Common use of Transition Charges Clause in Contracts

Transition Charges. For purposes of calculating the amount of Series 2003-1 Transition Charges owned by each REP or other Third Party Collector, (i) all Billed TCs shall be deemed to be collected the same number of days after billing as is equal to the Weighted Average Days Outstanding then in effect and (ii) each REP or other Third Party Collector will, on each Business Day, remit to the Servicer for remittance to the Indenture Trustee for deposit in the Series 2003-1 Collection Account an amount equal to the product of the applicable Billed TCs multiplied by one hundred percent less the system wide charge-off percentage used by the Servicer to calculate the most recent Periodic Billing Requirement. Such product shall constitute the amount of Series 2003-1 Transition Charges owed by each REP or other third Party Collector for each Business Day. The Servicer will, on an annual basis and in accordance with PUCT Regulations and the individual agreements between the Servicer and each individual REP or other Third Party Collectors, reconcile the amounts collected from REPs and other Third Party Collectors in respect of Series 2003-1 Transition Charges with the amount of actual Series 2003-1 Transition Charges collected by the REPs and other Third Party Collectors from Customers. Any overpayments or underpayments made by a REP or othe rthird Party Collector will be accounted for in accordance with the Financing Order.

Transition Charges. For purposes of calculating the amount of Series 20032004-1 Transition Charges owned owed by each REP or other Third Party Collector, (i) all Billed TCs shall be deemed to be collected the same number of days after billing as is equal to the Weighted Average Days Outstanding then in effect and (ii) each REP or other Third Party Collector will, on each Business Day, remit to the Servicer for remittance to the Indenture Trustee for deposit in the Series 20032004-1 Collection Account an amount equal to the product of the applicable Billed TCs multiplied by one hundred percent less the system wide charge-off percentage used by the Servicer to calculate the most recent Periodic Billing Requirement. Such product shall constitute the amount of Series 20032004-1 Transition Charges owed by each REP or other third Third Party Collector for each Business Day. The Servicer will, on an annual basis and in accordance with PUCT Regulations and the individual agreements between the Servicer and each individual REP or other Third Party Collectors, reconcile the amounts collected from REPs and other Third Party Collectors Collector in respect of Series 20032004-1 Transition Charges with the amount of actual Series 20032004-1 Transition Charges collected by the REPs and other Third Party Collectors from Customers. Any overpayments or underpayments made by a REP or othe rthird other Third Party Collector will be accounted for in accordance with the Financing Order.