Common use of Payment and Delivery of Securities Clause in Contracts

Payment and Delivery of Securities. The First Mortgage Bonds to be purchased by each Underwriter pursuant to the Pricing Agreement relating thereto, in the form specified in such Pricing Agreement, and in such authorized denominations and registered in such names as the Representatives may request, shall be delivered by or on behalf of the Company to the Representatives for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified by the Company to the Representatives at least twenty-four hours prior to the Time of Delivery. The time and date of such delivery and payment shall be as specified in Schedule II to the Pricing Agreement relating to the First Mortgage Bonds or at such other time and date as the Representatives and the Company may agree upon in writing, such time and date being herein called the “Time of Delivery” for such First Mortgage Bonds.