Common use of Redirection of Erroneous Payments Clause in Contracts

Redirection of Erroneous Payments. To the extent that any Transmission Company receives payments due to another Transmission Company under the terms of this Section 2.01, such Transmission Company shall redirect such misdirected payments to the appropriate Transmission Company as soon after discovery of the misdirected payments as practicable, together with an amount equal to the interest accruing on such misdirected payment from the date of receipt of such payment to the date payment is redirected to the proper recipient at a rate equal to the Overnight Funds Rate for the applicable period; provided, however, that if a Transmission Company fails to redirect any such misdirected payment within thirty (30) days following the date of discovery by such Transmission Company of such misdirected payment, such Transmission Company shall pay to the proper recipient of the payment, in addition to the amount of such misdirected payment, an amount equal to the interest accruing on such misdirected payment from the date of receipt of such payment at a rate equal to the applicable Prime Rate plus three percent per annum. Such Transmission Company shall also provide the proper recipient with notification of the erroneous payments within five (5) business days of discovery of the mispayment. For purposes of this Section 2.01(d), the “Overnight Funds Rate” shall mean the inter-bank overnight funds rate.

Redirection of Erroneous Payments. To the extent that any Transmission Company receives payments due to another Transmission Company under the terms of this Section 2.01, such Transmission Company shall redirect such misdirected payments to the appropriate Transmission Company as soon after discovery of the misdirected payments as practicable, together with an amount equal to the interest accruing on such misdirected payment from the date of receipt of such payment to the date payment is redirected to the proper recipient at a rate equal to the Overnight Funds Rate for the applicable period; provided, however, that if a Transmission Company fails to redirect any such misdirected payment within thirty (30) days following the date of discovery by such Transmission Company of such misdirected payment, such Transmission Company shall pay to the proper recipient of the payment, in addition to the amount of such misdirected payment, an amount equal to the interest accruing on such misdirected payment from the date of receipt of such payment at a rate equal to the applicable Prime Rate plus three percent per annum. Such Transmission Company shall also provide the proper recipient with notification of the erroneous payments within five (5) business days of discovery of the mispayment. For purposes of this Section 2.01(d), the “"Overnight Funds Rate” " shall mean the inter-bank overnight funds rate.

Redirection of Erroneous Payments. To the extent that any Transmission Company receives payments due to another Transmission Company under the terms of this Section 2.01, such Transmission Company shall redirect such misdirected payments to the appropriate Transmission Company as soon after discovery of the misdirected payments as practicable, together with an amount equal to the interest accruing on such misdirected payment from the date of receipt of such payment to the date payment is redirected to the proper recipient at a rate equal to the Overnight Funds Rate for the applicable period; provided, however, that if a Transmission Company fails to redirect any such misdirected payment within thirty (30) days following the date of discovery by such Transmission Company of such misdirected payment, such Transmission Company shall pay to the proper recipient of the payment, in addition to the amount of such misdirected payment, an amount equal to the interest accruing on such misdirected payment from the date of receipt of such payment at a rate equal to the applicable Prime Rate plus three percent per annum. Such Transmission Company shall also provide the proper recipient with notification of the erroneous payments within five (5) business days of discovery of the mispayment. For purposes of this Section 2.01(d), the “Overnight Funds Rate” shall mean the inter-bank overnight funds rate.the