Common use of Subsequent Refund Clause in Contracts

Subsequent Refund. If later, on July 1, 2044, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2043 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2043 to the date of refund on July 1, 2044. To ensure that the refund does not double recover interest, the following language has been included in Section 13.3 of the Agreement: “[I]f all or a portion of the amount [here, the $1,000 payment due on June 15, 2043] to which such interest relates [here, the $5 late interest fee] is later refunded pursuant to this Agreement [here, on July 1, 2044], then, in calculating that refund, such interest [here, $5] shall not be included in the refund.” See attached. Hydro-Québec 00, xxxxxxxxx Xxxx-Xxxxxxxx ouest 5ième étage Montréal, Québec, Canada H2Z 1A4 CONVENTION DE CAUTIONNEMENT La présente convention de cautionnement (« Cautionnement »), portant la date du juin 2018, est conclue entre Hydro-Québec, société dûment constituée et régie par la Loi sur Hydro-Québec (L.R.Q., chapitre H-5) ayant son siège social et son principal lieu d’affaires au 00, xxxxxxxxx Xxxx-Xxxxxxxx Xxxxx, Montréal, Québec, Canada, H2Z 1A4 (ci-après appelée « Caution »), et Central Maine Power Company, société dûment constituée en vertu des xxxx de l’État du Maine, ayant son principal lieu d'affaires au 00 Xxxxxx Xxxxx, Xxxxxxx XX 00000, États-Unis d'Amérique (ci-après appelée « Bénéficiaire »). GUARANTY AGREEMENT This Guaranty Agreement («Guaranty»), dated as of June 2018, is made and entered into between Hydro-Québec, a body politic and corporate, duly incorporated and regulated by Hydro-Québec Act (R.S.Q., chapter H-5) and having its head office and principal place of business at 00, Xxxx-Xxxxxxxx Xxxxxxxxx West, Montréal, Québec, Canada, H2Z 1A4, hereinafter referred to as the «Guarantor» and Central Maine Power Company, a corporation duly organized under the laws of the State of Maine, having its principal place of business at 00 Xxxxxx Xxxxx, Xxxxxxx XX 00000, Xxxxxx Xxxxxx of America, (hereinafter referred to as the «Beneficiary»). ATTENDU QUE le Bénéficiaire et H.Q. ENERGY SERVICES (U.S.) INC., société créée en vertu des xxxx de l’état du Delaware, ayant son lieu d’affaires au 000 Xxxxxx Xxxxxx, 00xx xxxxx, Xxxxxxxx, XX 00000 (ci-après appelée « HQUS »), filiale en propriété indirecte de la Caution, ont signé les ententes suivantes: (a) une entente de service de transport pour l’achat de 579.335 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018, (b) une entente de service de transport pour l’achat de 498.348 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018, (c) une entente de service de transport pour l’achat de 12.317 MW de service de transport ferme du Bénéficiaire en date du 13 xxxx 0000, (x) une entente de service de transport pour l’achat de 110 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018 (ci-après appelées collectivement les « Conventions »); WHEREAS the Beneficiary and H.Q. ENERGY SERVICES (U.S.) INC., a corporation created under the laws of the State of Delaware, having its place of business at 000 Xxxxxx Xxxxxx, 00xx Xxxxx, Xxxxxxxx, XX 00000, (hereinafter referred to as «HQUS»), an indirectly owned subsidiary of the Guarantor, have executed the following agreements: (a) a Transmission Service Agreement for the purchase of 579.335 MW of firm transmission service from the Beneficiary dated as of June 13, 2018; (b) a Transmission Service Agreement for the purchase of 498.348 MW of firm transmission service from the Beneficiary dated as of June 13, 2018; (c) a Transmission Service Agreement for the purchase of 12.317 MW of firm transmission service from the Beneficiary dated as of June 13, 2018, and (d) a Transmission Service Agreement for the purchase of 110 MW of firm transmission service from the Beneficiary dated as of June 13, 2018 (hereinafter collectively referred to as the «Agreements»);

Subsequent Refund. If later, on July 1, 20442024, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2043 2023 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2043 2023 to the date of refund on July 1, 20442024. To ensure that the refund does not double recover interest, the following language has been included in Section 13.3 of the Agreement: “[I]f all or a portion of the amount [here, the $1,000 payment due on June 15, 20432023] to which such interest relates [here, the $5 late interest fee] is later refunded pursuant to this Agreement [here, on July 1, 20442024], then, in calculating that refund, such interest [here, $5] shall not be included in the refund.” See attached. Hydro-Québec 00, xxxxxxxxx Xxxx-Xxxxxxxx ouest 5ième étage Montréal, Québec, Canada H2Z 1A4 CONVENTION DE CAUTIONNEMENT La présente convention de cautionnement (« Cautionnement »), portant la date du juin 2018, est conclue entre Hydro-Québec, société dûment constituée et régie par la Loi sur Hydro-Québec (L.R.Q., chapitre H-5) ayant son siège social et son principal lieu d’affaires au 00, xxxxxxxxx Xxxx-Xxxxxxxx Xxxxx, Montréal, Québec, Canada, H2Z 1A4 (ci-après appelée « Caution »), et Central Maine Power Company, société dûment constituée en vertu des xxxx de l’État du Maine, ayant son principal lieu d'affaires au 00 Xxxxxx Xxxxx, Xxxxxxx XX 00000, États-Unis d'Amérique (ci-après appelée « Bénéficiaire »). GUARANTY AGREEMENT This Guaranty Agreement («Guaranty»), dated as of June 2018, is made and entered into between Hydro-Québec, a body politic and corporate, duly incorporated and regulated by Hydro-Québec Act (R.S.Q., chapter H-5) and having its head office and principal place of business at 00, Xxxx-Xxxxxxxx Xxxxxxxxx West, Montréal, Québec, Canada, H2Z 1A4, hereinafter referred to as the «Guarantor» and Central Maine Power Company, a corporation duly organized under the laws of the State of Maine, having its principal place of business at 00 Xxxxxx Xxxxx, Xxxxxxx XX 00000, Xxxxxx Xxxxxx of America, (hereinafter referred to as the «Beneficiary»). ATTENDU QUE le Bénéficiaire et H.Q. ENERGY SERVICES (U.S.) INC., société créée en vertu des xxxx de l’état du Delaware, ayant son lieu d’affaires au 000 Xxxxxx Xxxxxx, 00xx xxxxx, Xxxxxxxx, XX 00000 (ci-après appelée « HQUS »), filiale en propriété indirecte de la Caution, ont signé les ententes suivantes: (a) une entente de service de transport pour l’achat de 579.335 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018, (b) une entente de service de transport pour l’achat de 498.348 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018, (c) une entente de service de transport pour l’achat de 12.317 MW de service de transport ferme du Bénéficiaire en date du 13 xxxx 0000, (x) une entente de service de transport pour l’achat de 110 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018 (ci-après appelées collectivement les « Conventions »); WHEREAS the Beneficiary and H.Q. ENERGY SERVICES (U.S.) INC., a corporation created under the laws of the State of Delaware, having its place of business at 000 Xxxxxx Xxxxxx, 00xx Xxxxx, Xxxxxxxx, XX 00000, (hereinafter referred to as «HQUS»), an indirectly owned subsidiary of the Guarantor, have executed the following agreements: (a) a Transmission Service Agreement for the purchase of 579.335 MW of firm transmission service from the Beneficiary dated as of June 13, 2018; (b) a Transmission Service Agreement for the purchase of 498.348 MW of firm transmission service from the Beneficiary dated as of June 13, 2018; (c) a Transmission Service Agreement for the purchase of 12.317 MW of firm transmission service from the Beneficiary dated as of June 13, 2018, and (d) a Transmission Service Agreement for the purchase of 110 MW of firm transmission service from the Beneficiary dated as of June 13, 2018 (hereinafter collectively referred to as the «Agreements»);

Subsequent Refund. If later, on July 1, 2044, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2043 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2043 to the date of refund on July 1, 2044. To ensure that the refund does not double recover interest, the following language has been included in Section 13.3 of the Agreement: “[I]f all or a portion of the amount [here, the $1,000 payment due on June 15, 2043] to which such interest relates [here, the $5 late interest fee] is later refunded pursuant to this Agreement [here, on July 1, 2044], then, in calculating that refund, such interest [here, $5] shall not be included in the refund.” See attached. Hydro-Québec 00, xxxxxxxxx Xxxx-Xxxxxxxx ouest 5ième étage Montréal, Québec, Canada H2Z 1A4 CONVENTION DE CAUTIONNEMENT La présente convention de cautionnement (« Cautionnement »), portant la date du juin 2018, est conclue entre Hydro-Québec, société dûment constituée et régie par la Loi sur Hydro-Québec (L.R.Q., chapitre H-5) ayant son siège social et son principal lieu d’affaires au 00, xxxxxxxxx Xxxx-Xxxxxxxx Xxxxx, Montréal, Québec, Canada, H2Z 1A4 (ci-après appelée « Caution »), et Central Maine Power Company, société dûment constituée en vertu des xxxx de l’État du Maine, ayant son principal lieu d'affaires au 00 Xxxxxx Xxxxx, Xxxxxxx XX 00000, États-Unis d'Amérique (ci-après appelée « Bénéficiaire »). GUARANTY AGREEMENT This Guaranty Agreement («Guaranty»), dated as of June 2018, is made and entered into between Hydro-Québec, a body politic and corporate, duly incorporated and regulated by Hydro-Québec Act (R.S.Q., chapter H-5) and having its head office and principal place of business at 00, Xxxx-Xxxxxxxx Xxxxxxxxx West, Montréal, Québec, Canada, H2Z 1A4, hereinafter referred to as the «Guarantor» and Central Maine Power Company, a corporation duly organized under the laws of the State of Maine, having its principal place of business at 00 Xxxxxx Xxxxx, Xxxxxxx XX 00000, Xxxxxx Xxxxxx of America, (hereinafter referred to as the «Beneficiary»). ATTENDU QUE le Bénéficiaire et H.Q. ENERGY SERVICES (U.S.) INC., société créée en vertu des xxxx de l’état du Delaware, ayant son lieu d’affaires au 000 Xxxxxx Xxxxxx, 00xx xxxxx, Xxxxxxxx, XX 00000 (ci-après appelée « HQUS »), filiale en propriété indirecte de la Caution, ont signé les ententes suivantes: (a) une entente de service de transport pour l’achat de 579.335 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018, (b) une entente de service de transport pour l’achat de 498.348 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018, (c) une entente de service de transport pour l’achat de 12.317 MW de service de transport ferme du Bénéficiaire en date du 13 xxxx 0000, (x) une entente de service de transport pour l’achat de 110 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018 (ci-après appelées collectivement les « Conventions »); WHEREAS the Beneficiary and H.Q. ENERGY SERVICES (U.S.) INC., a corporation created under the laws of the State of Delaware, having its place of business at 000 Xxxxxx Xxxxxx, 00xx Xxxxx, Xxxxxxxx, XX 00000, (hereinafter referred to as «HQUS»), an indirectly owned subsidiary of the Guarantor, have executed the following agreements: (a) a Transmission Service Agreement for the purchase of 579.335 MW of firm transmission service from the Beneficiary dated as of June 13, 2018; (b) a Transmission Service Agreement for the purchase of 498.348 MW of firm transmission service from the Beneficiary dated as of June 13, 2018; (c) a Transmission Service Agreement for the purchase of 12.317 MW of firm transmission service from the Beneficiary dated as of June 13, 2018, and (d) a Transmission Service Agreement for the purchase of 110 MW of firm transmission service from the Beneficiary dated as of June 13, 2018 (hereinafter collectively referred to as the «Agreements»); ATTENDU QUE le Bénéficiaire a exigé que la Caution garantisse inconditionnellement au Bénéficiaire toutes les obligations de paiement qui incombent à HQUS en vertu des Conventions, sous réserve de la somme maximale prévue à l’article 1 du présent Cautionnement; WHEREAS the Beneficiary has required that the Guarantor unconditionally guarantee to the Beneficiary all payment obligations of HQUS under the Agreements; subject to a maximum dollar limitation as provided in Section 1 of this Guaranty;

Subsequent Refund. If later, on July 1, 2044, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2043 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2043 to the date of refund on July 1, 2044. To ensure that the refund does not double recover interest, the following language has been included in Section 13.3 of the Agreement: “[I]f all or a portion of the amount [here, the $1,000 payment due on June 15, 2043] to which such interest relates [here, the $5 late interest fee] is later refunded pursuant to this Agreement [here, on July 1, 2044], then, in calculating that refund, such interest [here, $5] shall not be included in the refund.” See attached. Hydro-Québec 00, xxxxxxxxx Xxxx-Xxxxxxxx ouest 5ième étage Montréal, Québec, Canada H2Z 1A4 CONVENTION DE CAUTIONNEMENT La présente convention de cautionnement (« Cautionnement »), portant la date du juin 2018, est conclue entre Hydro-Québec, société dûment constituée et régie par la Loi sur Hydro-Québec (L.R.Q., chapitre H-5) ayant son siège social et son principal lieu d’affaires au 00, xxxxxxxxx Xxxx-Xxxxxxxx Xxxxx, Montréal, Québec, Canada, H2Z 1A4 (ci-après appelée « Caution »), et Central Maine Power Company, société dûment constituée en vertu des xxxx de l’État du Maine, ayant son principal lieu d'affaires au 00 Xxxxxx Xxxxx, Xxxxxxx XX 00000, États-Unis d'Amérique (ci-après appelée « Bénéficiaire »). GUARANTY AGREEMENT This Guaranty Agreement («Guaranty»), dated as of June 2018, is made and entered into between Hydro-Québec, a body politic and corporate, duly incorporated and regulated by Hydro-Québec Act (R.S.Q., chapter H-5) and having its head office and principal place of business at 00, Xxxx-Xxxxxxxx Xxxxxxxxx West, Montréal, Québec, Canada, H2Z 1A4, hereinafter referred to as the «Guarantor» and Central Maine Power Company, a corporation duly organized under the laws of the State of Maine, having its principal place of business at 00 Xxxxxx Xxxxx, Xxxxxxx XX 00000, Xxxxxx Xxxxxx of America, (hereinafter referred to as the «Beneficiary»). ATTENDU QUE le Bénéficiaire et H.Q. ENERGY SERVICES (U.S.) INC., société créée en vertu des xxxx de l’état du Delaware, ayant son lieu d’affaires au 000 Xxxxxx Xxxxxx, 00xx xxxxx, Xxxxxxxx, XX 00000 (ci-après appelée « HQUS »), filiale en propriété indirecte de la Caution, ont signé les ententes suivantes: (a) une entente de service de transport pour l’achat de 579.335 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018, (b) une entente de service de transport pour l’achat de 498.348 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018, (c) une entente de service de transport pour l’achat de 12.317 MW de service de transport ferme du Bénéficiaire en date du 13 xxxx 0000, (x) une entente de service de transport pour l’achat de 110 MW de service de transport ferme du Bénéficiaire en date du 13 juin 2018 (ci-après appelées collectivement les « Conventions »); WHEREAS the Beneficiary and H.Q. ENERGY SERVICES (U.S.) INC., a corporation created under the laws of the State of Delaware, having its place of business at 000 Xxxxxx Xxxxxx, 00xx Xxxxx, Xxxxxxxx, XX 00000, (hereinafter referred to as «HQUS»), an indirectly owned subsidiary of the Guarantor, have executed the following agreements: (a) a Transmission Service Agreement for the purchase of 579.335 MW of firm transmission service from the Beneficiary dated as of June 13, 2018; (b) a Transmission Service Agreement for the purchase of 498.348 MW of firm transmission service from the Beneficiary dated as of June 13, 2018; (c) a Transmission Service Agreement for the purchase of 12.317 MW of firm transmission service from the Beneficiary dated as of June 13, 2018, and (d) a Transmission Service Agreement for the purchase of 110 MW of firm transmission service from the Beneficiary dated as of June 13, 2018 (hereinafter collectively referred to as the «Agreements»);