Common use of Monthly Servicing Fee Clause in Contracts

Monthly Servicing Fee. Each Issuer, severally and not jointly, agrees to pay the Servicer, solely to the extent amounts are available therefor in accordance with the Indenture to which such Issuer is a party, the Monthly Servicing Fees with respect to all Series of Transition Bonds issued by such Issuer. The Monthly Servicing Fee with respect to a Series for a Monthly Allocation Date shall equal the product of (a) 1/12, (b) the Servicing Fee Rate for such Series and (c) the outstanding principal amount of the Transition Bonds of such Series as of such Monthly Allocation Date. The Servicer will be entitled to retain as additional compensation net investment income on ITC Collections related to Serviced Intangible Transition Property received by the Servicer prior to each Remittance Date and the late fees, if any, paid by Customers to the Servicer. The foregoing fees constitute a fair and reasonable price for the obligations to be performed by the Servicer.

Monthly Servicing Fee. Each Issuer, severally and not jointly, agrees to pay the Servicer, solely to the extent amounts are available therefor in accordance with the Indenture to which such Issuer is a party, the Monthly Servicing Fees with respect to all Series of Transition Bonds issued by such Issuer. The Monthly Servicing Fee with respect to a Series for a Monthly Allocation Date shall equal the product of (a) 1/12, (b) the Servicing Fee Rate for such Series and (c) the outstanding principal amount of the Transition Bonds of such Series as of such Monthly Allocation Date. The Servicer will be entitled to retain as additional compensation net investment income on ITC Collections related to Serviced Intangible Transition Property received by the Servicer prior to each Remittance Date during any Collection Period and the late fees, if any, paid by Customers to the Servicer. The foregoing fees constitute a fair and reasonable price for the obligations to be performed by the Servicer.