Common use of Payment Processing; Allocation; Priority of Payments Clause in Contracts

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 3 Business Days after receipt. (ii) If any Customer does not pay the full amount of any Bill ▇▇ ENO, ▇▇▇▇ to ▇▇▇, the e 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 Bill (▇▇▇▇ (which ich 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 Bill ▇▇▇▇ charges rges in accordance with clause (ii) as such charges become due.