Common use of Penalty Payment Clause in Contracts

Penalty Payment. In order to resolve the legal issues raised by SED in its Protest, SBS will pay a penalty of $20,000 to the State of California General Fund, contingent on the Commission’s approval of the Application. The $20,000 penalty will be paid according to the following schedule: a) SBS will remit $416.98 to the State of California General Fund within 30 calendar days of the date of the Commission’s approval of this Agreement; and b) SBS will remit monthly payments in the amount of $416.66 by the 15th of every month to the State of California, General Fund thereafter until the $20,000 is paid in full. All penalty payments shall be made payable to the California Public Utilities Commission and remitted to the Commission’s Fiscal Office, ▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, Room 3000, San Francisco, CA 94102. The payment shall indicate the decision number of the Commission decision approving the Settlement. SBS shall be deemed in default if any of the payments pursuant to this Paragraph is not made within five days following the due date. Should SBS default on any of its fine payments, the fine must be paid in full within 30 days after the default and SED may seek Commission revocation of SBS’ Certificate of Public Convenience and Necessity.