Common use of Terms of Payment and Billing Clause in Contracts

Terms of Payment and Billing. a) In compliance with the Business Terms, the Trader is obligated, within 10 days after this Agreement has come into force, to establish with its account maintained by a bank or its branch in the territory of the Czech Republic cash collection rights for the Market Operator and its accounts No. 19-5582760247/0100 and 27-5868540207/0100, possibly to the settlement accounts for the day-ahead spot electricity market in EUR listed under Article 1 of this Agreement, and to provide the Market Operator with proof of having established these rights.

Terms of Payment and Billing. a) In compliance with the Business Terms, the Trader is obligated, within 10 days after this Agreement has come into force, to establish with its account maintained by a bank or its branch in the territory of the Czech Republic cash collection rights for the Market Operator and its accounts No. 19-5582760247/0100 and 27-5868540207/0100, possibly to the settlement accounts for the day-ahead spot electricity market in EUR listed under Article 1 of this Agreement, 5868540207/0100 and to provide the Market Operator with proof of having established these rights. The Market Operator holds the rights to collect cash from the Trader’s account with the aim to secure due payments from the Trader pursuant to Article 4 of this Agreement.