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 to Customer accounts as promptly as practicable, and, in any event, substantially all payments shall be posted no later than three (3) Servicer Business Days after receipt.
ii. If any Customer does not pay the full amount of any Bill to the Servicer, the amount paid by the Customer will be applied to all charges on the Bill, including without limitation electric service charges and all Energy Transition Charges (under the Financing Order or future LPSC orders) and all similar securitization charges (including, without limitation, Storm Recovery Charges) under existing or future LPSC orders, based, as to a Bill with charges covering more than one month, on the chronological order of billing, and, as to those charges with the same billing date, pro-rata. In addition, such partial collections representing Energy Transition Charges and any other similar securitization charges (including, without limitation, Storm Recovery Charges) shall be allocated among all such securitization bonds pro-rata based upon the amounts billed with respect to each issuance of securitization bonds, provided that late fees and charges may be allocated to the Servicer as provided in the Rate Schedules.
iii. The Servicer shall apply payments received to each Customer’s account in proportion to the charges contained on the outstanding Bill to such Customer. All late charges shall be allocated to the Servicer; provided that penalty payments owed on late payments of Energy Transition Charges shall be allocated to the Issuer in accordance with the terms of the Rate Schedules. It is understood that such allocations may be made on a delayed basis in accordance with the reconciliations described in Section 6(c) of this Annex 1.
iv. The Servicer shall hold all over-payments for the benefit of the Issuer and Cleco Power and shall apply such funds to future Bill charges in accordance with clauses (ii) and (iii) (as applicable) as such charges become due.
v. For Customers on a Budget Billing Plan, the Servicer shall treat ETC Collections received from such Customers as if such Customers had been billed for their respective Energy Transition Charges in the absence of the Budget Billing Plan; partial payment of a Budget Billing Plan payment shall be allocated according to clause (ii) or (iii) (as applicable) 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 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 Bill to such Customer or REP.
(iii) If a Customer or REP does not pay the full amount of any bill by the Servicer, the amount paid by the Customer or REP will first be apportioned ratably among the System Restoration Charges and other fees and charges (including amounts billed and due in respect of system restoration charges associated with 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 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 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) Any amounts collected by the Servicer that represent partial payments of the total Bill to a Customer shall be allocated ratably among the Securitization Charges and other billed amounts based on the ratio of each component of the total bill. All late charges shall be allocated to the Servicer.
(iv) The Servicer shall hold all over-payments for the benefit of the Issuer and DTE Electric 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 Servicer Business Days after receipt.
(ii) The Servicer shall allocate cash collections on a Customer-by-Customer basis. The first dollars collected shall be attributed to past due balances (which include late fees), if any. Once those balances are paid in full, if cash collections are not sufficient to pay a Customer’s current b▇▇▇ then the cash shall be prorated between the different components of the b▇▇▇.