Keyspan LNG, LP (Alng)

Third Revised Volume No. 1

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Effective Date: 01/27/2003, Docket: RP03-241-000, Status: Effective

Original Sheet No. 50 Original Sheet No. 50 : Effective

 

Joseph A. Vaszily, Vice President

 

 

GENERAL TERMS AND CONDITIONS

(continued)

 

11. PAYMENTS (continued)

 

 

11.2Late Payments. Should Customer fail to make timely payment of

part or all of the amount of any bill, payment, when made,

either partly or all, shall be deemed a late payment and

KLNG shall charge interest from the due date of payment

until the actual date of payment at an annual interest rate

equal to the current national prime interest rate plus 1-1/2

percent, prorated for the number of days that the payment

was late. KLNG shall bill Customer for any interest due

under this subsection in its next billing for gas service,

and Customer shall pay such amount in accordance with

Subsection 11.1 above. Notwithstanding the foregoing

provisions of this subsection, where a Customer fails to

make timely payments three times during any twelve-month

period, the applicable interest rate for subsequent late

payments during such twelve month period shall be twice the

sum of the current national prime interest rate plus 1-1/2

percent, but not in excess of the maximum lawful rate. KLNG

may waive the interest on a late payment made within five

days of the due date where Customer has diligently paid its

prior bills on time, and lateness in payment is of a

nonrecurring nature.

 

Should Customer fail to pay the bill for thirty days after

payment is due and such failure continues beyond such thirty

days, KLNG, in addition to any other remedy it may have

hereunder, may, after any necessary authorization by regulatory

bodies having jurisdiction, suspend further receipt, storage, or

delivery of gas for Customer until such amount is paid, subject

to Subsection 11.3 below.