Common use of Calculation of Daily Remittance Clause in Contracts

Calculation of Daily Remittance. (i) The Servicer will remit Series Charges directly to the Indenture Trustee pursuant to Section 6.11 of the Servicing Agreement. The Servicer will remit Series Charges based on estimated collections using a weighted average balance of days outstanding (“ADO”) on Public Service Company of New Mexico’s retail bills. Energy Transition Charge Collections for the Series A Bonds remitted will represent the charges estimated to be received for any period based upon the ADO and an estimated system-wide write-off percentage. (ii) The Energy Transition Charge Collections for the Series A Bonds will be remitted by the Servicer to the Indenture Trustee as soon as reasonably practicable to the General Subaccount of the Collection Account on each Servicer Business Day, but in no event later than two Servicer Business Days following such Servicer Business Day. Estimated daily Energy Transition Charge Collections for the Series A Bonds will be remitted to the Indenture Trustee on each Servicer Business Day based upon the ADO and estimated write-offs. Each day on which those remittances are made is referred to as a daily remittance date. (iii) No less often than annually, the Servicer will reconcile remittances of estimated Energy Transition Charge Collections for the Series A Bonds with actual Energy Transition Charge Payments for the Series A Bonds received by the Servicer and remitted to the Indenture Trustee to more accurately reflect the amount of Billed Energy Transition Charges for the Series A Bonds that should have been remitted, based on ADO and the actual system-wide write-off percentage. To the extent the remittances of estimated payments arising from the Series Charges exceed the amounts that should have been remitted based on actual system-wide write-offs, the Servicer will be entitled to withhold the excess amount from any subsequent remittance to the Indenture Trustee until the balance of such excess is reduced to zero. To the extent the remittances of estimated payments arising from the Series Charges are less than the amount that should have been remitted based on actual system wide write-offs, the Servicer will remit the amount of the shortfall to the Indenture Trustee within two Servicer Business Days. Although the Servicer will remit estimated Energy Transition Charge Collections for the Series A Bonds to the Indenture Trustee, the Servicer will not be obligated to make any payments on the Series A Bonds. (iv) At least annually, the Servicer also will remit to the Indenture Trustee, for the benefit of the Issuer, any late charges received from Customers with respect to the Series Charges. (v) The Servicer agrees and acknowledges that it holds all Energy Transition Charge Collections for the Series A Bonds received by it and any other proceeds for the Collateral received by it for the benefit of the Indenture Trustee and the Holders and that all such amounts will be remitted by the Servicer without any surcharge, fee, offset, charge or other deduction. The Servicer further agrees not to make any claim to reduce its obligation to remit all Energy Transition Charge Payments for the Series A Bonds collected by it in accordance with the Servicing Agreement.

Calculation of Daily Remittance. (i) The Servicer will remit Series Storm Recovery Charges directly to the Indenture Trustee pursuant to Section 6.11 of the Servicing Agreement. The Servicer will remit Series Storm Recovery Charges based on estimated collections using a weighted average balance of days outstanding (“ADO”) on Public Service Company of New MexicoDuke Energy Carolinas’s retail bills. Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds remitted will represent the charges estimated to be received for any period based upon the ADO and an estimated system-wide write-off percentage. (ii) The Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds will be remitted by the Servicer to the Indenture Trustee as soon as reasonably practicable to the General Subaccount of the Collection Account on each Servicer Business Day, but in no event later than two Servicer Business Days following such Servicer Business Day. Estimated daily Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds will be remitted to the Indenture Trustee on each Servicer Business Day based upon the ADO and estimated write-offs. Each day on which those remittances are made is referred to as a daily remittance date. (iii) No less often than semi-annually, the Servicer and the Indenture Trustee will reconcile remittances of estimated Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds with actual Energy Transition Storm Recovery Charge Payments for the Series A Storm Recovery Bonds received by the Servicer and remitted to the Indenture Trustee to more accurately reflect the amount of Billed Energy Transition Storm Recovery Charges for the Series A Storm Recovery Bonds that should have been remitted, based on ADO and the actual system-wide write-off percentage. To the extent the remittances of estimated payments arising from the Series Storm Recovery Charges exceed the amounts that should have been remitted based on actual system-wide write-offs, the Servicer will be entitled to withhold the excess amount from any subsequent remittance to the Indenture Trustee until the balance of such excess is reduced to zero. To the extent the remittances of estimated payments arising from the Series Storm Recovery Charges are less than the amount that should have been remitted based on actual system wide write-offs, the Servicer will remit the amount of the shortfall to the Indenture Trustee within two Servicer Business Days. Although the Servicer will remit estimated Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds to the Indenture Trustee, the Servicer will not be obligated to make any payments on the Series A Storm Recovery Bonds. (iv) At least annually, the Servicer also will remit to the Indenture Trustee, for the benefit of the Issuer, any late charges received from Customers with respect to the Series Storm Recovery Charges. (v) The Servicer agrees and acknowledges that it holds all Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds received by it and any other proceeds for the Storm Recovery Collateral received by it for the benefit of the Indenture Trustee and the Holders and that all such amounts will be remitted by the Servicer without any surcharge, fee, offset, charge or other deduction. The Servicer further agrees not to make any claim to reduce its obligation to remit all Energy Transition Storm Recovery Charge Payments for the Series A Storm Recovery Bonds collected by it in accordance with the Servicing Agreement.

Calculation of Daily Remittance. (i) The Servicer will remit Series Storm Recovery Charges directly to the Indenture Trustee pursuant to Section 6.11 of the Servicing Agreement. The Servicer will remit Series Storm Recovery Charges based on estimated collections using a weighted average balance of days outstanding (“ADO”) on Public Service Company of New MexicoDuke Energy Progress’s retail bills. Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds remitted will represent the charges estimated to be received for any period based upon the ADO and an estimated system-wide write-off percentage. (ii) The Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds will be remitted by the Servicer to the Indenture Trustee as soon as reasonably practicable to the General Subaccount of the Collection Account on each Servicer Business Day, but in no event later than two Servicer Business Days following such Servicer Business Day. Estimated daily Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds will be remitted to the Indenture Trustee on each Servicer Business Day based upon the ADO and estimated write-offs. Each day on which those remittances are made is referred to as a daily remittance date. (iii) No less often than semi-annually, the Servicer and the Indenture Trustee will reconcile remittances of estimated Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds with actual Energy Transition Storm Recovery Charge Payments for the Series A Storm Recovery Bonds received by the Servicer and remitted to the Indenture Trustee to more accurately reflect the amount of Billed Energy Transition Storm Recovery Charges for the Series A Storm Recovery Bonds that should have been remitted, based on ADO and the actual system-wide write-off percentage. To the extent the remittances of estimated payments arising from the Series Storm Recovery Charges exceed the amounts that should have been remitted based on actual system-wide write-offs, the Servicer will be entitled to withhold the excess amount from any subsequent remittance to the Indenture Trustee until the balance of such excess is reduced to zero. To the extent the remittances of estimated payments arising from the Series Storm Recovery Charges are less than the amount that should have been remitted based on actual system wide write-offs, the Servicer will remit the amount of the shortfall to the Indenture Trustee within two Servicer Business Days. Although the Servicer will remit estimated Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds to the Indenture Trustee, the Servicer will not be obligated to make any payments on the Series A Storm Recovery Bonds. (iv) At least annually, the Servicer also will remit to the Indenture Trustee, for the benefit of the Issuer, any late charges received from Customers with respect to the Series Storm Recovery Charges. (v) The Servicer agrees and acknowledges that it holds all Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds received by it and any other proceeds for the Storm Recovery Collateral received by it for the benefit of the Indenture Trustee and the Holders and that all such amounts will be remitted by the Servicer without any surcharge, fee, offset, charge or other deduction. The Servicer further agrees not to make any claim to reduce its obligation to remit all Energy Transition Storm Recovery Charge Payments for the Series A Storm Recovery Bonds collected by it in accordance with the Servicing Agreement.

Calculation of Daily Remittance. (i) The Servicer will remit Series Charges directly to the Indenture Trustee pursuant to Section 6.11 of the Servicing Agreement. The Servicer will remit Series Charges based on estimated collections using a weighted average balance of days outstanding (“ADO”) on Public Service Company of New MexicoDuke Energy Florida’s retail bills. Energy Transition Nuclear Asset-Recovery Charge Collections for the Series A Bonds remitted will represent the charges estimated to be received for any period based upon the ADO and an estimated system-wide write-off percentage. (ii) The Energy Transition Nuclear Asset-Recovery Charge Collections for the Series A Bonds will be remitted by the Servicer to the Indenture Trustee as soon as reasonably practicable to the General Subaccount of the Collection Account on each Servicer Business Day, but in no event later than two Servicer Business Days following such Servicer Business Day. Estimated daily Energy Transition Nuclear Asset-Recovery Charge Collections for the Series A Bonds will be remitted to the Indenture Trustee on each Servicer Business Day based upon the ADO and estimated write-offs. Each day on which those remittances are made is referred to as a daily remittance date. (iii) No less often than annually, the Servicer and the Indenture Trustee will reconcile remittances of estimated Energy Transition Nuclear Asset-Recovery Charge Collections for the Series A Bonds with actual Energy Transition Nuclear Asset-Recovery Charge Payments for the Series A Bonds received by the Servicer and remitted to the Indenture Trustee to more accurately reflect the amount of Billed Energy Transition Nuclear Asset-Recovery Charges for the Series A Bonds that should have been remitted, based on ADO and the actual system-wide write-off percentage. To the extent the remittances of estimated payments arising from the Series Charges exceed the amounts that should have been remitted based on actual system-wide write-offs, the Servicer will be entitled to withhold the excess amount from any subsequent remittance to the Indenture Trustee until the balance of such excess is reduced to zero. To the extent the remittances of estimated payments arising from the Series Charges are less than the amount that should have been remitted based on actual system wide write-offs, the Servicer will remit the amount of the shortfall to the Indenture Trustee within two Servicer Business Days. Although the Servicer will remit estimated Energy Transition Nuclear Asset-Recovery Charge Collections for the Series A Bonds to the Indenture Trustee, the Servicer will not be obligated to make any payments on the Series A Bonds. (iv) At least annually, the Servicer also will remit to the Indenture Trustee, for the benefit of the Issuer, any late charges received from Customers with respect to the Series Charges. (v) The Servicer agrees and acknowledges that it holds all Energy Transition Nuclear Asset-Recovery Charge Collections for the Series A Bonds received by it and any other proceeds for the Series Collateral received by it for the benefit of the Indenture Trustee and the Holders and that all such amounts will be remitted by the Servicer without any surcharge, fee, offset, charge or other deduction. The Servicer further agrees not to make any claim to reduce its obligation to remit all Energy Transition Nuclear Asset-Recovery Charge Payments for the Series A Bonds collected by it in accordance with the Servicing Agreement.

Calculation of Daily Remittance. (i) The Servicer will remit Series Storm Recovery Charges directly to the Indenture Trustee pursuant to Section 6.11 of the Servicing Agreement. The Servicer will remit Series Storm Recovery Charges based on estimated collections using a weighted average balance of days outstanding (“ADO”) on Public Service Company of New MexicoDuke Energy Progress’s retail bills. Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds remitted will represent the charges estimated to be received for any period based upon the ADO and an estimated system-wide write-off percentage. (ii) The Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds will be remitted by the Servicer to the Indenture Trustee as soon as reasonably practicable to the General Subaccount of the Collection Account on each Servicer Business Day, but in no event later than two Servicer Business Days following such Servicer Business Day. Estimated daily Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds will be remitted to the Indenture Trustee on each Servicer Business Day based upon the ADO and estimated write-offs. Each day on which those remittances are made is referred to as a daily remittance date. (iii) No less often than semi-annually, the Servicer will reconcile remittances of estimated Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds with actual Energy Transition Storm Recovery Charge Payments for the Series A Storm Recovery Bonds received by the Servicer and remitted to the Indenture Trustee to more accurately reflect the amount of Billed Energy Transition Storm Recovery Charges for the Series A Storm Recovery Bonds that should have been remitted, based on ADO and the actual system-wide write-off percentage. To the extent the remittances of estimated payments arising from the Series Storm Recovery Charges exceed the amounts that should have been remitted based on actual system-wide write-offs, the Servicer will be entitled to withhold the excess amount from any subsequent remittance to the Indenture Trustee until the balance of such excess is reduced to zero. To the extent the remittances of estimated payments arising from the Series Storm Recovery Charges are less than the amount that should have been remitted based on actual system wide write-offs, the Servicer will remit the amount of the shortfall to the Indenture Trustee within two Servicer Business Days. Although the Servicer will remit estimated Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds to the Indenture Trustee, the Servicer will not be obligated to make any payments on the Series A Storm Recovery Bonds. (iv) At least annually, the Servicer also will remit to the Indenture Trustee, for the benefit of the Issuer, any late charges payment fees received from Customers with respect to the Series Storm Recovery Charges. (v) The Servicer agrees and acknowledges that it holds all Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds received by it and any other proceeds for the Storm Recovery Collateral received by it for the benefit of the Indenture Trustee and the Holders and that all such amounts will be remitted by the Servicer without any surcharge, fee, offset, charge or other deduction. The Servicer further agrees not to make any claim to reduce its obligation to remit all Energy Transition Storm Recovery Charge Payments for the Series A Storm Recovery Bonds collected by it in accordance with the Servicing Agreement.

Calculation of Daily Remittance. (i) The Servicer will remit Series Storm Recovery Charges directly to the Indenture Trustee pursuant to Section 6.11 of the Servicing Agreement. The Servicer will remit Series Storm Recovery Charges based on estimated collections using a weighted average balance of days outstanding (“ADO”) on Public Service Company of New MexicoDuke Energy Progress’s retail bills. Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds remitted will represent the charges estimated to be received for any period based upon the ADO and an estimated system-wide write-off percentage. (ii) The Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds will be remitted by the Servicer to the Indenture Trustee as soon as reasonably practicable to the General Subaccount of the Collection Account on each Servicer Business Day, but in no event later than two Servicer Business Days following such Servicer Business Day. Estimated daily Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds will be remitted to the Indenture Trustee on each Servicer Business Day based upon the ADO and estimated write-offs. Each day on which those remittances are made is referred to as a daily remittance date. (iii) No less often than semi-annually, the Servicer will reconcile remittances of estimated Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds with actual Energy Transition Storm Recovery Charge Payments for the Series A Storm Recovery Bonds received by the Servicer and remitted to the Indenture Trustee to more accurately reflect the amount of Billed Energy Transition Storm Recovery Charges for the Series A Storm Recovery Bonds that should have been remitted, based on ADO and the actual system-wide write-off percentage. To the extent the remittances of estimated payments arising from the Series Storm Recovery Charges exceed the amounts that should have been remitted based on actual system-wide write-offs, the Servicer will be entitled to withhold the excess amount from any subsequent remittance to the Indenture Trustee until the balance of such excess is reduced to zero. To the extent the remittances of estimated payments arising from the Series Storm Recovery Charges are less than the amount that should have been remitted based on actual system wide write-offs, the Servicer will remit the amount of the shortfall to the Indenture Trustee within two Servicer Business Days. Although the Servicer will remit estimated Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds to the Indenture Trustee, the Servicer will not be obligated to make any payments on the Series A Storm Recovery Bonds. (iv) At least annually, the Servicer also will remit to the Indenture Trustee, for the benefit of the Issuer, any late charges received from Customers with respect to the Series Storm Recovery Charges. (v) The Servicer agrees and acknowledges that it holds all Energy Transition Storm Recovery Charge Collections for the Series A Storm Recovery Bonds received by it and any other proceeds for the Storm Recovery Collateral received by it for the benefit of the Indenture Trustee and the Holders and that all such amounts will be remitted by the Servicer without any surcharge, fee, offset, charge or other deduction. The Servicer further agrees not to make any claim to reduce its obligation to remit all Energy Transition Storm Recovery Charge Payments for the Series A Storm Recovery Bonds collected by it in accordance with the Servicing Agreement.