Common use of Payment of TBC Collections Clause in Contracts

Payment of TBC Collections. (a) The Servicer shall prepare annually a Collections Curve for each Billing Month, based on statistically significant random sampling of actual TBC Collections. With the exception of the Monthly Servicing Fee, which the Servicer is entitled to withhold from TBC Collections pursuant to Section 5.07 hereof, the Servicer agrees to remit TBC Collections for each Billing Month to the Trustee for deposit in the Collection Account not later than the corresponding Reconciliation Date or Dates following such Billing Month. In addition, the Servicer agrees to make periodic payments on account of TBC Collections to the Trustee for deposit in the Collection Account as follows: (i) on each Monthly Remittance Date, for so long as the Servicer has satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for each of the seven preceding Billing Months an amount equal to the amount of TBC Collections estimated to have been received during the preceding calendar month, based on the applicable Collections Curve then in effect for those seven preceding Billing Months, and (ii) on each Daily Remittance Date, for so long as the Servicer has not satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for the Billing Month in which such Daily Remittance Date occurs and for each of the six preceding Billing Months an amount equal to the amount of TBC Collections estimated to have been received during the Business Day which is two Business Days preceding such Daily Remittance Date for those seven Billing Months (including the Billing Month in which such Daily Remittance Date occurs), including (for the first Daily Remittance Date following a period when the Servicer had been remitting on a monthly Remittance Date) any amounts on deposit with the Servicer (for the Billing Month and any prior Billing Month) prior to such Daily Remittance Date during a period when the Servicer had been remitting on a Monthly Remittance Date, provided that,

Payment of TBC Collections. (a) The Servicer shall prepare annually a Collections Curve for each Billing Month, based on statistically significant random sampling of actual TBC Collections. With the exception of the Monthly Quarterly Servicing Fee, which the Servicer is entitled to withhold from TBC Collections pursuant to Section 5.07 hereof, the Servicer agrees to remit TBC Collections for each Billing Month to the Trustee for deposit in the Collection Account not later than the corresponding Reconciliation Date or Dates following such Billing Month. In addition, the Servicer agrees to make periodic payments on account of TBC Collections for each Billing Month based on its estimated system-wide write-off percentage and the average number of days outstanding of bills, as in effect from time to the Trustee for deposit in the Collection Account time as follows: (i) on each Monthly Remittance Date, for so long as the Servicer has satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for each of the seven preceding Billing Months Month an amount equal to the amount of TBC Collections estimated deemed to have been received during the preceding calendar month, based on the applicable Collections Curve estimated system-wide write-off percentage and the average number of days outstanding of bills then in effect for those seven preceding Billing Months, effect; and (ii) on each Daily Remittance Date, for so long as the Servicer has not satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for the Billing Month in which such Daily Remittance Date occurs and for each of the six preceding Billing Months an amount equal to the amount of TBC Collections estimated deemed to have been received during the Business Day which is two Business Days preceding such Daily Remittance Date for those seven Billing Months (including the Billing Month in which such Daily Remittance Date occurs)Date, including (for the first Daily Remittance Date following a period when the Servicer had been remitting on a monthly Monthly Remittance Date) any amounts on deposit with the Servicer (for the Billing Month and any prior Billing Month) prior to such Daily Remittance Date during a period when the Servicer had been remitting on a Monthly Remittance Date based on the estimated system-wide write-off percentage and the average number of days outstanding of bills then in effect. (b) On or before each Reconciliation Date, provided the Servicer will reconcile actual TBC Collections with estimated TBC Collections previously made to the Trustee in respect of (i) each Annual Reconciliation Date, each of the twelve Billing Months beginning fifteen months before the month in which such Reconciliation Date occurs (or from the first Series Issuance Date, if less than fifteen months have elapsed), and (ii) each Monthly Reconciliation Date, the Billing Month that is three months prior to the Billing Month in which such Reconciliation Date occurs. In the event that there is a payment shortfall (i.e., the remittances of the estimated payments are less than the actual payments arising from the transition bond charges) with respect to the applicable Billing Months or Billing Month, as the case may be, the Servicer shall pay the shortfall to the Trustee for deposit into the Collection Account within two Business Days of that Reconciliation Date, or, if the Servicer remits TBC Collections on each Monthly Remittance Date in accordance with Section 5.11(b), on the next Monthly Remittance Date. In the event that there is an overpayment (i.e., the remittances of estimated payments exceed the amounts that should have been remitted based on the actual system-wide write-offs) for the applicable Billing Months or Billing Month, as the case may be, the Servicer may either (A) reduce the amount that the Servicer is required to remit to the Trustee for deposit in the Collection Account on the following Remittance Date (and, if necessary, succeeding Remittance Dates) by the amount of the overpayment or (B) direct the Trustee in writing to pay to the Servicer from the General Subaccount the amount of the overpayment, which upon payment shall become the property of the Servicer. (c) In the event that the Servicer makes changes to its current computerized customer information system that would allow the Servicer to track actual TBC Collections and/or otherwise monitor payment and collection activity more efficiently or accurately than is currently being done under this Servicing Agreement, the Servicer may substitute actual remittance procedures for the estimated remittance procedures described above and otherwise modify the remittance procedures described above as may be appropriate in the interests of efficiency, accuracy, cost and/or system capabilities. However, the Servicer may not make any such modification or substitution that will materially and adversely affect the Transition Bondholders. The Servicer must also give notice to the Rating Agencies of any such computer system changes no later than sixty business days after the date on which all customer accounts are first billed on the new system. (d) The Servicer and Issuer agree and acknowledge that,, although the Servicer will remit estimated payments arising from the TBC Collections to the Trustee, the Servicer is not obligated to make any payments on the Transition Bonds. The Servicer agrees and acknowledges that it holds all TBC Collections collected by it for the benefit of the Issuer and that all amounts will be remitted by the Servicer in accordance with this Servicing Agreement without any surcharge, fee, offset, charge or other deduction and without making any claim to reduce its obligation to remit all TBC Collections collected by it, except (i) as set forth in clause (b) above, (ii) with respect to the Quarterly Servicing Fee that it may withhold pursuant to Section 5.07 hereof and (iii) with respect to late fees permitted by Section 5.07.

Payment of TBC Collections. (a) The Servicer shall prepare annually a Collections Curve for each Billing Month, based on statistically significant random sampling of actual TBC Collections. With the exception of the Monthly Quarterly Servicing Fee, which the Servicer is entitled to withhold from TBC Collections pursuant to Section 5.07 hereof, the Servicer agrees to remit TBC Collections for each Billing Month to the Trustee for deposit in the Collection Account not later than the corresponding Reconciliation Date or Dates following such Billing Month. In addition, the Servicer agrees to make periodic payments on account of TBC Collections for each Billing Month based on its estimated system-wide write-off percentage and the average number of days outstanding of bills, as in effect from time to the Trustee for deposit in the Collection Account time as follows: (i) on each Monthly Remittance Date, for so long as the Servicer has satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for each of the seven preceding Billing Months Month an amount equal to the amount of TBC Collections estimated deemed to have been received during the preceding calendar month, based on the applicable Collections Curve estimated system-wide write-off percentage and the average number of days outstanding of bills then in effect for those seven preceding Billing Months, effect; and (ii) on each Daily Remittance Date, for so long as the Servicer has not satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for the Billing Month in which such Daily Remittance Date occurs and for each of the six preceding Billing Months an amount equal to the amount of TBC Collections estimated deemed to have been received during the Business Day which is two Business Days preceding such Daily Remittance Date for those seven Billing Months (including the Billing Month in which such Daily Remittance Date occurs)Date, including (for the first Daily Remittance Date following a period when the Servicer had been remitting on a monthly Monthly Remittance Date) any amounts on deposit with the Servicer (for the Billing Month and any prior Billing Month) prior to such Daily Remittance Date during a period when the Servicer had been remitting on a Monthly Remittance Date based on the estimated system-wide write-off percentage and the average number of days outstanding of bills then in effect. (b) On or before each Reconciliation Date, provided the Servicer will reconcile actual TBC Collections with estimated TBC Collections previously made to the Trustee in respect of (i) for each Annual Reconciliation Date, each of the twelve Billing Months beginning fifteen months before the month in which such Reconciliation Date occurs (or from the first Series Issuance Date, if less than fifteen months have elapsed), and (ii) for each Monthly Reconciliation Date, the Billing Month that is three months prior to the Billing Month in which such Reconciliation Date occurs. In the event that there is a payment shortfall with respect to the applicable Billing Months or Billing Month, as the case may be, the Servicer shall pay the shortfall to the Trustee for deposit into the Collection Account within two Business Days of that Reconciliation Date, or, if the Servicer remits TBC Collections on each Monthly Remittance Date in accordance with Section 5.11(b), on the next Monthly Remittance Date. In the event that there is an overpayment for the applicable Billing Months or Billing Month, as the case may be, the Servicer may either (A) reduce the amount that the Servicer is required to remit to the Trustee for deposit in the Collection Account on the following Remittance Date (and, if necessary, succeeding Remittance Dates) by the amount of the overpayment or (B) require the Trustee to pay to the Servicer from the General Subaccount the amount of the overpayment, which upon payment shall become the property of the Servicer. (c) In the event that the Servicer makes changes to its current computerized customer information system which would allow the Servicer to track actual TBC Collections and/or otherwise monitor payment and collection activity more efficiently or accurately than is currently being done under this Servicing Agreement, the Servicer may substitute actual remittance procedures for the estimated remittance procedures described above and otherwise modify the remittance procedures described above as may be appropriate in the interests of efficiency, accuracy, cost and/or system capabilities. However, the Servicer may not make any such modification or substitution that will materially and adversely affect the Transition Bondholders. The Servicer must also give notice to the Rating Agencies of any such computer system changes no later than sixty business days after the date on which all customer accounts are billed on the new system. (d) The Servicer and Issuer agree and acknowledge that,, although the Servicer will remit estimated payments arising from the TBC Collections to the Trustee, the Servicer is not obligated to make any payments on the Transition Bonds. The Servicer agrees and acknowledges that it holds all TBC Collections collected by it for the benefit of the Issuer and that all amounts will be remitted by the Servicer in accordance with this Servicing Agreement without any surcharge, fee, offset, charge or other deduction and without making any claim to reduce its obligation to remit all TBC Collections collected by it, except (i) as set forth in clause (b) above, (ii) with respect to the Quarterly Servicing Fee that it may withhold pursuant to Section 5.07 hereof and (iii) with respect to late fees permitted by Section 5.07.

Payment of TBC Collections. (a) The Servicer shall prepare annually a Collections Curve for each Billing MonthCurve, based on statistically significant random sampling of actual TBC Collections. With the exception of the Monthly Servicing Fee, which the The Servicer is entitled to withhold from TBC Collections pursuant to Section 5.07 hereof, the Servicer agrees to shall remit TBC Collections for each Billing Month to the Trustee for deposit in the Collection Account not later than the corresponding Reconciliation Remittance Date or Dates following such Billing Month. In addition, the The Servicer agrees to shall make periodic payments on account of TBC Collections to the Trustee for deposit in the Collection Account as follows: (i) on each Monthly Remittance Date, for so long as the Servicer has satisfied the conditions of Section 5.11(b5.10(b), the Servicer shall shall, on each Monthly Remittance Date, remit to the Trustee for each of the seven preceding Billing Months an amount equal to the amount of TBC Collections estimated to have been received received, during the preceding calendar month, with respect to such seven Billing Months, such estimates to be based on the applicable Collections Curve then in effect for those seven preceding Billing Monthseffect, and (ii) on each Daily Remittance Date, for so long as the Servicer has not satisfied the conditions of Section 5.11(b5.10(b), the Servicer shall shall, on each Daily Remittance Date, remit to the Trustee for the Billing Month in which such Daily Remittance Date occurs and for each of the six preceding Billing Months an amount equal to the amount of TBC Collections estimated to have been received during received, on the Business Day which that is two Business Days preceding prior to such Daily Remittance Date for those seven Billing Months (including Date, with respect to the Billing Month in which such Daily Remittance Date occurs)occurs and each of such six preceding Billing Months, including such estimates to be based on the Collections Curve then in effect. (b) On or before the Reconciliation Date for each Billing Month, the Servicer shall determine whether there exists a Curve Payment Shortfall or an Excess Curve Payment for such Billing Month by comparing (i) the actual TBC Collections with respect to such Billing Month with (ii) the Collection Curve Payments previously made to the Trustee with respect to such Billing Month. In the event that there is an Excess Curve Payment for such Billing Month, the Servicer may either (A) reduce the amount that the Servicer is required to remit to the Trustee for deposit in the Collection Account on the following Remittance Date (and, if necessary, succeeding Remittance Dates) by the amount of such Excess Curve Payment or (B) require the Trustee to pay to the Servicer from the Collection Account the amount of such Excess Curve Payment, which upon payment shall become the property of the Servicer. In the event that there is a Curve Payment Shortfall for such Billing Month, the Servicer shall remit such shortfall to the Trustee on the Reconciliation Date for such Billing Month. (c) The Servicer shall hold all TBC Collections collected by it (which collections may be commingled with other funds the Servicer collects from Customers or Third Parties, as applicable) for the first Daily Remittance Date following a period when benefit of the Issuer, and all amounts shall be remitted by the Servicer had been remitting on a monthly Remittance Datein accordance with this Agreement without any surcharge, fee, offset, charge or other deduction and without making any claim to reduce its obligation to remit all TBC Collections collected by it, except (i) any amounts on deposit with the Servicer as set forth in clause (b) of this Section 3.03 and (ii) for the Billing Month late fees and any prior Billing Month) interest accrued prior to the date of such Daily Remittance Date during a period when the Servicer had been remitting on a Monthly Remittance Date, provided that,remittance as permitted by Section 5.07.

Payment of TBC Collections. (a) The Servicer shall prepare annually a Collections Curve for each Billing Month, based on statistically significant random sampling of actual TBC Collections. With the exception of the Monthly Servicing Fee, which the Servicer is entitled to withhold from TBC Collections pursuant to Section 5.07 hereof, the Servicer agrees to remit TBC Collections for each Billing Month to the Trustee for deposit in the Collection Account not later than the corresponding Reconciliation Date or Dates following such Billing Month. In addition, the Servicer agrees to make periodic payments on account of TBC Collections to the Trustee for deposit in the Collection Account as follows: (i) on each Monthly Remittance Date, for so long as the Servicer has satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for each of the seven preceding Billing Months an amount equal to the amount of TBC Collections estimated to have been received during the preceding calendar month, based on the applicable Collections Curve then in effect for those seven preceding Billing Months, and (ii) on each Daily Remittance Date, for so long as the Servicer has not satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for the Billing Month in which such Daily Remittance Date occurs and for each of the six preceding Billing Months an amount equal to the amount of TBC Collections estimated to have been received during the Business Day which is two Business Days preceding such Daily Remittance Date for those seven Billing Months (including the Billing Month in which such Daily Remittance Date occurs), including (for the first Daily Remittance Date following a period when the Servicer had been remitting on a monthly Remittance Date) any amounts on deposit with the Servicer (for the Billing Month and any prior Billing Month) prior to such Daily Remittance Date during a period when the Servicer had been remitting on a Monthly Remittance Date, provided that,

Payment of TBC Collections. (a) The Servicer shall prepare annually a Collections Curve for each Billing MonthCurve, based on statistically significant random sampling of actual TBC Collections. With the exception of the Monthly Servicing Fee, which the The Servicer is entitled to withhold from TBC Collections pursuant to Section 5.07 hereof, the Servicer agrees to shall remit TBC Collections for each Billing Month to the Trustee for deposit in the Collection Account TBC Collections for each Billing Month not later than the corresponding Reconciliation Remittance Date or Dates following such Billing Month. In addition, the The Servicer agrees to shall make periodic payments on account of TBC Collections to the Trustee for deposit in the Collection Account as follows: (i) on each Monthly Remittance Date, for so long as the Servicer has satisfied the conditions of Section 5.11(b5.10(b), the Servicer shall shall, on each Monthly Remittance Date, remit to the Trustee for each of the seven preceding Billing Months an amount equal to the amount of TBC Collections estimated to have been received received, during the preceding calendar month, with respect to such seven Billing Months, such estimates to be based on the applicable Collections Curve then in effect for those seven preceding Billing Monthseffect, and (ii) on each Daily Remittance Date, for so long as the Servicer has not satisfied the conditions of Section 5.11(b5.10(b), the Servicer shall shall, on each Daily Remittance Date, remit to the Trustee for the Billing Month in which such Daily Remittance Date occurs and for each of the six preceding Billing Months an amount equal to the amount of TBC Collections estimated to have been received during received, on the Business Day which that is two Business Days preceding prior to such Daily Remittance Date for those seven Billing Months (including Date, with respect to the Billing Month in which such Daily Remittance Date occurs)occurs and each of such six preceding Billing Months, including such estimates to be based on the Collections Curve then in effect. (b) On or before the Reconciliation Date for each Billing Month, the Servicer shall determine whether there exists a Curve Payment Shortfall or an Excess Curve Payment for such Billing Month by comparing (i) the actual TBC Collections with respect to such Billing Month with (ii) the Collection Curve Payments previously made to the Trustee with respect to such Billing Month. In the event that there is an Excess Curve Payment for such Billing Month, the Servicer may either (A) reduce the amount that the Servicer is required to remit to the Trustee for deposit in the Collection Account on the Reconciliation Date for such Billing Month (and, if necessary, on one or more Remittance Dates following such Reconciliation Date) by the amount of such Excess Curve Payment or (B) direct the Trustee in writing to pay to the Servicer from the Collection Account the amount of such Excess Curve Payment, which upon payment shall become the property of the Servicer. In the event that there is a Curve Payment Shortfall for such Billing Month, the Servicer shall remit such shortfall to the Trustee on the Reconciliation Date for such Billing Month. (c) The Servicer shall hold all TBC Collections collected by it (which collections may be commingled with other funds the Servicer collects from Customers or Third Parties, as applicable) for the first Daily Remittance Date following a period when benefit of the Issuer, and all amounts shall be remitted by the Servicer had been remitting on a monthly Remittance Datein accordance with this Agreement without any surcharge, fee, offset, charge or other deduction and without making any claim to reduce its obligation to remit all TBC Collections collected by it, except (i) any amounts on deposit with the Servicer as set forth in clause (b) of this Section 3.03 and (ii) for the Billing Month late fees and any prior Billing Month) interest accrued prior to the date of such Daily Remittance Date during a period when the Servicer had been remitting on a Monthly Remittance Date, provided that,remittance as permitted by Section 5.07.

Payment of TBC Collections. (a) The Servicer shall prepare annually a Collections Curve for each Billing Month, based on statistically significant random sampling of actual TBC Collections. With the exception of the Monthly Quarterly Servicing Fee, which the Servicer is entitled to withhold from TBC Collections pursuant to Section 5.07 hereof, the Servicer agrees to remit TBC Collections for each Billing Month to the Trustee for deposit in the Collection Account not later than the corresponding Reconciliation Date or Dates following such Billing Month. In addition, the Servicer agrees to make periodic payments on account of TBC Collections for each Billing Month based on its estimated system-wide write-off percentage and the average number of days outstanding of bills, as in effect from time to the Trustee for deposit in the Collection Account time as follows: (i) on each Monthly Remittance Date, for so long as the Servicer has satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for each of the seven preceding Billing Months Month an amount equal to the amount of TBC Collections estimated deemed to have been received during the preceding calendar month, based on the applicable Collections Curve estimated system-wide write-off percentage and the average number of days outstanding of bills then in effect for those seven preceding Billing Months, effect; and (ii) on each Daily Remittance Date, for so long as the Servicer has not satisfied the conditions of Section 5.11(b), the Servicer shall remit to the Trustee for the Billing Month in which such Daily Remittance Date occurs and for each of the six preceding Billing Months an amount equal to the amount of TBC Collections estimated deemed to have been received during the Business Day which is two Business Days preceding such Daily Remittance Date for those seven Billing Months (including the Billing Month in which such Daily Remittance Date occurs)Date, including (for the first Daily Remittance Date following a period when the Servicer had been remitting on a monthly Monthly Remittance Date) any amounts on deposit with the Servicer (for the Billing Month and any prior Billing Month) prior to such Daily Remittance Date during a period when the Servicer had been remitting on a Monthly Remittance Date based on the estimated system-wide write-off percentage and the average number of days outstanding of bills then in effect. (b) On or before each Reconciliation Date, provided the Servicer will reconcile actual TBC Collections with estimated TBC Collections previously made to the Trustee in respect of (i) for each Annual Reconciliation Date, each of the twelve Billing Months beginning fifteen months before the month in which such Reconciliation Date occurs (or from the first Series Issuance Date, if less than fifteen months have elapsed), and (ii) for each Monthly Reconciliation Date, the Billing Month that is three months prior to the Billing Month in which such Reconciliation Date occurs. In the event that there is a payment shortfall with respect to the applicable Billing Months or Billing Month, as the case may be, the Servicer shall pay the shortfall to the Trustee for deposit into the Collection Account within two Business Days of that Reconciliation Date, or, if the Servicer remits TBC Collections on each Monthly Remittance Date in accordance with Section 5.11(b), on the next Monthly Remittance Date. In the event that there is an overpayment for the applicable Billing Months or Billing Month, as the case may be, the Servicer may either (A) reduce the amount that the Servicer is required to remit to the Trustee for deposit in the Collection Account on the following Remittance Date (and, if necessary, succeeding Remittance Dates) by the amount of the overpayment or (B) direct the Trustee in writing to pay to the Servicer from the General Subaccount the amount of the overpayment, which upon payment shall become the property of the Servicer. (c) In the event that the Servicer makes changes to its current computerized customer information system which would allow the Servicer to track actual TBC Collections and/or otherwise monitor payment and collection activity more efficiently or accurately than is currently being done under this Servicing Agreement, the Servicer may substitute actual remittance procedures for the estimated remittance procedures described above and otherwise modify the remittance procedures described above as may be appropriate in the interests of efficiency, accuracy, cost and/or system capabilities. However, the Servicer may not make any such modification or substitution that will materially and adversely affect the Transition Bondholders. The Servicer must also give notice to the Rating Agencies of any such computer system changes no later than sixty business days after the date on which all customer accounts are billed on the new system. (d) The Servicer and Issuer agree and acknowledge that,, although the Servicer will remit estimated payments arising from the TBC Collections to the Trustee, the Servicer is not obligated to make any payments on the Transition Bonds. The Servicer agrees and acknowledges that it holds all TBC Collections collected by it for the benefit of the Issuer and that all amounts will be remitted by the Servicer in accordance with this Servicing Agreement without any surcharge, fee, offset, charge or other deduction and without making any claim to reduce its obligation to remit all TBC Collections collected by it, except (i) as set forth in clause (b) above, (ii) with respect to the Quarterly Servicing Fee that it may withhold pursuant to Section 5.07 hereof and (iii) with respect to late fees permitted by Section 5.07.