Common use of Accelerated Payment Program Clause in Contracts

Accelerated Payment Program. The Accelerated Payment Program is administered by GE Capital US Holdings, Inc. (“GECC”). If SP is enrolled in the Accelerated Payment Program, the agreed upon early payment discount of the gross invoice price per the TPS Agreement (the “Daily Discount Rate”) will be taken for each day payment is initiated before the Net Date. If the Net Date falls on a weekend or holiday, the Net Date will be moved to the next business day and an early payment discount will be taken for each day payment is initiated before that date. Alternatively, a flat early payment discount (the “Flat Discount”) may be taken for initiating payment on a date certain prior to the Net Date (the “Flat Discount Date”). The Flat Discount will be calculated by applying the Daily Discount Rate to the number of days between the Flat Discount Date and the Net Date. If the Flat Discount Date falls on a weekend or a holiday, payment will be initiated on the next business day net of the Flat Discount. Each early payment discount will be rounded to the nearest one hundredth of a percent.