Common use of Payment and Netting Clause in Contracts

Payment and Netting. 9.1 On each Payment Date, MSCG shall net the following amounts: (i) the Daily Purchase Payment Amount payable by TRC to MSCG on such day; (ii) the Hedge Adjustment Amount, if applicable; (iii) any adjustments to amounts paid by one Party to the other Party hereunder based upon additional information obtained after invoicing, including adjustments to the prices or volumes used to determine any previously invoiced Daily Purchase Payment Amount, and including any Adjustment Amount as described in Section 8.2.4; (iv) any Ancillary Costs incurred prior to such day and not previously paid to MSCG or any adjustment to Ancillary Costs previously determined and invoiced; (v) any outstanding interest that accrues pursuant to Section 9.4; and (vi) any other amounts due and payable as of such day under this Agreement or any other Transaction Document. (the aggregate net amount payable, the “Net Daily Payment Amount”). MSCG shall notify TRC of the Net Daily Payment Amount and the Party to whom such Net Daily Payment Amount is owed shall prepare and deliver to the other Party an invoice in respect such amount by 11:00 a.m. EPT on such Payment Date (the “Payment Amount Invoice” for such day). The Party owing the Net Payment Amount shall pay such amount to the other Party on or prior to 3:00 p.m. EPT on such day, subject to Section 9.3.

Payment and Netting. 9.1 On each Payment Date, MSCG shall net the following amounts: (i) the Daily Purchase Payment Amount payable by TRC PBF to MSCG on such day; (ii) the Hedge Adjustment Amount, if applicable; (iii) any adjustments to amounts paid by one Party to the other Party hereunder based upon additional information obtained after invoicing, including adjustments to the prices or volumes used to determine any previously invoiced Daily Purchase Payment Amount, and including any Adjustment Amount as described in Section 8.2.48.2.5; (iv) any Ancillary Costs incurred prior to such day and not previously paid to MSCG or any adjustment to Ancillary Costs previously determined and invoiced; (v) any outstanding interest that accrues pursuant to Section 9.4; and (vi) any other amounts due and payable as of such day under this Agreement or any other Transaction Document. (the aggregate net amount payable, the “Net Daily Payment Amount”). MSCG shall notify TRC PBF of the Net Daily Payment Amount and the Party to whom such Net Daily Payment Amount is owed shall prepare and deliver to the other Party an invoice in respect such amount by 11:00 a.m. EPT on such Payment Date (the “Payment Amount Invoice” for such day). The Party owing the Net Payment Amount shall pay such amount to the other Party on or prior to 3:00 p.m. EPT on such day, subject to Section 9.3.