Common use of Quarterly and Annual Reconciliation Clause in Contracts

Quarterly and Annual Reconciliation. 10.13.1 Parties acknowledge that all payments made against Monthly ▇▇▇▇(s) and Supplementary ▇▇▇▇(s) shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy Account, adjustments in Transmission Charges payments, Rebates, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, as the case may be, is available and has been finally verified and adjusted, the TSP and each Long Term Transmission Customer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP or Long Term Transmission Customers, as the case may be, shall raise a Supplementary ▇▇▇▇ for the payments as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ for the adjustments in Transmission Charges payments for the relevant quarter/Contract Year. 10.13.3 Interest / Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.

Quarterly and Annual Reconciliation. 10.13.1 Parties acknowledge that all payments made against Monthly Weekly Bills, Provisional B▇▇▇▇(s) ▇ and Supplementary ▇▇▇▇(s) Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy AccountREA, adjustments in Transmission Charges paymentsTariff Adjustment Payments, RebatesTariff Rebate Payments, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, Year as the case may be, is available and be has been finally verified and adjusted, the TSP Seller and each Long Term Transmission Customer Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP Seller or Long Term Transmission CustomersProcurer, as the case may be, shall raise a Supplementary ▇B▇▇▇ for the payments as may be due as a result of reconciliation Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇B▇▇▇ for the adjustments in Transmission Charges payments Tariff Adjustment Payments for the relevant quarter/Contract Year. 10.13.3 Interest / . Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 1617.

Quarterly and Annual Reconciliation. 10.13.1 Parties acknowledge that all payments made against Monthly Weekly Bills, Provisional B▇▇▇▇(s) ▇ and Supplementary ▇▇▇▇(s) Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy Account, adjustments in Transmission Charges payments, RebatesTariff Adjustment Payments, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, Year as the case may be, is available and be has been finally verified and adjusted, the TSP Corporation and each Long Term Transmission Customer First Party shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP Corporation or Long Term Transmission CustomersFirst Party, as the case may be, shall raise a Supplementary ▇B▇▇▇ for the payments as may be due as a result of reconciliation Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇B▇▇▇ for the adjustments in Transmission Charges payments Tariff Adjustment Payments for the relevant quarter/Contract Year. 10.13.3 Interest / . Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 1621.

Quarterly and Annual Reconciliation. 10.13.1 ‌ The Parties acknowledge that all payments made against Monthly ▇▇▇▇(s) and Supplementary ▇▇▇▇(s) Bills shall be subject to quarterly reconciliation at the beginning within 30 days of the following end of the quarter of each Contract Year and annual reconciliation at the end of each Contract Year within 30 days thereof to take into account Regional the Energy AccountAccounts, adjustments in Transmission Charges Tariff adjustment payments, RebatesTariff Rebate, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, Year as the case may be, is available and be has been finally verified and adjusted, the TSP Procurers and each Long Term Transmission Customer the Seller shall jointly sign such reconciliation statement. Within fifteen (15) days of After signing of a reconciliation statementstatement within 15 days, the TSP or Long Term Transmission Customers, as Seller shall make appropriate adjustments in the case may be, shall raise a Supplementary following Monthly ▇▇▇▇ for the payments ▇, with Surcharge/ Interest, as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ for the adjustments in Transmission Charges payments for the relevant quarter/Contract Year. 10.13.3 Interest / applicable. Late Payment Surcharge Surcharge/ interest shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute Dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.Article17. Payment of Supplementary ▇▇▇▇‌ Either Party may raise a ▇▇▇▇ on the other Party ("Supplementary ▇▇▇▇") for payment on account of:

Quarterly and Annual Reconciliation. 10.13.1 Parties acknowledge that all payments made against Monthly ▇▇▇▇(sBill(s) and Supplementary ▇▇▇▇(sBill(s) shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy Account, adjustments in Transmission Charges payments, Rebates, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, as the case may be, is available and has been finally verified and adjusted, the TSP and each Long Term Transmission Customer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP or Long Term Transmission Customers, as the case may be, shall raise a Supplementary ▇▇▇▇ Bill for the payments as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ Bill for the adjustments in Transmission Charges payments for the relevant quarter/Contract Year. 10.13.3 Interest / Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.

Quarterly and Annual Reconciliation. 10.13.1 Parties acknowledge that all payments made against Monthly ▇▇▇▇(s) and Supplementary ▇▇▇▇(s) shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy Account, adjustments in Transmission Charges payments, Rebates, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, as the case may be, is available and has been finally verified and adjusted, the TSP and each Long Term Transmission Customer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP or Long Term Transmission Customers, as the case may be, shall raise a Supplementary ▇▇▇▇ for the payments as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ for the adjustments in Transmission Charges payments for the relevant quarter/quarter/ Contract Year. 10.13.3 Interest / Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.

Quarterly and Annual Reconciliation. 10.13.1 10.14.1 Parties acknowledge that all payments made against Monthly ▇▇▇▇(s) and Supplementary ▇▇▇▇(s) shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy Account, adjustments in Transmission Charges payments, Rebates, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 10.14.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, as the case may be, is available and has been finally verified and adjusted, the TSP and each Long Term Transmission Customer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP or Long Term Transmission Customers, as the case may be, shall raise a Supplementary ▇▇▇▇ for the payments as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ for the adjustments in Transmission Charges payments for the relevant quarter/Contract Year. 10.13.3 10.14.3 Interest / Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.

Quarterly and Annual Reconciliation. 10.13.1 Parties acknowledge that all payments made against Monthly Weekly Bills, Provisional ▇▇▇▇(s) ▇ and Supplementary ▇▇▇▇(s) Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy AccountREA, adjustments in Transmission Charges paymentsTariff Adjustment Payments, RebatesTariff Rebate Payments, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 provided under this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, Year as the case may be, is available and be has been finally verified and adjusted, the TSP Seller and each Long Term Transmission Customer Procurer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP Seller or Long Term Transmission CustomersProcurer, as the case may be, shall raise a Supplementary ▇▇▇▇ for the payments as may be due as a result of reconciliation Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ for the adjustments in Transmission Charges payments Tariff Adjustment Payments for the relevant quarter/Contract Year. 10.13.3 Interest / . Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.17. Initials: __________ Initials: __________ Strictly Confidential Property of BioCrude Technologies, Inc. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (▇▇▇)

Quarterly and Annual Reconciliation. 10.13.1 8.7.1 The Parties acknowledge that all payments made against Monthly ▇▇▇▇(s) Bills, Provisional Bills and Supplementary ▇▇▇▇(s) Bills shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy AccountREA, adjustments in Transmission Charges Tariff adjustment payments, RebatesTariff Rebate, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Partiesprovided under this Agreement. 10.13.2 8.7.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, Year as the case may be, is available and be has been finally verified and adjusted, the TSP Seller and each Long Term Transmission Customer Procurer(s) shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP Seller or Long Term Transmission CustomersProcurer(s), as the case may be, shall raise a Supplementary ▇▇▇▇ Bill for the Tariff adjustment payments as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ Bill for the adjustments in Transmission Charges Tariff adjustment payments for the relevant quarter/quarter/ Contract Year. 10.13.3 Interest / , as may be due as a result of such reconciliation. Late Payment Surcharge Surcharge/ interest shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute Dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 1614.

Quarterly and Annual Reconciliation. 10.13.1 Parties acknowledge that all payments made against Monthly ▇▇▇▇(s) and Supplementary ▇▇▇▇(s) shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy Account, adjustments in Transmission Charges payments, Rebates, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, as the case may be, is available and has been finally verified and adjusted, the TSP and each Long Term Transmission Customer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP or Long Term Transmission Customers, as the case may be, shall raise a Supplementary ▇▇▇▇ for the payments as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ for the adjustments in Transmission Charges payments for the relevant quarter/Contract Year. 10.13.3 Interest / Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.

Quarterly and Annual Reconciliation. 10.13.1 Parties acknowledge that all payments made against Monthly ▇▇▇▇(s) and Supplementary ▇▇▇▇(s) shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy Account, adjustments in Transmission Charges payments, Rebates, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, as the case may be, is available and has been finally verified and adjusted, the TSP and each Long Term Transmission Customer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP or Long Term Transmission Customers, as the case may be, shall raise a Supplementary ▇▇▇▇ for the payments as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ for the adjustments in Transmission Charges payments for the relevant quarter/quarter/ Contract Year. 10.13.3 Interest / Interest/ Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.

Quarterly and Annual Reconciliation. 10.13.1 Parties acknowledge that all payments made against Monthly ▇▇▇▇(s) and Supplementary ▇▇▇▇(s) shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy Account, adjustments in Transmission Charges payments, Rebates, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, as the case may be, is available and has been finally verified and adjusted, the TSP and each Long Term Transmission Customer shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP or Long Term Transmission Customers, as the case may be, shall raise a Supplementary ▇▇▇▇ for the payments as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ for the adjustments in Transmission Charges payments for the relevant quarter/Contract Year. 10.13.3 Interest / Interest/ Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.

Quarterly and Annual Reconciliation. 10.13.1 10.5.1 Parties acknowledge that all payments made against Monthly ▇▇▇▇(sBill(s) and Supplementary ▇▇▇▇(sBill(s) shall be subject to quarterly reconciliation at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account Regional Energy Account, adjustments in Transmission Charges payments, Rebates, Late Payment Surcharge, Incentive, Penalty, or any other reasonable circumstance as may be mutually agreed between the Parties. 10.13.2 10.5.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year, as the case may be, is available and has been finally verified and adjusted, the TSP and each Long Term Transmission Customer Nodal Agency shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the TSP or Long Term Transmission CustomersNodal Agency’s, as the case may be, shall raise a Supplementary ▇▇▇▇ Bill for the payments as may be due as a result of reconciliation for the relevant quarter/ Contract Year and shall make payment of such Supplementary ▇▇▇▇ Bill for the adjustments in Transmission Charges payments for the relevant quarter/Contract Year. 10.13.3 10.5.3 Interest / Late Payment Surcharge shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.