Common use of Payment of Weekly Bills Clause in Contracts

Payment of Weekly Bills. 11.3.1 Procurer shall pay the amount payable under Weekly Bxxx on the Due Date to such account of the Seller by “Direct Deposit” or against a “Revolving Letter of Credit” issued by the Procurer for the Benefit of the Seller as described in clause 11.4 (if Direct Deposit is not effected), in accordance with clause 11.3.3 below. All payments made by the Procurer shall be by appropriate order of priority: a) towards Late Payment Surcharge, payable by the Procurer, if any; b) towards earlier unpaid Weekly Bxxx, if any, and c) towards the then current Weekly Bxxx. 11.3.2 All payments required to be made under this Agreement shall only include any deduction or set off for deductions required by the Law; and amounts claimed by the Procurer from the Seller, through an invoice duly acknowledged by the Seller, to be payable by the Seller, and not disputed by the Seller within thirty (30) days of receipt of the said invoice and such deduction or set-off shall be made to the extent of the amounts not disputed. It is clarified that the Procurer shall be entitled to claim any set off or deduction under this clause, after expiry of the said thirty (30) day period. Provided further, the maximum amounts that can be deducted or set-off by the Procurer under this Article in a Contract Year shall not exceed twenty (20) percent of the weekly billing. 11.3.3 The Seller shall open a bank account as designated by Lenders (the “Designated Account”), and shall not be refuted by Procurer (First Party), for all Tariff Payments to be made by Procurer to the Seller, and notify Procurer of the details of such account at least ninety (90) days before the dispatch of the first Weekly Bxxx by the Procurer. Procurer shall instruct their respective bankers to make all payments under this agreement to the Designated Account and shall notify the Seller of such instructions on the same day. Procurer shall also designate a bank for payments to be made by the Seller (including Supplementary Bills) to Procurer and notify the Seller of the details of such account ninety (90) days before the COD of the Power Station. 11.3.4 In the event of delay in payment of a Weekly Bxxx by Procurer beyond its Due Date weekly billing, a Late Payment Surcharge shall be payable by Procurer to the Seller at the rate of twenty two (22) percent APR (“Annual Percentage Rate”), on the amount of outstanding payment, calculated on a day to day basis (and compounded with daily interest), for each day of the delay.

Payment of Weekly Bills. 11.3.1 Procurer shall pay the amount payable under Weekly Bxxx on the Due Date to such account of the Seller by “Direct Deposit” or against a “Revolving Letter of Credit” issued by the Procurer for the Benefit of the Seller as described in clause 11.4 (if Direct Deposit is not effected), in accordance with clause 11.3.3 below. All payments made by the Procurer shall be by appropriate order of priority: a) towards Late Payment Surcharge, payable by the Procurer, if any; b) towards earlier unpaid Weekly Bxxx, if any, and c) towards the then current Weekly Bxxx. 11.3.2 All payments required to be made under this Agreement shall only include any deduction or set off for deductions required by the Law; and amounts claimed by the Procurer from the Seller, through an invoice duly acknowledged by the Seller, to be payable by the Seller, and not disputed by the Seller within thirty (30) days of receipt of the said invoice and such deduction or set-off shall be made to the extent of the amounts not disputed. It is clarified that the Procurer shall be entitled to claim any set off or deduction under this clause, after expiry of the said thirty (30) day period. Provided further, the maximum amounts that can be deducted or set-off by the Procurer under this Article in a Contract Year shall not exceed twenty (20) percent of the weekly billing. 11.3.3 The Seller shall open a bank account as designated by Lenders (the “Designated Account”), and shall not be refuted by Procurer (First Party), for all Tariff Payments to be made by Procurer to the Seller, and notify Procurer of the details of such account at least ninety (90) days before the dispatch of the first Weekly Bxxx by the Procurer. Procurer shall instruct their respective bankers to make all payments under this agreement to the Designated Account and shall notify the Seller of such instructions on the same day. Procurer shall also designate a bank for payments to be made by the Seller (including Supplementary Bills) to Procurer and notify the Seller of the details of such account ninety (90) days before the COD of the Power Station. 11.3.4 In the event of delay in payment of a Weekly Bxxx by Procurer beyond its Due Date weekly billing, a Late Payment Surcharge shall be payable by Procurer to the Seller at the rate of twenty twenty-two (22) percent APR (“Annual Percentage Rate”), on the amount of outstanding payment, calculated on a day to day basis (and compounded with daily interest), for each day of the delay.

Payment of Weekly Bills. 11.3.1 Procurer a) First Party shall pay the amount payable under Weekly Bxxx on the Due Date to such account of the Seller Corporation by “Direct Deposit” or against a “Revolving Letter of Credit” issued by the Procurer First Party for the Benefit of the Seller Corporation as described in clause 11.4 10.3 (c) (if Direct Deposit is not effected), in accordance with clause 11.3.3 10.4 below. All payments made by the Procurer First Party shall be by appropriate order of priority: a) i. towards Late Payment Surcharge, payable by the ProcurerFirst Party, if any; b) ii. towards earlier unpaid Weekly Bxxx, if any, and c) iii. towards the then current Weekly Bxxx. 11.3.2 b) All payments required to be made under this Agreement shall only include any deduction or set off for deductions required by the Law; and amounts claimed by the Procurer First Party from the SellerCorporation, through an invoice duly acknowledged by the SellerCorporation, to be payable by the SellerCorporation, and not disputed by the Seller Corporation within thirty (30) days of receipt of the said invoice and such deduction or set-off shall be made to the extent of the amounts not disputed. It is clarified that the Procurer First Party shall be entitled to claim any set off or deduction under this clauseArticle, after expiry of the said thirty (30) day period. Provided further, the maximum amounts that can be deducted or set-off by the Procurer First Party under this Article in a Contract Year shall not exceed twenty (20) percent of the weekly billing. 11.3.3 c) The Seller Corporation shall open a bank account as designated by Lenders (the “Designated Account”"), and shall not be refuted by Procurer (First Party), for all Tariff Payments to be made by Procurer First Party to the SellerCorporation, and notify Procurer First Party of the details of such account at least ninety (90) days before the dispatch of the first Weekly Bxxx by the ProcurerFirst Party. Procurer First Party shall instruct their respective bankers to make all payments under this agreement to the Designated Account and shall notify the Seller Corporation of such instructions on the same day. Procurer First Party shall also designate a bank for payments to be made by the Seller Corporation (including Supplementary Bills) to Procurer First Party and notify the Seller Corporation of the details of such account ninety (90) days before the COD of the Power Station. 11.3.4 d) In the event of delay in payment of a Weekly Bxxx by Procurer First Party beyond its Due Date weekly billing, a Late Payment Surcharge shall be payable by Procurer First Party to the Seller Corporation at the rate of twenty twenty-two (22) percent APR (“Annual Percentage Rate”), on the amount of outstanding payment, calculated on a day to day basis (and compounded with daily interest), for each day of the delay.

Payment of Weekly Bills. 11.3.1 Procurer shall pay the amount payable under Weekly Bxxx Xxxx on the Due Date to such account of the Seller by “Direct Deposit” or against a “Revolving Letter of Credit” issued by the Procurer for the Benefit of the Seller as described in clause 11.4 (if Direct Deposit is not effected), in accordance with clause 11.3.3 below. All payments made by the Procurer shall be by appropriate order of priority: a) towards Late Payment Surcharge, payable by the Procurer, if any; b) towards earlier unpaid Weekly BxxxXxxx, if any, and c) towards the then current Weekly BxxxXxxx. 11.3.2 All payments required to be made under this Agreement shall only include any deduction or set off for deductions required by the Law; and amounts claimed by the Procurer from the Seller, through an invoice duly acknowledged by the Seller, to be payable by the Seller, and not disputed by the Seller within thirty (30) days of receipt of the said invoice and such deduction or set-off shall be made to the extent of the amounts not disputed. It is clarified that the Procurer shall be entitled to claim any set off or deduction under this clause, after expiry of the said thirty (30) day period. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. Power Purchase Agreement (PPA) Provided further, the maximum amounts that can be deducted or set-off by the Procurer under this Article in a Contract Year shall not exceed twenty (20) percent of the weekly billing. 11.3.3 The Seller shall open a bank account as designated by Lenders (the “Designated Account”), and shall not be refuted by Procurer (First Party), for all Tariff Payments to be made by Procurer to the Seller, and notify Procurer of the details of such account at least ninety (90) days before the dispatch of the first Weekly Bxxx Xxxx by the Procurer. Procurer shall instruct their respective bankers to make all payments under this agreement to the Designated Account and shall notify the Seller of such instructions on the same day. Procurer shall also designate a bank for payments to be made by the Seller (including Supplementary Bills) to Procurer and notify the Seller of the details of such account ninety (90) days before the COD of the Power Station. 11.3.4 In the event of delay in payment of a Weekly Bxxx Xxxx by Procurer beyond its Due Date weekly billing, a Late Payment Surcharge shall be payable by Procurer to the Seller at the rate of twenty two (22) percent APR (“Annual Percentage Rate”), on the amount of outstanding payment, calculated on a day to day basis (and compounded with daily interest), for each day of the delay.

Payment of Weekly Bills. 11.3.1 Procurer a) First Party shall pay the amount payable under Weekly Bxxx Bill on the Due Date to such account of the Seller Corporation by “Direct Deposit” or against a “Revolving Letter of Credit” issued by the Procurer First Party for the Benefit of the Seller Corporation as described in clause 11.4 10.3 (c) (if Direct Deposit is not effected), in accordance with clause 11.3.3 10.4 below. All payments made by the Procurer First Party shall be by appropriate order of priority: a) i. towards Late Payment Surcharge, payable by the ProcurerFirst Party, if any; b) ii. towards earlier unpaid Weekly BxxxBill, if any, and c) iii. towards the then current Weekly BxxxBill. 11.3.2 b) All payments required to be made under this Agreement shall only include any deduction or set off for deductions required by the Law; and amounts claimed by the Procurer First Party from the SellerCorporation, through an invoice duly acknowledged by the SellerCorporation, to be payable by the SellerCorporation, and not disputed by the Seller Corporation within thirty (30) days of receipt of the said invoice and such deduction or set-off shall be made to the extent of the amounts not disputed. It is clarified that the Procurer First Party shall be entitled to claim any set off or deduction under this clauseArticle, after expiry of the said thirty (30) day period. Provided further, the maximum amounts that can be deducted or set-off by the Procurer First Party under this Article in a Contract Year shall not exceed twenty (20) percent of the weekly billing. 11.3.3 c) The Seller Corporation shall open a bank account as designated by Lenders (the “Designated Account”"), and shall not be refuted by Procurer (First Party), for all Tariff Payments to be made by Procurer First Party to the SellerCorporation, and notify Procurer First Party of the details of such account at least ninety (90) days before the dispatch of the first Weekly Bxxx Bill by the ProcurerFirst Party. Procurer First Party shall instruct their respective bankers to make all payments under this agreement to the Designated Account and shall notify the Seller Corporation of such instructions on the same day. Procurer First Party shall also designate a bank for payments to be made by the Seller Corporation (including Supplementary Bills) to Procurer First Party and notify the Seller Corporation of the details of such account ninety (90) days before the COD of the Power Station. 11.3.4 d) In the event of delay in payment of a Weekly Bxxx Bill by Procurer First Party beyond its Due Date weekly billing, a Late Payment Surcharge shall be payable by Procurer First Party to the Seller Corporation at the rate of twenty twenty-two (22) percent APR (“Annual Percentage Rate”), on the amount of outstanding payment, calculated on a day to day basis (and compounded with daily interest), for each day of the delay.

Payment of Weekly Bills. 11.3.1 Procurer a) First Party shall pay the amount payable under Weekly Bxxx on the Due Date to such account of the Seller Corporation by “Direct Deposit” or against a “Revolving Letter of Credit” issued by the Procurer First Party for the Benefit of the Seller Corporation as described in clause 11.4 10.3 (c) (if Direct Deposit is not effected), in accordance with clause 11.3.3 10.4 below. All payments made by the Procurer First Party shall be by appropriate order of priority: a) i. towards Late Payment Surcharge, payable by the ProcurerFirst Party, if any; b) ii. towards earlier unpaid Weekly Bxxx, if any, and c) iii. towards the then current Weekly Bxxx. 11.3.2 b) All payments required to be made under this Agreement shall only include any deduction or set off for deductions required by the Law; and amounts claimed by the Procurer First Party from the SellerCorporation, through an invoice duly acknowledged by the SellerCorporation, to be payable by the SellerCorporation, and not disputed by the Seller Corporation within thirty (30) days of receipt of the said invoice and such deduction or set-off shall be made to the extent of the amounts not disputed. It is clarified that the Procurer First Party shall be entitled to claim any set off or deduction under this clauseArticle, after expiry of the said thirty (30) day period. Provided further, the maximum amounts that can be deducted or set-off by the Procurer First Party under this Article in a Contract Year shall not exceed twenty (20) percent of the weekly billing. 11.3.3 c) The Seller Corporation shall open a bank account as designated by Lenders (the “Designated Account”"), and shall not be refuted by Procurer (First Party), for all Tariff Payments to be made by Procurer First Party to the SellerCorporation, and notify Procurer First Party of the details of such account at least ninety (90) days before the dispatch of the first Weekly Bxxx by the ProcurerFirst Party. Procurer First Party shall instruct their respective bankers to make all payments under this agreement to the Designated Account and shall notify the Seller Corporation of such instructions on the same day. Procurer First Party shall also designate a bank for payments to be made by the Seller Corporation (including Supplementary Bills) to Procurer First Party and notify the Seller Corporation of the details of such account ninety (90) days before the COD of the Power Station. 11.3.4 d) In the event of delay in payment of a Weekly Bxxx by Procurer First Party beyond its Due Date weekly billing, a Late Payment Surcharge shall be payable by Procurer First Party to the Seller Corporation at the rate of twenty two (22) percent APR (“Annual Percentage Rate”), on the amount of outstanding payment, calculated on a day to day basis (and compounded with daily interest), for each day of the delay.