LD Backstop Payment Clause Samples

LD Backstop Payment. In consideration of such Distributor’s obligation to provide the Distributor Excess Performance LD Commitment, Company shall pay to Distributor Thirty Dollars per kilowatt of Rated Capacity per year (USD$30/kW/year) with respect to the Project subject to such LTSA (the “LD Backstop Payment”). If Company receives payments from Customer pursuant to the LTSA in Korean Won, then Company shall pay Distributor an amount equivalent to the LD Backstop Payment in Korean Won, at the foreign exchange rate used by the Customer to pay Company pursuant to the LTSA. Company shall pay the LD Backstop Payment on a pro-rata basis with the timing of payments received for such year by the Company from the Customer pursuant to the LTSA; provided, that each such pro-rata portion of the LD Backstop Payment shall be paid from Company to Distributor within thirty (30) days from receipt of the applicable Customer payment to Company. For illustrative purposes, if the Customer pays the LTSA fee to the Company on a quarterly basis (i.e. four (4) times per year), then the pro-rata quarterly LD Backstop Payment from Company to Distributor would be $7.50/kW/quarter.