Payment and Netting. 37 6.1 Billing and Payment 37 6.2 Netting 37 6.3 Disputes and Adjustments of Invoices 37 6.4 Termination Payment 38 ARTICLE VII. LIMITATIONS 38 7.1 Limitation of Remedies, Liability and Damages 38
Payment and Netting. 9.5.1 On each Invoice Day, MSCG shall net the following amounts:
(i) the Final Payment Amount payable by MSCG to DCRC on the Final Payment Day occurring on such Invoice Date;
(ii) the Provisional Payment Amount that MSCG paid to DCRC on the Provisional Payment Day in respect of the same volumes of Light Finished Products and Specialty Grades that the Final Payment Amount in (i) of this Section 9.5.1 is in respect of, such amount to be payable by DCRC;
(iii) the Provisional Payment Amount payable by MSCG to DCRC on the Provisional Payment Day occurring on such Invoice Date;
(iv) any Specialty Grade Premium or Monthly Specialty Premium Adjustment to be included on such invoice pursuant to Section 9.2.2; and
(v) any adjustments to the prices used to determine any previously invoiced Final Payment Amount based upon additional information obtained after such invoicing; (the aggregate net amount payable, the “Net Finished Products Amount”). MSCG shall notify DCRC of the Net Finished Products Amount and the Party to whom payment is owed shall prepare and deliver to the other Party an invoice in respect of such net amount by 11:00 a.m. EPT on each Invoice Day (the “Finished Products Invoice” for such day). The Party obligated to pay the Net Finished Products Amount shall pay such amount to the other Party on or prior to 3:00 p.m. EPT on such day, subject to Section 9.9. Notwithstanding the above, so long as the Payment Direction Agreement is effective and performance under the Payment Direction Agreement has not been suspended pursuant to Section 18.4.6, payment of the Net Finished Products Amount shall be directed to SMT pursuant to the terms of the Payment Direction Agreement. Upon payment to SMT of the Net Finished Products Amount or any portion thereof, MSCG’s obligation to pay DCRC hereunder shall be fully and finally discharged as if such amounts were paid to DCRC directly, subject to any later adjustments based on additional information as described in this Section 9. DCRC shall at all times remain liable for any Net Finished Products Amount payable from DCRC to MSCG.
9.5.2 On each Invoice Day, MSCG shall net the following amounts:
(i) the MSCG Purchase Payment Amount payable by MSCG that is to be included on the Net Payment Amount Invoice for such day pursuant to Section 9.1.3;
(ii) the DCRC Purchase Payment Amount payable by DCRC that is to be included on the Net Payment Amount Invoice for such day pursuant to Section 9.1.3;
(iii) any Provisional Location...
Payment and Netting. Amend Article Six as follows: Section 6.3 is amended to read as follows: “
Payment and Netting. Nine.1Billing and Payment . On or before the fifteenth (15th) calendar day following each Contract Month:
Payment and Netting. 9.1 On each Payment Date, MSCG shall net the following amounts:
(i) the Daily Purchase Payment Amount payable by TRC to MSCG on such day;
(ii) the Hedge Adjustment Amount, if applicable;
(iii) any adjustments to amounts paid by one Party to the other Party hereunder based upon additional information obtained after invoicing, including adjustments to the prices or volumes used to determine any previously invoiced Daily Purchase Payment Amount, and including any Adjustment Amount as described in Section 8.2.4;
(iv) any Ancillary Costs incurred prior to such day and not previously paid to MSCG or any adjustment to Ancillary Costs previously determined and invoiced;
(v) any outstanding interest that accrues pursuant to Section 9.4; and
(vi) any other amounts due and payable as of such day under this Agreement or any other Transaction Document. (the aggregate net amount payable, the “Net Daily Payment Amount”). MSCG shall notify TRC of the Net Daily Payment Amount and the Party to whom such Net Daily Payment Amount is owed shall prepare and deliver to the other Party an invoice in respect such amount by 11:00 a.m. EPT on such Payment Date (the “Payment Amount Invoice” for such day). The Party owing the Net Payment Amount shall pay such amount to the other Party on or prior to 3:00 p.m. EPT on such day, subject to Section 9.3.
Payment and Netting. Billing and Payment . On or before the fifteenth (15th) calendar day following each Contract Month: Seller shall invoice Buyer, in arrears, for all amounts due from Buyer to Seller under this Agreement, including, as applicable: the Monthly Payment, if positive, and other compensatory adjustments required by this Agreement, including adjustments for Governmental Charges; and if applicable, Buyer shall invoice Seller, in arrears, for any amounts due from Seller to Buyer under this Agreement, including the Monthly Payment, if negative. Netting . If each Party is required to pay the other an amount in the same month pursuant to this Agreement, then the Party owing the greater aggregate amount will pay to the other Party the difference between the amounts owed. Buyer is expressly authorized to set off from any of its payments hereunder an amount owed by Seller to Buyer in accordance with this Agreement. Payment . Payment of all undisputed amounts owed shall be due by the later of the twenty-fifth (25th) day of the month or ten (10) calendar days after receipt of invoice (“Monthly Payment Date”). If the Monthly Payment Date is not a Business Day, then such invoice or payment shall be provided on the next following Business Day. Each Party will make payments by electronic funds transfer, or by other mutually agreeable method(s), to the account designated by the other Party. Any undisputed amounts not paid by the Monthly Payment Date will be deemed delinquent and will accrue interest at the Interest Rate, such interest to be calculated from and including the Monthly Payment Date to but excluding the date the delinquent amount is paid in full. Disputes and Adjustments of Invoices . In the event an invoice or portion thereof or any other claim or adjustments arising hereunder, is disputed, payment of the undisputed portion of the invoice shall be required to be made when due, with Notice of the objection given to the other Party. Any invoice dispute or invoice adjustment shall be in writing and shall state the basis for the dispute or adjustment. Payment of the disputed amount shall not be required until the dispute is resolved. The Parties agree to use good faith efforts to resolve the dispute or identify the adjustment as soon as possible in accordance with the provisions of Article Eighteen (Dispute Resolution). Upon resolution of the dispute or calculation of the adjustment, any required payment shall be made within fifteen (15) calendar days of such resolution...
Payment and Netting. 3735
6.1 Billing and Payment 3735 6.2 Netting 3736
Payment and Netting. The Article Six heading is amended to delete the words “and Netting”.
Payment and Netting. Section 6.1 the first sentence, shall be amended by deleting the words “and, if ‘Accelerated Payment of Damages’ is specified by the Parties in the Cover Sheet, payments pursuant to Section 4.1 or 4.2 and Option premium payments pursuant to Section 6.7” from the sentence.
Payment and Netting. In accordance with Section 6.1 of the EEI Master Agreement, Seller shall invoice Buyer for Gas delivered and received in the preceding calendar month and for any other applicable charges, providing supporting documentation acceptable in industry practice to support the amount charged. If the actual quantity delivered is not known by the billing date, the invoice will be prepared based on the Scheduled Gas Quantity. The invoiced quantity will then be adjusted to the actual quantity on the following calendar month’s invoice or as soon thereafter as actual delivery information is available. Any dispute or adjustment of invoices shall be addressed in accordance with Section 6.3 of the EEI Master Agreement.
