Subsequent Refund Clause Samples

The Subsequent Refund clause establishes the conditions under which a party is entitled to receive a refund after an initial transaction or payment has occurred. Typically, this clause outlines the specific circumstances—such as product returns, service cancellations, or overpayments—that trigger the obligation to refund, and may set forth the process and timeline for issuing the refund. Its core practical function is to provide clarity and assurance to both parties regarding the handling of post-transaction refunds, thereby reducing disputes and ensuring fair financial adjustments.
Subsequent Refund. If later, on July 1, 2024, the aforesaid payment is required to be refunded, the refund will equal the
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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.” Hydro-Québec ▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇-▇▇▇▇▇▇▇▇ 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 ▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇-▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Montréal, Québec, Canada, H2Z 1A4 (ci-après appelée « Caution »), et Central Maine Power Company, société dûment constituée en vertu des ▇▇▇▇ de l’État du Maine, ayant son principal lieu d'affaires au ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇, 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 ▇▇, ▇▇▇▇-▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ 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 ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇ 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 ▇▇▇▇ de l’état du Delaware, ayant son lieu d’affaires au ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (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 ser...
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Subsequent Refund. If later, on July 1, 2012, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2011 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2011 to the date of refund on July 1, 2012. To ensure that the refund does not double recover interest, the following language has been included in Section 14.5(c) of the Agreement: "If all or a portion of the amount [here, the $1,000 payment due on June 15, 2011] to which such interest relates [here, the $5 late interest fee] is later refunded pursuant to this Agreement [here, on July 1, 2012], then, in calculating that refund, such interest [here, $5] shall not be included in the refund.
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Subsequent Refund. If later, on July 1, 2024, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2023 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2023 to the date of refund on July 1, 2024. 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, 2023] to which such interest relates [here, the $5 late interest fee] is later refunded pursuant to this Agreement [here, on July 1, 2024], then, in calculating that refund, such interest [here, $5] shall not be included in the refund.” The Transmission Service Payment for a given calendar month shall be equal to the unit price per kW-month for the then-current Contract Year (the “Unit Price”), as set forth in the table below, multiplied by the Contract Capacity expressed in kW. Contract Year 1 $9.16 Contract Year 2 $9.35 Contract Year 3 $9.53 Contract Year 4 $9.73 Contract Year 5 $9.92 Contract Year 6 $10.12 Contract Year 7 $10.32 Contract Year 8 $10.53 Contract Year 9 $10.74 Contract Year 10 $10.95 Contract Year 11 $11.17 Contract Year 12 $11.40 Contract Year 13 $11.62 Contract Year 14 $11.86 Contract Year 15 $12.09 Contract Year 16 $12.33 Contract Year 17 $12.58 Contract Year 18 $12.83 Contract Year 19 $13.09 Contract Year 20 $13.35 In the event the anniversary of the Commercial Operation Date falls within the middle of a calendar month (month M), the Unit Price for each month M shall be equal to: the Unit Price for the Contract Year that is ending (Contract Year Y), multiplied by the proportion of the days of the calendar month M that are part of that Contract Year Y, plus the Unit Price for the Contract Year that is beginning (Contract Year Y+1), multiplied by the proportion of the days of the calendar month M that are part of that Contract Year Y+1, the resulting calculation being rounded to the nearest cent.
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Subsequent Refund. If later, on July 1, 2012, the aforesaid payment is required to be refunded, the refund will equal the $1,000 payment made on July 1, 2011 (the original amount invoiced), plus the interest accrued on that $1,000 payment from the due date of June 15, 2011 to the date of refund on July 1, 2012. To ensure that the refund does not double recover interest, the following language has been included in Section 14.5(c) of the Agreement: "If all or a portion of the amount [here, the
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Related to Subsequent Refund

  • Subsequent Recalculation In the event the Internal Revenue Service adjusts the computation of the Company under Section 5.2 herein so that the Executive did not receive the greatest net benefit, the Company shall reimburse the Executive for the full amount necessary to make the Executive whole, plus a market rate of interest, as determined by the Committee, within 30 days after such adjustment.

  • Collection Where Payment Refused The Custodian shall not be required to take action to effect collection of any amount, if the Securities upon which such amount is payable are in default, or if payment is refused after due demand or presentation, unless and until it shall be directed to take such action and it shall be assured to its satisfaction of reimbursement of its related costs and expenses.

  • Mortgage Payments Received After Transfer Date The amount of any related Monthly Payments received by the Seller after the related Transfer Date shall be forwarded to the Purchaser by overnight mail within one (1) Business Day following the date of receipt. The Seller shall notify the Purchaser of the particulars of the payment, which notification requirement shall be satisfied if the Seller forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser. The Seller shall assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Seller after the related Transfer Date with respect to related Mortgage Loans then in foreclosure or bankruptcy; provided, for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Purchaser with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Seller shall comply with the foregoing requirements with respect to all Monthly Payments received by it after the related Transfer Date.

  • Subsequent Adjustments In the event that the Assuming Institution or the Receiver discovers any errors or omissions as contemplated by Section 8.2 or any error with respect to the payment made under Section 8.3 after the Settlement Date, the Assuming Institution and the Receiver agree to promptly correct any such errors or omissions, make any payments and effect any transfers or assumptions as may be necessary to reflect any such correction plus interest as provided in Section 8.4.

  • Subsequent Rights Offerings In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).