BUYER, payments shall be made based on the purchase price and the percentage of this Section 3 conflict completion. Product held for the BUYER shall be at the risk and expense of the BUYER. If payments are not made in accordance with these terms and conditions, a service charge will, without prejudice to the Master Agreement between right of SELLER to immediate payment, be added in an amount equal to 1.5% per month or fraction thereof or the parties, highest legal rate on the unpaid balance. If BUYER fails to fulfill the terms of payment, SELLER may defer further shipments to BUYER at its option. Until the Master Agreement shall control. Payment purchase price and credit shall be made without discountall other sums due pursuant hereto are paid in full, deduction, withholding, set-off or counterclaim in United States dollars by wire transfer of immediately available funds on or before the payment due date, as set forth SELLER retains a security interest in the Special Provisions, materials sold (hereafter sometimes referred to the bank as 'Goods') and account designated by Seller, against presentation in all proceeds of said Goods. BUYER shall execute financing statement(s) on request and authorizes SELLER to Buyer by Seller of original hard copy of, telecopy or telex invoice together with other documents expressly specified for presentation for payment in the Special Provisionsexecute and file same. If the invoice is received after 12:00 p.m. CSTfinancial condition of the BUYER at any time does not, such invoice will in the judgment of the SELLER, justify continuance of the work to be deemed received performed by the SELLER hereunder on the next dayterms of payment agreed upon, the SELLER may require full or partial payment in advance or shall be entitled to cancel any order then outstanding and shall receive reimbursement of its reasonable and proper cancellation charges. Seller shall have In the right to assess finance charges at the rate event of bankruptcy or insolvency of the LIBOR rate as reported BUYER or in “The Wall Street Journal” for the event any month in which a balance proceeding is past due hereunder plus two percentage (2%) points brought against all past due amounts and all accrued but unpaid finance chargesthe BUYER, but not to exceed voluntarily or involuntarily, under the maximum finance charges permitted by law. Buyer shall pay all bankruptcy or any insolvency laws, the Seller’s costs (including attorneys’ fees and court costs) of collecting past due payments. When payment due date falls on a Saturday or on a weekday, other than Monday, which is not a banking day in New York then any such payment SELLER shall be made on entitled to cancel any order then outstanding at any time during the nearest preceding New York banking dayperiod allowed for filing claims against the estate and shall receive reimbursement for its reasonable and proper cancellation charges. When the payment due date falls on a Sunday or a Monday which is not a banking day in New York such payment In event of cancellation, SELLER shall be made on entitled to receive reasonable cancellation charges and shall not in such event be liable for breach or nonperformance of contract in whole or in part. The rights of the next following banking day. If sufficient credit for SELLER under this transaction is not approved by Seller’s Credit Department, Buyer shall either prepay paragraph are cumulative and in addition to all rights available to the full amount owed to Seller SELLER at least one (1) banking day prior to scheduled delivery date law or shall secure payment by the issuance of an irrevocable letter of credit which will be opened in a form and substance and at a first-class bank acceptable to Seller. Any and all applicable taxes must be covered in the irrevocable letter of credit unless Buyer provides Seller with certificate(s) evidencing Buyer’s tax-exempt status three (3) days prior to scheduled delivery date. Failure by Buyer to timely make such required prepayment or timely issue the irrevocable letter of credit shall constitute a breach of this Agreement and thereafter Seller shall have the right to cancel this Agreement and/or proceed against Buyer for damages incurred by the Seller due to Buyer’s failure to performequity.

Payment and Credit Terms. To Subject to establishment of satisfactory credit, terms are strictly net cash thirty (30) days from date of invoice, payable in U.S. funds. Invoices will be issued as shipments are made. If shipments are delayed by the extent BUYER, payments shall become due on the provisions date when the SELLER is prepared to make shipment. If the work to be performed hereunder is delayed by the BUYER, payments shall be made based on the purchase price and the percentage of this Section 3 conflict completion. Equipment held for the BUYER shall be at the risk and expense of the BUYER. If payments are not made in accordance with these terms and conditions, a service charge will, without prejudice to the Master Agreement between right of SELLER to immediate payment, be added in an amount equal to the partieslower of 1.5% per month or fraction thereof or the highest legal rate on the unpaid balance. Until the purchase price and all other sums due pursuant hereto are paid in full, SELLER retains a security interest in the materials sold (hereafter sometimes referred to as 'Goods') and in all proceeds of said Goods. BUYER shall execute financing statement(s) on request and authorizes SELLER to execute and file same. If the financial condition of the BUYER at any time does not, in the judgment of the SELLER, justify continuance of the work to be performed by the SELLER hereunder on the terms of payment agreed upon, the Master Agreement shall control. Payment and credit SELLER may require full or partial payment in advance or shall be made without discount, deduction, withholding, set-off entitled to cancel any order then outstanding and shall receive reimbursement of its reasonable and proper cancellation charges. In the event of bankruptcy or counterclaim in United States dollars by wire transfer insolvency of immediately available funds on the BUYER or before the payment due date, as set forth in the Special Provisionsevent any proceeding is brought against the BUYER, voluntarily or in voluntarily, under the bankruptcy or any insolvency laws, the SELLER shall be entitled to cancel any order then outstanding at any time during the period allowed for filing claims against the estate and shall receive reimbursement for its reasonable and proper cancellation charges. In event of cancellation, SELLER shall be entitled to receive reasonable cancellation charges and shall not in such event be liable for breach or nonperformance of contract in whole or in part. The rights of the SELLER under this paragraph are cumulative and in addition to all rights available to the bank and account designated by Seller, against presentation SELLER at law or in equity. PROVISIONS ON PAYMENT VOUCHERS Exception is taken to Buyer by Seller of original hard copy of, telecopy or telex invoice together with other documents expressly specified for presentation for payment in the Special Provisions. If the invoice is received after 12:00 p.m. CST, such invoice will be deemed received any provisions printed either on the next dayfront or back of payment drafts, vouchers and checks. Seller shall have the right Those provisions will not be considered a part of this Agreement. SELLER's endorsement is not an acceptance of such provisions. ORDERS Orders are subject to assess finance charges a minimum billing per order and acceptance at the rate home office of the LIBOR rate as reported in “The Wall Street Journal” for any month in which a balance is past due hereunder plus two percentage (2%) points against SELLER. All orders and shipments shall, at all past due amounts and all accrued but unpaid finance chargestimes, but not be subject to exceed the maximum finance charges permitted by law. Buyer shall pay all approval of the Seller’s costs (including attorneys’ fees and court costs) of collecting past due payments. When payment due date falls on a Saturday or on a weekday, other than Monday, which is not a banking day in New York then any such payment shall be made on the nearest preceding New York banking day. When the payment due date falls on a Sunday or a Monday which is not a banking day in New York such payment shall be made on the next following banking day. If sufficient credit for this transaction is not approved by SellerSELLER’s Credit Department. For products manufactured specifically for BUYER and in accordance with BUYER's instructions, Buyer SELLER shall either prepay cause plans and/or drawings to be prepared and submitted to BUYER for approval. The approved plans and/or drawings shall be a part of the full amount owed to Seller at least one (1) banking day prior to scheduled delivery date or shall secure payment by agreement between BUYER and SELLER and the issuance of an irrevocable letter of credit which products will be opened manufactured by SELLER in accordance therewith. Any information, suggestions or ideas transmitted by BUYER to the SELLER in connection with performance hereunder are not to be regarded as secret or submitted in confidence except as may be otherwise provided in a form and substance and at writing signed by a first-class bank acceptable to Seller. Any and all applicable taxes must be covered in duly authorized representative of the irrevocable letter of credit unless Buyer provides Seller with certificate(s) evidencing Buyer’s tax-exempt status three (3) days prior to scheduled delivery date. Failure by Buyer to timely make such required prepayment or timely issue the irrevocable letter of credit shall constitute a breach of this Agreement and thereafter Seller shall have the right to cancel this Agreement and/or proceed against Buyer for damages incurred by the Seller due to Buyer’s failure to performSELLER.