Payment Processing; Allocation; Priority of Payments Clause Samples
The 'Payment Processing; Allocation; Priority of Payments' clause defines how payments received are handled, distributed, and prioritized among various parties involved in an agreement. It typically outlines the order in which funds are applied, such as first to outstanding fees, then to interest, and finally to principal amounts, ensuring that each payment is allocated according to a predetermined hierarchy. This clause is essential for preventing disputes by clearly establishing the sequence and method of payment distribution, thereby ensuring transparency and fairness in financial transactions.
Payment Processing; Allocation; Priority of Payments. The Servicer shall post all payments received to Customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than two Servicer Business Days after receipt.
Payment Processing; Allocation; Priority of Payments. (i) The Servicer shall post all payments received in respect of the Billed Charges to the applicable Customer accounts as promptly as practicable, and, in any event, substantially all such payments shall be posted in no event later than the third (3rd) Business Day after such payments are received by Servicer.
(ii) Subject to clause (iii) below, the Servicer shall apply payments received to each Customer’s account in proportion to the charges contained on the outstanding Bill to such Customer.
(iii) So long as the Intercreditor Agreement is in effect, the Servicer shall allocate, or cause to the allocated, amounts owed to the Issuer and to the other recipients of remittances described therein in accordance with the terms of the Intercreditor Agreement. Any amounts collected by the Servicer that represent partial payments of, (A) if the Intercreditor Agreement remains in effect, the portion of the Bill allocable to Charges pursuant to the terms of the Intercreditor Agreement, or (B) otherwise, the total Bill to a Customer, in each case shall be allocated as follows: (1) first to amounts owed to the Issuer, the Servicer and any other affiliate of the Servicer which is owed “securitized surcharges” as defined in Section 278.670(20) of the Act and other fees and charges (excluding any late fees), regardless of age, pro rata in proportion to their respective percentages of the total amount of their combined outstanding charges on such Bill or applicable portion thereof, as applicable; then (2) all late charges shall be allocated to the Servicer; provided that penalty payments owed on late payments of Charges shall be allocated to the Issuer in accordance with the terms of the Charge Rider.
(iv) The Servicer shall hold all over-payments for the benefit of the Issuer and Kentucky Power and shall apply such funds to future Bill charges in accordance with clauses (ii) and (iii) as such charges become due.
(v) For Customers on a Budget Billing Plan, the Servicer shall treat Charge Payments received from such Customers as if such Customers had been billed for their respective Charges in the absence of the Budget Billing Plan; partial payment of a Budget Billing Plan payment shall be allocated according to clause (iii) and overpayment of a Budget Billing Plan payment shall be allocated according to clause (iv).
Payment Processing; Allocation; Priority of Payments. (i) The Servicer shall post all payments received to Customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than two Business Days after receipt.
(ii) Subject to clause (iii) below, the Servicer shall apply payments received to each Customer’s or Third Party’s account in proportion to the charges contained on the outstanding ▇▇▇▇ to such Customer or Third Party.
(iii) Any amounts collected by the Servicer that represent partial payments of the total ▇▇▇▇ to a Customer or Third Party shall be allocated in accordance with the priorities set forth in Section 3.02(b) of the Servicing Agreement.
(iv) The Servicer shall hold all over-payments for the benefit of the Issuer and shall apply such funds to future ▇▇▇▇ charges in accordance with clauses (ii) and (iii) above as such charges become due.
(v) For Customers on a Budget Billing Plan, the Servicer shall treat Environmental Control Charge Collections received from such Customers as if such Customers had been billed for the Environmental Control Charge in the absence of the Budget Billing Plan. Partial payment of a Budget Billing Plan payment shall be allocated according to clause (iii) above, and overpayment of a Budget Billing Plan payment shall be allocated according to clause (iv) above.
Payment Processing; Allocation; Priority of Payments. (i) The Servicer shall post all payments received to Consumer or ESP accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than three (3) Business Days after receipt.
(ii) Subject to clause (iii) below, the Servicer shall apply payments received to each Consumer’s or each Applicable ESP’s account in proportion to the charges contained on the outstanding ▇▇▇▇ to such Consumer or Applicable ESP.
(iii) Any amounts collected by the Servicer that represent partial payments of the total ▇▇▇▇ to a Consumer or ESP shall be allocated as follows: (A) first to amounts owed to the Issuer, PG&E and any other affiliate of PG&E which is owed “fixed recovery charges” as defined in Section 850(b)(7) of the Wildfire Financing Law and other fees and charges, (excluding any late fees), regardless of age, pro rata in proportion to the ratio of billed amounts for the Fixed Recovery Charges to the total billed amount; then (B) all late charges shall be allocated to the Servicer; provided that penalty payments owed on late payments of Fixed Recovery Charges shall be allocated to the Issuer in accordance with the terms of the Tariff.
(iv) The Servicer shall hold all over-payments for the benefit of the Issuer and PG&E and shall apply such funds to future ▇▇▇▇ charges in accordance with clauses (ii) and (iii) as such charges become due.
Payment Processing; Allocation; Priority of Payments. (i) The Servicer shall post all payments received to Customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than three (3) Business Days after receipt.
(ii) Subject to clause (iii) below, the Servicer shall apply payments received to each Customer’s account in proportion to the charges contained on the outstanding Bill to such Customer.
(iii) If any amounts collected by the Servicer represent partial payments of the total Bill to a Customer, first dollars collected of such payments shall be attributed to past due balances, if any, and the remainder shall be allocated ratably among the Securitized Utility Tariff Charges and other amounts due for that given prior or current period bill in proportion to their percentage of the overall bill.
(iv) The Servicer shall hold all over-payments for the benefit of the Issuer and Evergy Missouri West and shall apply such funds to future Bill charges in accordance with clauses (ii) and (iii) as such charges become due.
Payment Processing; Allocation; Priority of Payments. (i) The Servicer shall post all payments received to customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than two (2) Business Days after receipt.
(ii) Subject to clause (iii) below, the Servicer shall apply payments received to each Customer’s or each REP’s account in proportion to the charges contained on the outstanding ▇▇▇▇ to such Customer or REP.
(iii) If a Customer or REP does not pay the full amount of any ▇▇▇▇ by the Servicer, the amount paid by the Customer or REP will first be apportioned between the Transition Charges and other fees and charges (including amounts billed and due in respect of transition or system restoration charges associated with transition or system restoration bonds issued under other financing orders), other than late fees, and second, any remaining portion of the payment will be allocated to late fees.
Payment Processing; Allocation; Priority of Payments. (i) The Servicer shall post all payments received to Customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than five Servicer Business Days after receipt.
(ii) Subject to clause (iii) below, the Servicer shall apply payments received to each Customer's or Applicable ARES' account in proportion to the charges contained on the outstanding ▇▇▇▇ to such Customer or Applicable ARES.
(iii) Any amounts collected by the Servicer that represent partial payments of the total ▇▇▇▇ to a Customer or ARES shall be allocated as follows: (A) first to amounts owed to the Note Issuer and ComEd (excluding any late fees and interest charges), regardless of age, pro rata in proportion to their respective percentages of the total amount of their combined outstanding charges on such ▇▇▇▇; then (B) all late charges shall be allocated to ComEd.
(iv) The Servicer shall hold all over-payments for the benefit of the Note Issuer and ComEd and shall apply such funds to future ▇▇▇▇ charges in accordance with clauses (ii) and (iii) above as such charges become due.
(v) For Customers on a Budget Billing Plan, the Servicer shall treat IFC Payments received from such Customers as if such Customers had been billed for their respective IFCs in the absence of the Budget Billing Plan; partial payment of a Budget Billing Plan payment shall be allocated according to clause (iii) above and overpayment of a Budget Billing Plan payment shall be allocated according to clause (iv) above.
Payment Processing; Allocation; Priority of Payments. (i) The Servicer shall post all payments received to Customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than 3 Business Days after receipt.
(ii) If any Customer does not pay the full amount of any ▇▇▇▇ to ▇▇▇, the amount paid by the Customer will be applied in the chronological order of billing in the following order of priority: first, to any amounts due with respect to Customer deposits, second, to all charges of ENO on the ▇▇▇▇ (which do not include SRCs), third, to all Storm Restoration Charges, on a pari passu basis, based upon the amounts billed with respect to each charge, and fourth, to additional pledges billed to the Customer. If there is more than one owner (or pledgee or pledgees) of Storm Recovery Property, such partial collections representing Storm Recovery Charges shall be allocated among such owners (or pledgee or pledgees), pro-rata based upon the amounts billed with respect to each charge payable to each such owner or pledgee, provided that late fees and charges may be allocated to the Servicer as provided in the Tariff.
(iii) The Servicer shall hold all over-payments for the benefit of the Issuer and ENO and shall apply such funds to future ▇▇▇▇ charges in accordance with clause (ii) as such charges become due.
Payment Processing; Allocation; Priority of Payments. (i) The Servicer shall post all payments received to Customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than three (3) Business Days after receipt.
(ii) Subject to clause (iii) below, the Servicer shall apply payments received to each Customer’s account in proportion to the charges contained on the outstanding Bill to such Customer.
(iii) If any amounts collected by the Servicer represent partial payments of the total Bill to a Customer, such partial payment shall be applied to all charges on the bill, including without limitation all Recovery Charges, other similar recovery charges, if any, and other billed amounts on a pro-rata basis consistent with NYSEG’s current process for allocating partial payments.
(iv) The Servicer shall hold all over-payments for the benefit of the Issuer and NYSEG and shall apply such funds to future Bill charges in accordance with clauses (ii) and (iii) as such charges become due.
Payment Processing; Allocation; Priority of Payments. (i) The Servicer shall post all payments received to Customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than three (3) Business Days after receipt.
(ii) Subject to clause (iii) below, the Servicer shall apply payments received to each Customer’s account in proportion to the charges contained on the outstanding Bill to such Customer.
(iii) If any amounts collected by the Servicer that represent partial payments of the total Bill to a Customer, such amount must be allocated first to the Securitized Utility Tariff Charges, unless a Customer is in a repayment plan under the MPSC’s Cold Weather Rule, in which case payments will be prorated among Securitized Utility Tariff Charge categories in proportion to their percentage of the overall bill, with first dollars collected attributed to past due balances, if any.
(iv) The Servicer shall hold all over-payments for the benefit of the Issuer and Liberty and shall apply such funds to future Bill charges in accordance with clauses (ii) and (iii) as such charges become due.