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 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 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 between the System Restoration 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 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 between the System Restoration Charges and other fees and charges (including amounts billed and due in respect of system restoration or transition charges associated with system restoration or transition 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 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 between 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.