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 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 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 NYSEGRG&E’s current process for allocating partial payments. (iv) The Servicer shall hold all over-payments for the benefit of the Issuer and NYSEG RG&E and shall apply such funds to future Bill charges in accordance with clauses (ii) and (iii) as such charges become due.