Common use of Subsequent Refund Clause in Contracts

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.

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.” Real Estate Rights 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.