Read up about how xsl:for-each affects the context node, and how XPath path expressions depend on knowing the context node.
You want
<xsl:for-each select="PAY">
<td><xsl:value-of select="."/></td>
</xsl:for-each>
Michael Kay
http://www.saxonica.com/
Author, XSLT Programmer's Reference and XPath 2.0 Programmer's Reference