Common use of Payment of the Contract Prices Clause in Contracts

Payment of the Contract Prices. (a) Payment of the Contract Price for Units of Equipment which are purchased by Buyer under this Contract shall be made in U.S. Dollars by wire transfer of immediately available funds as follows: (i) an amount equal to the Contract Price set forth in Exhibit A shall be paid to Seller’s account specified by Seller in writing; (ii) The balance of funds held by The Bank of New York Trust Company, N.A (“Escrow Agent”) pursuant to that certain Escrow Agreement, dated as of April 10, 2006, by and among Buyer, Seller as successor in interest to Old Seller, and the Escrow Agent (the “2006 Escrow Agreement”) at any given time shall be referred to herein as the “Escrow Fund.” Buyer, Seller and Escrow Agent are concurrently entering into an Amendment to Escrow Agreement (the “2010 Escrow Amendment”) in substantially in the form attached hereto as Exhibit F pursuant to which the Escrow Fund shall be made applicable to this Contract, and shall continue to be applicable to the 2006 Purchase Contract, the 2007 Purchase Contract, and the 2008 Purchase Contract. The 2006 Escrow Agreement, as amended by the 2010 Escrow Amendment, shall constitute the Escrow Agreement. The Escrow Fund shall be disbursed in accordance with the terms of the Escrow Agreement. (iii) Buyer shall make the payments specified in (i) above within ten (10) days following the completed discharge and Buyer’s acceptance of Equipment at the Authorized Delivery Location specified on Exhibit A (as evidenced by delivery of an EIR or other confirmation for such Units showing delivery in good order in accordance with this Contract), and Seller’s presentation of the following documents to the Buyer for each Delivered Unit of accepted Equipment: (i) Copy of Commercial Invoice; (ii) Copy of Xxxx of Lading; (iii) Inspection certificate issued by Buyer’s inspectors; and; (iv) Title to the Units. (b) In the event that Buyer fails to make payment within the ten (10) day deadline set forth in ARTICLE 11(a) above (the “Payment Deadline”) in respect to any Containers which are accepted by Buyer, the Buyer originally named in this Contract (i.e., Hub City Terminals, Inc.) shall be obligated to pay to Seller in accordance with ARTICLE 11(a)(i) an additional amount equal to the Late Payment Obligation set forth in Exhibit A for each calendar day beyond the Payment Deadline that payment in respect to any such Containers is not paid. (c) Buyer will have 10 days from the date the Units are discharged at an Authorized Delivery Location and made available to Buyer to complete any initial inspection desired by Buyer. Buyer will note to Seller in writing any defects in the Units within such 10 day period and if Buyer fails to note to Seller any defects in writing with respect to these Units within such 10 day period these Units will be deemed to be in acceptable condition upon initial delivery. Nothing in the foregoing sentences shall in any way limit Buyer’s other rights under this Agreement, including, without limitation, Buyer’s rights under Section 7(e) and Section 13.

Payment of the Contract Prices. (a) Payment of the Contract Price for Units of Equipment which are purchased by Buyer under this Contract shall be made in U.S. Dollars by wire transfer of immediately available funds as follows: (i) an amount equal to the Contract Price set forth in Exhibit A shall be paid to Seller’s account specified by Seller in writing; (ii) The balance of funds held by The Bank of New York Trust Company, N.A (“Escrow Agent”) pursuant to that certain Escrow Agreement, dated as of April 10, 2006, by and among Buyer, Seller as successor in interest to Old Seller, and the Escrow Agent (the “2006 Escrow Agreement”) at any given time shall be referred to herein as the “Escrow Fund.” Buyer, Seller and Escrow Agent are concurrently entering into an Amendment to Escrow Agreement (the “2010 Escrow Amendment”) in substantially in the form attached hereto as Exhibit F pursuant to which the Escrow Fund shall be made applicable to this Contract, and shall continue to be applicable to the 2006 Purchase Contract, the 2007 Purchase Contract, and the 2008 Purchase Contract. The 2006 Escrow Agreement, as amended by the 2010 Escrow Amendment, shall constitute the Escrow Agreement. The Escrow Fund shall be disbursed in accordance with the terms of the Escrow Agreement. (iii) Buyer shall make the payments specified in (i) above such payment within ten (10) days following the completed discharge and Buyer’s acceptance of Equipment at the Authorized Delivery Location specified on Exhibit A (as evidenced by delivery of an EIR or other confirmation for such Units showing delivery in good order in accordance with this Contract), and Seller’s presentation of the following documents to the Buyer for each Delivered Unit of accepted Equipment: (i) Copy of Commercial Invoice; (ii) Copy of Xxxx of Lading; and; (iii) Inspection certificate issued by Buyer’s inspectors; and; (iv) Title to the Units. (b) In the event that Buyer fails to make payment within the ten (10) day deadline set forth in ARTICLE 11(a) above (the “Payment Deadline”) in respect to any Containers which are accepted by Buyer, the Buyer originally named in this Contract (i.e., Hub City TerminalsGroup, Inc.) shall be obligated to pay to Seller in accordance with ARTICLE 11(a)(i) an additional amount equal to the Late Payment Obligation set forth in Exhibit A for each calendar day beyond the Payment Deadline that payment in respect to any such Containers is not paid. (c) Buyer will have 10 days from the date the Units are discharged at an Authorized Delivery Location and made available to Buyer to complete any initial inspection desired by Buyer. Buyer will note to Seller in writing any defects in the Units within such 10 day period and if Buyer fails to note to Seller any defects in writing with respect to these Units within such 10 day period these Units will be deemed to be in acceptable condition upon initial delivery. Nothing in the foregoing sentences shall in any way limit Buyer’s other rights under this Agreement, including, without limitation, Buyer’s rights under Section 7(e) and Section 13.

Payment of the Contract Prices. (a) Payment of the Contract Price for Units of Equipment which are purchased by Buyer under this Contract shall be made in U.S. Dollars by wire transfer of immediately available funds as follows: (i) an amount equal to the Contract Price set forth in Exhibit A shall be paid to Seller’s account specified by Seller in writing; (ii) The balance of funds held by the The Bank of New York Trust Company, N.A (“Escrow Agent”) pursuant to that certain Escrow Agreement, dated as of April 10, 2006, by and among Buyer, Seller as successor in interest to Old Seller, and the Escrow Agent (the “2006 Escrow Agreement”) at any given time shall be referred to herein as the “Escrow Fund.” Buyer, Old Seller, Seller and Escrow Agent are concurrently entering into an Amendment to Escrow Agreement (the “2010 Escrow Amendment”) in substantially in the form attached hereto as Exhibit F pursuant to which the Escrow Fund shall be made applicable to this Contract, and shall continue to be applicable to Contract as well as the 2006 Purchase Contract, the 2007 Purchase Contract, and the 2008 Purchase Contract. The 2006 Escrow Agreement, as amended by the 2010 Escrow Amendment, shall constitute the Escrow Agreement. The Escrow Fund shall be disbursed in accordance with the terms of the Escrow Agreement. (iii) Buyer shall make the payments specified in (i) above within ten (10) days following the completed discharge and Buyer’s acceptance of Equipment at the Authorized Delivery Location specified on Exhibit A (as evidenced by delivery of an EIR or other confirmation for such Units showing delivery in good order in accordance with this Contract), and Seller’s presentation of the following documents to the Buyer for each Delivered Unit of accepted Equipment: (i) Copy of Commercial Invoice; (ii) Copy of Xxxx Bxxx of Lading; (iii) Inspection certificate issued by Buyer’s inspectors; and; (iv) Title to the Units. (b) In the event that Buyer fails to make payment within the ten (10) day deadline set forth in ARTICLE 11(a) above (the “Payment Deadline”) in respect to any Containers which are accepted by Buyer, the Buyer originally named in this Contract (i.e., Hub City Terminals, Inc.) shall be obligated to pay to Seller in accordance with ARTICLE 11(a)(i) an additional amount equal to the Late Payment Obligation set forth in Exhibit A for each calendar day beyond the Payment Deadline that payment in respect to any such Containers is not paid. (c) Buyer will have 10 days from the date the Units are discharged at an Authorized Delivery Location and made available to Buyer to complete any initial inspection desired by Buyer. Buyer will note to Seller in writing any defects in the Units within such 10 day period and if Buyer fails to note to Seller any defects in writing with respect to these Units within such 10 day period these Units will be deemed to be in acceptable condition upon initial delivery. Nothing in the foregoing sentences shall in any way limit Buyer’s other rights under this Agreement, including, without limitation, Buyer’s rights under Section 7(e) and Section 13.

Payment of the Contract Prices. (a) Payment of the Contract Price for Units of Equipment which are purchased by Buyer under this Contract shall be made in U.S. Dollars by wire transfer of immediately available funds as follows: (i) an amount equal to (A) the agreed upon escrow amount multiplied by (B) the number of Units of Equipment purchased by Buyer under this Contract, shall be paid to an escrow agent (the “Escrow Agent”) mutually acceptable to Buyer and Seller pursuant to the terms and conditions of an escrow agreement substantially in the form attached hereto as Exhibit F (the “Escrow Agreement”); and (ii) the balance of the Contract Price set forth in Exhibit A multiplied by the number of Units of Equipment purchased by Buyer under this Contract shall be paid to Seller’s account specified by Seller in writing;. (iiiii) The balance of funds held by The Bank of New York Trust Company, N.A (“Escrow Agent”) pursuant to that certain Escrow Agreement, dated as of April 10, 2006, by and among Buyer, Seller as successor in interest to Old Seller, and the Escrow Agent (pursuant to the “2006 Escrow Agreement”) Agreement at any given time shall be referred to herein as the “Escrow Fund.” Buyer, Seller and Escrow Agent are concurrently entering into an Amendment to Escrow Agreement (the “2010 Escrow Amendment”) in substantially in the form attached hereto as Exhibit F pursuant to which the Escrow Fund shall be made applicable to this Contract, and shall continue to be applicable to the 2006 Purchase Contract, the 2007 Purchase Contract, and the 2008 Purchase Contract. The 2006 Escrow Agreement, as amended by the 2010 Escrow Amendment, shall constitute the Escrow Agreement. The Escrow Fund shall be disbursed in accordance with the terms of the Escrow Agreement. (iiiiv) Buyer shall make the payments specified in (i) and (ii) above within ten (10) days following the completed discharge and Buyer’s acceptance of Equipment at the Authorized Delivery Location specified on Exhibit A (as evidenced by delivery of an EIR or other confirmation for such Units showing delivery in good order in accordance with this Contract), and Seller’s presentation of the following documents to the Buyer for each Delivered Unit of accepted Equipment: (i) Copy of Commercial Invoice; (ii) Copy of Xxxx of Lading; and; (iii) Inspection certificate issued by Buyer’s inspectors; and; (iv) Title to the Units. (b) In the event that Buyer fails to make payment within the ten (10) day deadline set forth in ARTICLE 11(a) above (the “Payment Deadline”) in respect to any Containers which are accepted by Buyer, the Buyer originally named in this Contract (i.e., Hub City TerminalsGroup, Inc.) shall be obligated to pay to Seller in accordance with ARTICLE 11(a)(i11(a)(ii) an additional amount equal to the Late Payment Obligation set forth in Exhibit A for each calendar day beyond the Payment Deadline that payment in respect to any such Containers is not paid. (c) Buyer will have 10 days from the date the Units are discharged at an Authorized Delivery Location and made available to Buyer to complete any initial inspection desired by Buyer. Buyer will note to Seller in writing any defects in the Units within such 10 day period and if Buyer fails to note to Seller any defects in writing with respect to these Units within such 10 day period these Units will be deemed to be in acceptable condition upon initial delivery. Nothing in the foregoing sentences shall in any way limit Buyer’s other rights under this Agreement, including, without limitation, Buyer’s rights under Section 7(e) and Section 13.

Payment of the Contract Prices. (a) Payment of the Contract Price for Units of Equipment which are purchased by Buyer under this Contract shall be made in U.S. Dollars by wire transfer of immediately available funds as follows: (i) an amount equal to the Contract Price set forth in Exhibit A shall be paid to Seller’s designated account specified by Seller in writing; (ii) The balance of funds held by The Bank of New York Trust Company, N.A (“Escrow Agent”) pursuant to that certain Escrow Agreement, dated as of April 10, 2006, by and among Buyer, Seller SMSL as successor in interest to Old SellerSNAI, and the Escrow Agent (the “2006 Escrow Agreement”) at any given time shall be referred to herein as the “Escrow Fund.” Buyer, Seller SMSL and Escrow Agent are concurrently entering into an Amendment to Escrow Agreement (the “September 2010 Escrow Amendment”) in substantially in the form attached hereto as Exhibit F pursuant to which the Escrow Fund shall be made applicable to this Contract, and shall continue to be applicable to the 2006 Purchase Contract, the 2007 Purchase Contract, the 2008 Purchase Contract the March 2010 Purchase Contract and the 2008 May 2010 Purchase Contract. The 2006 Escrow Agreement, as amended by the September 2010 Escrow Amendment, shall constitute the Escrow Agreement. The Escrow Fund shall be disbursed in accordance with the terms of the Escrow Agreement. (iii) Buyer shall make the payments specified in (i) above within ten (10) days following the completed discharge and Buyer’s acceptance of Equipment at the Authorized Delivery Location specified on Exhibit A (as evidenced by delivery of an EIR or other confirmation for such Units showing delivery in good order in accordance with this Contract), and Seller’s presentation of the following documents to the Buyer for each Delivered Unit of accepted Equipment: (i) 1. Copy of Commercial Invoice; (ii) 2. Copy of Xxxx of Lading; (iii) 3. Inspection certificate issued by Buyer’s inspectors; and; (iv) 4. Title to the Units. (b) In the event that Buyer fails to make payment within the ten (10) day deadline set forth in ARTICLE 11(a) above (the “Payment Deadline”) in respect to any Containers which are accepted by Buyer, the Buyer originally named in this Contract (i.e., Hub City Terminals, Inc.) shall be obligated to pay to Seller in accordance with ARTICLE 11(a)(i) an additional amount equal to the Late Payment Obligation set forth in Exhibit A for each calendar day beyond the Payment Deadline that payment in respect to any such Containers is not paid. (c) Buyer will have 10 days from the date the Units are discharged at an Authorized Delivery Location and made available to accepted by Buyer to complete any initial inspection desired by Buyer. Buyer will note to Seller in writing any defects in the Units within such 10 day period and if Buyer fails to note to Seller any defects in writing with respect to these Units within such 10 day period these Units will be deemed to be in acceptable condition upon initial delivery. Nothing in the foregoing sentences shall in any way limit Buyer’s other rights under this Agreement, including, without limitation, Buyer’s rights under Section 7(e) and Section 13. (d) Buyer shall have the option of loading the Units with freight in China and arranging for the transport of the Units to North America. The discounted rates for such Chinese delivery are set forth in Exhibit A. The parties hereby agree to work in good faith and in accordance with the principles set forth in this Agreement to establish any additional necessary terms for such Chinese delivery.