Common use of DEEMED PAYMENT Clause in Contracts

DEEMED PAYMENT. No later than thirty (30) days after the date on which the Seller becomes entitled to make a demand under the Letter of Credit, the Seller shall take all steps necessary to make such a demand in writing of all moneys due and owing to the Seller (and not dispute by KPLC) under the Letter of Credit. If and to the extent that moneys are paid to the Seller under the Letter of Credit, the undisputed amounts due under an invoice which has not been paid in accordance with Clause 11.3 shall be deemed to that extent to have been paid by KPLC to the Seller on the date of actual payment and on and with effect from such date he provisions of Clauses 11.4 and 16.2(c) shall cease to apply in relation to the sums so paid.

DEEMED PAYMENT. No later than thirty (30) days after the date on which the Seller becomes entitled to make a demand under the a Letter of Credit, the Seller shall take all steps necessary to make such a demand in writing of all moneys due and owing to the Seller (and not dispute disputed by KPLC) under the a Letter of Credit. If and to the extent that moneys are paid to the Seller under the a Letter of Credit, the undisputed amounts due under an invoice which has not been paid in accordance with Clause 11.3 shall be deemed to that extent to have been paid by KPLC to the Seller on the date of actual payment and on and with effect from such date he the provisions of Clauses 11.4 and 16.2(c) shall cease to apply in relation to the sums so paid.