Common use of Payment by T&D Clause in Contracts

Payment by T&D. (a) The T&D shall pay the amount stated in any invoice from Seller upon the later of (i) ten (10) days of the date appearing on the invoice or (ii) the twenty-fifth (25th ) day of the month in which the invoice is received by T&D (“Due Date”), or if the T&D in good faith objects to all or a portion of the invoice, the T&D shall on or before the Due Date, (i) pay the undisputed portion of the invoice and (ii) provide an itemized statement of its objections setting forth in reasonable detail the basis for its objections. If the T&D does not object prior to the Due Date, the T&D shall be obligated to pay the full amount of such invoice, but the T&D may subsequently object to such invoice and, if such objection proves to be correct, receive a refund of the disputed amount, plus interest (calculated using the Dispute Interest Rate set forth in Section 4.2.3(b)) from the date of T&D’s original payment through the date of Seller’s refund payment. If T&D does not object to an invoice within twenty-four (24) months of the date of the invoice, such invoice shall be binding upon the T&D and Seller and not subject to challenge by either Party. The right to dispute or object to an invoice, shall, subject to the time limitation provided in this Section 4.2.3(a), survive the expiration or termination of this Agreement. Payments shall be made by electronic funds transfer to an account designated by Seller in the invoice or in a notice delivered to the Seller. (b) Any invoiced amounts remaining unpaid and not objected to after the expiration of the period for providing notice of a dispute pursuant to Section 4.2.3(a) shall bear interest accruing from the due date at an annual interest rate equal to the lesser of the maximum rate permitted by the applicable law and the prime rate (sometimes referred to as base rate) for corporate loans as published by The Wall Street Journal, in the money rates section, or in the event The Wall Street Journal ceases publication of such a rate, an equivalent rate selected by Seller, as such rate may be in effect from time to time during the period any such amounts remain unpaid, plus a margin of 200 basis points (“Late Payment Rate”). Any amounts which are the subject of a timely, good-faith dispute by Seller or T&D but which are subsequently determined to be due and owing shall bear interest accruing from the due date at an annual interest rate equal to the prime rate, as defined in the previous sentence (“Dispute Interest Rate”). (c) Unless the Parties mutually agree otherwise in writing, any payment due under subsection 4.2.3(a) or 4.2.3(b) hereof shall not be subject to monthly netting established by the Parties in the ordinary course of trading and shall be made without setoff or any other reduction on account of any claim Seller may have against T&D, other than a claim for billing adjustment as set forth in subsection 4.2.3(a). (d) All payments and refunds under this Agreement shall be made in United States dollars.

Payment by T&D. (a) The T&D shall pay the amount stated in any invoice from Seller upon the later of (i) ten (10) days of the date appearing on the invoice or (ii) the twenty-fifth (25th ) day of the month in which the invoice is received by T&D (“Due Date”), or if the T&D in good faith objects to all or a portion of the invoice, the T&D shall on or before the Due Date, (i) pay the undisputed portion of the invoice and (ii) provide an itemized statement of its objections setting forth in reasonable detail the basis for its objections. If the T&D does not object prior to the Due Date, the T&D shall be obligated to pay the full amount of such invoice, but the T&D may subsequently object to such invoice and, if such objection proves to be correct, receive a refund of the disputed amount, plus interest (calculated using the Dispute Interest Rate set forth in Section 4.2.3(b4.2.4(b)) from the date of T&D’s original payment through the date of Seller’s refund payment. If T&D does not object to an invoice within twenty-four (24) months of the date of the invoice, such invoice shall be binding upon the T&D and Seller and not subject to challenge by either Party. The right to dispute or object to an invoice, shall, subject to the time limitation provided in this Section 4.2.3(a4.2.4(a), survive the expiration or termination of this Agreement. Payments shall be made by electronic funds transfer to an account designated by Seller in the invoice or in a notice delivered to the Seller. (b) Any invoiced amounts remaining unpaid and not objected to after the expiration of the period for providing notice of a dispute pursuant to Section 4.2.3(a4.2.4(a) shall bear interest accruing from the due date at an annual interest rate equal to the lesser of the maximum rate permitted by the applicable law and the prime rate (sometimes referred to as base rate) for corporate loans as published by The Wall Street Journal, in the money rates section, or in the event The Wall Street Journal ceases publication of such a rate, an equivalent rate selected by Seller, as such rate may be in effect from time to time during the period any such amounts remain unpaid, plus a margin of 200 basis points (“Late Payment Rate”). Any amounts which are the subject of a timely, good-faith dispute by Seller or T&D but which are subsequently determined to be due and owing shall bear interest accruing from the due date at an annual interest rate equal to the prime rate, as defined in the previous sentence (“Dispute Interest Rate”). (c) Unless the Parties mutually agree otherwise in writing, any payment due under subsection 4.2.3(a4.2.4(a) or 4.2.3(b4.2.4(b) hereof shall not be subject to monthly netting established by the Parties in the ordinary course of trading and shall be made without setoff or any other reduction on account of any claim Seller may have against T&D, other than a claim for billing adjustment as set forth in subsection 4.2.3(a4.2.4(a). (d) All payments and refunds under this Agreement shall be made in United States dollars.

Payment by T&D. (a) The T&D shall pay the amount stated in any invoice from Seller upon the later of (i) ten (10) days of the date appearing on the invoice or (ii) the twenty-fifth (25th ) day of the month in which the invoice is received by T&D (“Due Date”), or if the T&D in good faith objects to all or a portion of the invoice, the T&D shall on or before the Due Date, (i) pay the undisputed portion of the invoice and (ii) provide an itemized statement of its objections setting forth in reasonable detail the basis for its objections. If the T&D does not object prior to the Due Date, the T&D shall be obligated to pay the full amount of such invoice, but the T&D may subsequently object to such invoice and, if such objection proves to be correct, receive a refund of the disputed amount, plus interest (calculated using the Dispute Interest Rate set forth in Section 4.2.3(b)) from the date of T&D’s original payment through the date of Seller’s refund payment. If T&D does not object to an invoice within twenty-four (24) months of the date of the invoice, such invoice shall be binding upon the T&D and Seller and not subject to challenge by either Party. The right to dispute or object to an invoice, shall, subject to the time limitation provided in this Section 4.2.3(a), survive the expiration or termination of this Agreement. Payments shall be made by electronic funds transfer to an account designated by Seller in the invoice or in a notice delivered to the Seller. (b) Any invoiced amounts remaining unpaid and not objected to after the expiration of the period for providing notice of a dispute pursuant to Section 4.2.3(a) shall bear interest accruing from the due date at an annual interest rate equal to the lesser of the maximum rate permitted by the applicable law and the prime rate (sometimes referred to as base rate) for corporate loans as published by The Wall Street Journal, in the money rates section, or in the event The Wall Street Journal ceases publication of such a rate, an equivalent rate selected by Seller, as such rate may be in effect from time to time during the period any such amounts remain unpaid, plus a margin of 200 basis points (“Late Payment Rate”). Any amounts which are the subject of a timely, good-faith dispute by Seller or T&D but which are subsequently determined to be due and owing shall bear interest accruing from the due date at an annual interest rate equal to the prime rate, as defined in the previous sentence (“Dispute Interest Rate”). (c) Unless the Parties mutually agree otherwise in writing, any payment due under subsection 4.2.3(a) or 4.2.3(b) hereof shall not be subject to monthly netting established by the Parties in the ordinary course of trading and shall be made without setoff or any other reduction on account of any claim Seller may have against T&D, other than a claim for billing adjustment as set forth in subsection 4.2.3(a). (d) All payments and refunds under this Agreement shall be made in United States dollars.

Payment by T&D. (a) The T&D shall pay the amount stated in any invoice from Seller subject to the availability of sufficient funds in the Cost Recovery Fund. If sufficient funds are not available in the Cost Recovery Fund, invoiced amounts shall be treated in accordance with Section 4.1.3(e). If sufficient funds are available in the Cost Recovery Fund, T&D shall pay Seller upon the later of (i) ten (10) days of the date appearing on the invoice or (ii) the twenty-fifth (25th ) day of the month in which the invoice is received by T&D (“Due Date”), or if the T&D in good faith objects to all or a portion of the invoice, the T&D shall on or before the Due Date, (i) pay the undisputed portion of the invoice and (ii) provide an itemized statement of its objections setting forth in reasonable detail the basis for its objections. If the T&D does not object prior to the Due Date, the T&D shall be obligated to pay the full amount of such invoice, but the T&D may subsequently object to such invoice and, if such objection proves to be correct, receive a refund of the disputed amount, plus interest (calculated using the Dispute Interest Rate set forth in Section 4.2.3(b4.1.3(b)) from the date of T&D’s original payment through the date of Seller’s refund payment. If T&D does not object to an invoice within twenty-four (24) months of the date of the invoice, such invoice shall be binding upon the T&D and Seller and not subject to challenge by either Party. The right to dispute or object to an invoice, shall, subject to the time limitation provided in this Section 4.2.3(a4.1.3(a), survive the expiration or termination of this Agreement. Payments shall be made by electronic funds transfer to an account designated by Seller in the invoice or in a notice delivered to the Seller. (b) Any Except for because of an insufficiency of funds in the Cost Recovery Fund, any invoiced amounts remaining unpaid and not objected to after the expiration of the period for providing notice of a dispute pursuant to Section 4.2.3(a4.1.3 (a) shall bear interest accruing from the due date Due Date at an annual interest rate equal to the lesser of the maximum rate permitted by the applicable law and the prime rate (sometimes referred to as base rate) for corporate loans as published by The Wall Street Journal, in the money rates section, or in the event The Wall Street Journal ceases publication of such a rate, an equivalent rate selected by Seller, as such rate may be in effect from time to time during the period any such amounts remain unpaid, plus a margin of 200 basis points (“Late Payment Rate”)points. Any amounts which are the subject of a timely, good-faith dispute by Seller or T&D but which are subsequently determined to be due and owing shall bear interest accruing from the due date Due Date at an annual interest rate equal to the prime rate, as defined in the previous sentence (“Dispute Interest Rate”). (c) Unless the Parties mutually agree otherwise in writing, any payment due under subsection 4.2.3(a4.1.3(a) or 4.2.3(b4.1.3(b) hereof shall not be subject to monthly netting established by the Parties in the ordinary course of trading and shall be made without setoff or any other reduction on account of any claim Seller may have against T&D, other than a claim for billing adjustment as set forth in subsection 4.2.3(a4.1.3(a). (d) All payments and refunds under this Agreement shall be made in United States dollars. (e) Upon receipt by the Parties of notice from the Commission that funds in the Cost Recovery Fund are not likely to be sufficient to reimburse T&Ds for the aggregate above market costs for the next calendar month associated with all agreements with Biomass Resources authorized pursuant to Public Law 2016, Chapter 483, the delivery of and payment for Contract Products in accordance with this Agreement shall be suspended until such time, if any, the Commission notifies the Parties that the Agreement may be reinstated.

Payment by T&D. (a) The T&D shall pay the amount stated in any invoice from Seller upon the later of of: (i) ten (10) days of after the date appearing on which the invoice is received by the T&D; or (ii) the twenty-fifth (25th ) day of the month in which the invoice is received by T&D (“Due Date”), or . But if the T&D in good faith objects to all or a portion of the invoice, the T&D shall on or before the Due Date, : (i) pay the undisputed portion of the invoice invoice; and (ii) provide an itemized statement of its objections setting forth in reasonable detail the basis for its objections. If the T&D does not object prior to the Due Date, the T&D shall be obligated to pay the full amount of such invoice, but the T&D may subsequently object to such invoice and, if such objection proves to be correct, receive a refund of the disputed amount, plus interest (calculated using the Dispute Interest Rate set forth in Section 4.2.3(b)) from the date of T&D’s original payment through the date of Seller’s refund payment. If T&D does not object to an invoice within twenty-four six (246) months of the date of the invoice, such invoice shall be binding upon the T&D and Seller and not subject to challenge by either Party. The right to dispute or object to an invoice, shall, subject to the time limitation provided in this Section 4.2.3(a), survive the expiration or termination of this Agreement. Payments shall be made by electronic funds transfer to an account designated by Seller in the invoice or in a notice delivered to the Seller.. [Quarterly payment provisions will be included in the case of Seller providing RECs] (b) Any invoiced amounts remaining unpaid and not objected to after the expiration of the period for providing notice of a dispute pursuant to Section 4.2.3(a) shall bear interest accruing from the due date at an annual interest rate equal to the lesser of the maximum rate permitted by the applicable law and the prime rate (sometimes referred to as base rate) for corporate loans as published by The Wall Street Journal, in the money rates section, or in the event The Wall Street Journal ceases publication of such a rate, an equivalent rate selected by Seller, as such rate may be in effect from time to time during the period any such amounts remain unpaid, plus a margin of 200 basis points (“Late Payment Rate”). Any amounts which are the subject of a timely, good-faith dispute by Seller or T&D but which are subsequently determined to be due and owing shall bear interest accruing from the due date at an annual interest rate equal to the prime rate, as defined in the previous sentence (“Dispute Interest Rate”). (c) Unless the Parties mutually agree otherwise in writing, any payment due under subsection 4.2.3(a) or 4.2.3(b) hereof shall not be subject to monthly netting established by the Parties in the ordinary course of trading and shall be made without setoff or any other reduction on account of any claim Seller may have against T&D, other than a claim for billing adjustment as set forth in subsection 4.2.3(a). (d) All payments and refunds under this Agreement shall be made in United States dollars.