Common use of Annual Report by Independent Public Accountants Clause in Contracts

Annual Report by Independent Public Accountants. (a) With respect to each Series of Storm-Recovery Bonds, the Servicer shall cause a firm of independent certified public accountants (which may provide other services to the Servicer or the Seller) to prepare, and the Servicer shall deliver to the Issuer, the Commission, the applicable Trustee and the Rating Agencies, a report addressed to the Servicer (the "Annual Accountant's Report"), which may be included as part of the Servicer's customary auditing activities, for the information and use of the Issuer, the applicable Trustee and the Rating Agencies, on or before March 31 of each year, beginning March 31, 2008 to and including the March 31 succeeding the Retirement Date, to the effect that such firm has performed an attestation of certain assertions made by management of the Servicer in connection with the Servicer's compliance with its obligations under this Agreement during the preceding 12 months ended December 31 (or, in the case of the first Annual Accountant's Report to be delivered on or before March 31 2008, the period of time from the date of this Agreement until December 31, 2007), identifying the results of such procedures and including any material exceptions noted. In the event such accounting firm requires the Trustee to agree or consent to the procedures performed by such firm, the Issuer shall direct the Trustee in writing to so agree; it being understood and agreed that the Trustee will deliver such letter of agreement or consent in conclusive reliance upon the direction of the Issuer, and the Trustee will not make any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures.

Annual Report by Independent Public Accountants. (a) With respect to each Series of Storm-Recovery BondsFor so long as the Rate Reduction Bonds remain outstanding, the Servicer Servicer, at the Issuer’s expense, shall cause a firm of independent certified public accountants (which may provide other services to the Servicer or the SellerServicer) to prepare, and the Servicer shall deliver to the Issuer, the Commission, the applicable Indenture Trustee and the Rating Agencies, a report addressed to the Servicer (the "“Annual Accountant's ’s Report"”), which may be included as part of the Servicer's ’s customary auditing activities, for the information and use of the Issuer, the applicable Indenture Trustee and the Rating Agencies, on or before the earlier of (i) March 31 of each yearyear or (ii) with respect to each calendar year during which the Sponsor’s annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations thereunder, the date on which such annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations thereunder, beginning March 31, 2008 to and including the March 31 succeeding the Retirement Date2019, to the effect that such firm has performed an attestation of certain assertions made by management of procedures, agreed between the Servicer and such accountants, in connection with the Servicer's ’s compliance with its obligations under this Agreement during the preceding 12 twelve months ended December 31 (or, in the case of the first Annual Accountant's ’s Report to be delivered on or before March 31 200831, 2019, the period of time from the date of this Agreement until December 31, 20072018), identifying the results of such procedures and including any material exceptions noted. In the event such accounting firm requires the Trustee to agree or consent to the procedures performed by such firmThe Annual Accountant’s Report shall also include any attestation report required under Item 1122(b) of Regulation AB, the Issuer shall direct the Trustee as then in writing to so agree; it being understood and agreed that the Trustee will deliver such letter of agreement or consent in conclusive reliance upon the direction of the Issuer, and the Trustee will not make any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedureseffect.

Annual Report by Independent Public Accountants. (a) With respect to each Series of Storm-Recovery BondsFor so long as the Bonds remain outstanding3, the Servicer Servicer, at the Issuer’s expense, shall cause a firm of independent certified public accountants (which 3 Note to draft: Trustee to confirm whether report is also required for the year following retirement of the bonds. may provide other services to the Servicer or the SellerServicer) to prepare, and the Servicer shall deliver to the Issuer, the Commission, the applicable Trustee and the Rating Agencies, a report addressed to the Servicer (the "“Annual Accountant's ’s Report"”), which may be included as part of the Servicer's ’s customary auditing activities, for the information and use of the Issuer, the applicable Trustee and the Rating Agencies, on or before the earlier of (i) March 31 of each yearyear or (ii) with respect to each calendar year during which the Sponsor’s annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations thereunder, the date on which such annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations thereunder, beginning March 31, 2008 to and including the March 31 succeeding the Retirement Date2019, to the effect that such firm has performed an attestation of certain assertions made by management of procedures, agreed between the Servicer and such accountants, in connection with the Servicer's ’s compliance with its obligations under this Agreement during the preceding 12 twelve months ended December 31 (or, in the case of the first Annual Accountant's ’s Report to be delivered on or before March 31 200831, 2019, the period of time from the date of this Agreement until December 31, 20072018), identifying the results of such procedures and including any material exceptions noted. In the event such accounting firm requires the Trustee to agree or consent to the procedures performed by such firmThe Annual Accountant’s Report shall also include any attestation report required under Item 1122(b) of Regulation AB, the Issuer shall direct the Trustee as then in writing to so agree; it being understood and agreed that the Trustee will deliver such letter of agreement or consent in conclusive reliance upon the direction of the Issuer, and the Trustee will not make any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedureseffect.