Common use of Interim True-Up Adjustments and Filings Clause in Contracts

Interim True-Up Adjustments and Filings. No later than 60 days prior to the first day of the applicable monthly billing cycle, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Charges, including projected electricity consumption during the next two Remittance Period for each Storm Recovery Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Charges to be allocated to each Storm Recovery Rate Class during the next two Remittance Period based on such Periodic Billing Requirement and the terms of the Financing Order, the Tariff and other tariffs filed pursuant thereto; (2) make all required public notices and other filings with the Commission to reflect the revised Storm Recovery Charges, including any Amendatory Schedule; and (3) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Law and the Financing Order.

Interim True-Up Adjustments and Filings. No later than 60 30 days prior to the first day of the an applicable monthly billing cycle, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery ChargesDeferred Fuel Cost Charge, including projected electricity consumption usage during the next two Remittance Period for each Storm Recovery Rate Class Periods and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement Requirements and Periodic Billing Requirement Requirements for the next two Remittance Period Periods based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Deferred Fuel Cost Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest in respect of each Tranche of Outstanding Deferred Fuel Cost Bonds during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges the Deferred Fuel Cost Charge will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Charges to be allocated to each Storm Recovery Rate Class Deferred Fuel Cost Charge during the next two Remittance Period Periods based on such Periodic Billing Requirement Requirements and the terms of the Financing Order, the Tariff and other tariffs filed pursuant thereto; (2) make all required public notices and other filings with the Commission to reflect the revised Storm Recovery ChargesDeferred Fuel Cost Charge, including any Amendatory Schedule; and (3) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Law Deferred Fuel Cost Statute and the Financing Order.

Interim True-Up Adjustments and Filings. No later than 60 days prior to the first day of the applicable monthly billing cycleAt least monthly, the Servicer shall: (A) review, and update as appropriate, the data and assumptions underlying the calculation of the Storm Recovery Securitization Charges, including projected electricity consumption during the next two Remittance Period Payment Periods for each Storm Recovery Securitization Customer Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Period Payment Periods based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Securitization Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest in respect of each Outstanding tranche of Securitization Bonds during such Remittance PeriodPayment Periods, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital LevelAmount. If the Servicer determines that Storm Recovery Securitization Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): : (1) determine the Storm Recovery Securitization Charges to be allocated to each Storm Recovery Securitization Customer Rate Class during the next two Remittance Period Payment Periods based on such Periodic Billing Requirement and the terms of the Financing Order, the Tariff and other tariffs filed pursuant thereto; (2) make all required public notices and other filings with the Indiana Commission to reflect the revised Storm Recovery Securitization Charges, including any Amendatory Schedule; and (3) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Law Securitization Act and the Financing Order.

Interim True-Up Adjustments and Filings. No Within the 30-day period ending prior to the first billing cycle in October of each year and, within the 30-day period preceding the first billing cycle in December 2035, and in each March, June, September and December thereafter, the Servicer shall compare the anticipated Unrecovered Balance, as of the next Payment Date and after giving effect to payments to be made on such Payment Date, to the Projected Unrecovered Balance as of such Payment Date. The Servicer shall, no later than 60 fifteen (15) days prior to the first end of such thirty (30) day period, make a mandatory Interim True-Up Adjustment if the Servicer forecasts that SRC Collections will be insufficient (a) to make all scheduled payments of interest, principal and other amounts in respect of any Tranche of System Restoration Bonds during the current and next succeeding semi-annual period or quarterly period, as applicable, and (b) to replenish the applicable monthly billing cycleCapital Subaccount to the Required Capital Level. If the Servicer determines that an Interim True-Up Adjustment is required under the immediately preceding sentence, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery System Restoration Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate SRC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery System Restoration Charges to be allocated to each Storm Recovery Rate SRC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the Financing Order, Order and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating System Restoration Charges then in effect, including as applicable, the result of the implementation of the most recent Non-Standard True-Up Adjustment as approved in the Tariff; (2) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery System Restoration Charges, including any Amendatory ScheduleTariffs; and (3) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Financing OrderOrder which relate thereto. The Servicer shall implement the revised System Restoration Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer may not implement Interim True-Up Adjustments more frequently than every six (6) months; provided that the Servicer may implement Interim True-Up Adjustments quarterly for any System Restoration Bonds remaining Outstanding commencing in Scheduled Final Maturity on last Tranche.

Interim True-Up Adjustments and Filings. No later than 60 days prior to At any time during the first day term of the applicable monthly billing cycleRate Stabilization Bonds, the Servicer shall: shall periodically compare the anticipated Unrecovered Balance, as of the next Payment Date and after giving effect to payments to be made on such Payment Date, to the Projected Unrecovered Balance as of such Payment Date. As a result of such periodic comparison, (A) update the data Servicer may make an InterimTrue-Up Adjustment to correct any undercollection or overcollection if, in its sole and assumptions underlying the calculation exclusive discretion, an Interim True-Up Adjustment is necessary in order to provide for timely payment of the Storm Recovery ChargesRate Stabilization Bonds based on Rating Agency and Bondholder considerations, including projected electricity consumption during the next two Remittance Period for each Storm Recovery Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence fifteen (15) days prior to commencement of this Section 4.01(b)(ii): (1) determine the Storm Recovery Charges to be allocated to each Storm Recovery Rate Class during the next two Remittance Period based on such Periodic Billing Requirement and the terms of the Financing OrderCollection Period, the Tariff and other tariffs filed pursuant thereto; (2) make all required public notices notice and other filings with the Commission PSC to reflect implement a mandatory Interim True-Up Adjustment (1) if the Servicer determines collection of Qualified Rate Stabilization Charges as of the next Payment Date would result in a difference greater than 5% in absolute value between (x) the outstanding principal amount of the Rate Stabilization Bonds plus amounts on deposit in the applicable Excess Funds Subaccount and (y) such Projected Unrecovered Balance as of such Payment Date or (2) to meet a Rating Agency Requirement that any Tranche of Rate Stabilization Bonds be paid in full by its Scheduled Final Payment Date. The Servicer shall implement the revised Storm Recovery Qualified Rate Stabilization Charges, including any Amendatory Schedule; if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date and (3) shall otherwise take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment on the Interim True-Up Adjustment Date and to enforce the provisions of the Storm Recovery Law and the Financing Orderapplicable Requirements of Law.

Interim True-Up Adjustments and Filings. No Within the 30-day period ending prior to the first billing cycle in July of each year (or in the case of any subsequent Series, the corresponding period based on its Series Issuance Date) and, within the 30-day period preceding the first billing cycle in April 2021, and in each July, October, January and April thereafter, the Servicer shall compare the anticipated Unrecovered Balance, as of the next Payment Date and after giving effect to payments to be made on such Payment Date, to the Projected Unrecovered Balance as of such Payment Date. The Servicer shall, no later than 60 fifteen (15) days prior to the first end of such thirty (30) day period, make a mandatory Interim True-Up Adjustment if the Servicer forecasts that TC Collections will be insufficient (a) to make all scheduled payments of interest, principal and other amounts in respect of any Outstanding Series or Tranche of Transition Bonds during the current and next succeeding semi-annual period or quarterly period, as applicable, and (b) to replenish the applicable monthly billing cycleCapital Subaccount for such Series to the Required Capital Level. If the Servicer determines that an Interim True-Up Adjustment is required under the immediately preceding sentence, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Transition Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the Applicable Financing Order, Orders and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating Transition Charges then in effect, including as applicable, the result of the implementation of the most recent Non-Standard True-Up Adjustment as approved in the Tariff; (2) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Transition Charges, including any Amendatory ScheduleTariffs; and (3) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Applicable Financing OrderOrders which relate thereto. The Servicer shall implement the revised Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer may not implement Interim True-Up Adjustments more frequently than every six (6) months; provided that the Servicer may implement Interim True-Up Adjustments quarterly for any Transition Bonds remaining Outstanding commencing in April 1, 2021. Reports.

Interim True-Up Adjustments and Filings. No Each year no later than 60 days [____] Servicer Business Days prior to each Payment Date, the first day Servicer shall compare the anticipated Unrecovered Balance, as of such Payment Date and after giving effect to payments to be made on such Payment Date, to the applicable monthly billing cycleProjected Unrecovered Balance as of such Payment Date. If the Servicer determines that such Unrecovered Balance will exceed 105% of such Projected Unrecovered Balance or will be less than 95% of such Projected Unrecovered Balance and if any Outstanding Series of Notes which matures after ___, 20__, will not have been paid in full by its Expected Final Payment Date, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Transition Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Note Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the applicable Financing Order, Orders and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating Transition Charges then in effect as a result of the implementation of a Non-Standard True-Up Adjustment; (2D) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Transition Charges, including any Amendatory Schedule; Tariffs, and (3E) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the applicable Financing OrderOrders which relate thereto. The Servicer shall implement the revised Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date.

Interim True-Up Adjustments and Filings. No Within the 30-day period ending prior to the first billing cycle in of each year and, within the 30-day period preceding the first billing cycle in , and in each , , and thereafter, the Servicer shall compare the anticipated Unrecovered Balance, as of the next Payment Date and after giving effect to payments to be made on such Payment Date, to the Projected Unrecovered Balance as of such Payment Date. The Servicer shall, no later than 60 fifteen (15) days prior to the first end of such thirty (30) day period, make a mandatory Interim True-Up Adjustment if the Servicer forecasts that SRC Collections will be insufficient (a) to make all scheduled payments of interest, principal and other amounts in respect of any Tranche of System Restoration Bonds during the current and next succeeding semi-annual period or quarterly period, as applicable, and (b) to replenish the applicable monthly billing cycleCapital Subaccount to the Required Capital Level. If the Servicer determines that an Interim True-Up Adjustment is required under the immediately preceding sentence, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery System Restoration Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate SRC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery System Restoration Charges to be allocated to each Storm Recovery Rate SRC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the Financing Order, Order and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating System Restoration Charges then in effect, including as applicable, the result of the implementation of the most recent Non-Standard True-Up Adjustment as approved in the Tariff; (2) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery System Restoration Charges, including any Amendatory ScheduleTariffs; and (3) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Financing OrderOrder which relate thereto. The Servicer shall implement the revised System Restoration Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer may not implement Interim True-Up Adjustments more frequently than every six (6) months; provided that the Servicer may implement Interim True-Up Adjustments quarterly for any System Restoration Bonds remaining Outstanding commencing in Scheduled Final Maturity on last Tranche.

Interim True-Up Adjustments and Filings. No Within the 30-day period ending prior to the first billing cycle in May of each year and, within the 30-day period preceding the first billing cycle in August 2023, and in each November, February, May and August thereafter, the Servicer shall compare the anticipated Unrecovered Balance, as of the next Payment Date and after giving effect to payments to be made on such Payment Date, to the Projected Unrecovered Balance as of such Payment Date. The Servicer shall, no later than 60 fifteen (15) days prior to the first end of such thirty (30) day period, make a mandatory Interim True-Up Adjustment if the Servicer forecasts that TC Collections will be insufficient (a) to make all scheduled payments of interest, principal and other amounts in respect of any Tranche of Transition Bonds during the current and next succeeding semi-annual period or quarterly period, as applicable, and (b) to replenish the applicable monthly billing cycleCapital Subaccount to the Required Capital Level. If the Servicer determines that an Interim True-Up Adjustment is required under the immediately preceding sentence, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Transition Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the Financing Order, Order and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating Transition Charges then in effect, including as applicable, the result of the implementation of the most recent Non-Standard True-Up Adjustment as approved in the Tariff; (2) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Transition Charges, including any Amendatory ScheduleTariffs; and (3) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Financing OrderOrder which relate thereto. The Servicer shall implement the revised Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer may not implement Interim True-Up Adjustments more frequently than every six (6) months; provided that the Servicer may implement Interim True-Up Adjustments quarterly for any Transition Bonds remaining Outstanding commencing in August 2023.

Interim True-Up Adjustments and Filings. No Within the 30-day period ending on March 1, 2007 (or in the case of any subsequent Series, the corresponding period based on its Series Issuance Date) and, beginning in 2008, within the 30-day period preceding the date which is six months after the date of the Annual True-Up Adjustment described above (or three months, six months and nine months after the Annual True-Up Adjustment during the fourteenth (14th) and fifteenth (15th) year of any Series of Transition Bonds), the Servicer shall compare the anticipated Unrecovered Balance, as of the next Payment Date and after giving effect to payments to be made on such Payment Date, to the Projected Unrecovered Balance as of such Payment Date. The Servicer shall, no later than 60 fifteen (15) days prior to the first end of such thirty (30) day period, make a mandatory Interim True-Up Adjustment if the Servicer determines (i) that such Unrecovered Balance will be less than the Projected Unrecovered Balance as of such Payment Date, (ii) that the outstanding principal amount of the Transition Bonds plus amounts on deposit in the applicable monthly billing cycleExcess Funds Subaccount will exceed 105% of such Projected Unrecovered Balance as of such Payment Date, (iii) that any Outstanding Series or Tranche of Transition Bonds will not be paid in full by its Expected Final Payment Date or (iv) that an undercollection of Transition Charges exists and that such undercollection, regardless of cause, must be corrected in order to ensure timely payment of any Outstanding Series or Tranche of Transition Bonds based on Rating Agency and Bondholder considerations (including a mandatory Interim True-Up Adjustment in connection with each semi-annual Payment Date (or quarterly in the fourteenth and fifteenth years of such Transition Bonds) if the Servicer forecasts that TC Collections during the next semi-annual period or quarterly period, as applicable, will be insufficient (a) to make all scheduled payments of interest, principal and other amounts in respect of any Outstanding Series or Tranche of Transition Bonds and (b) to replenish the applicable Capital Subaccount for such Series to the Required Capital Level). If the Servicer determines that an Interim True-Up Adjustment is required under the immediately preceding sentence, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Transition Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the Applicable Financing Order, Orders and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating Transition Charges then in effect, including as applicable, the result of the implementation of the most recent Non-Standard True-Up Adjustment; (2D) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Transition Charges, including any Amendatory ScheduleTariffs; and (3E) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Applicable Financing OrderOrders which relate thereto. The Servicer shall implement the revised Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer may not implement Interim True-Up Adjustments more frequently than every six (6) months; provided that the Servicer may implement Interim True-Up Adjustments quarterly for any Transition Bonds remaining Outstanding during the fourteenth (14th) and fifteenth (15th) years after the issuance of such Transition Bonds.

Interim True-Up Adjustments and Filings. No Within the 30-day period ending on March 1, 2007 (or, in the case of any subsequent Series, the corresponding period based on its Series Issuance Date) and, beginning in 2008, within the 30-day period preceding the date which is six months after the date of the Annual True-Up Adjustment described above (or three months, six months and nine months after the Annual True-Up Adjustment during the fourteenth (14th) and fifteenth (15th) year of any Series of Transition Bonds), the Servicer shall compare the anticipated Unrecovered Balance, as of the next Payment Date and after giving effect to payments to be made on such Payment Date, to the Projected Unrecovered Balance as of such Payment Date. The Servicer shall, no later than 60 Fifteen (15) days prior to the first end of such thirty (30) day period, make a mandatory Interim True-Up Adjustment if the Servicer determines (i) that such Unrecovered Balance will be less than the Projected Unrecovered Balance as of such Payment Date, (ii) the outstanding principal amount of the applicable monthly billing cycleTransition Bonds plus amounts on deposit in the Excess Funds Subaccount will exceed 105% of such Projected Unrecovered Balance as of such Payment Date, (iii) that any Outstanding Series or Tranche of Transition Bonds will not be paid in full by its Expected Final Payment Date or (iv) that an undercollection of Transition Charges exists and that such undercollection, regardless of cause, must be corrected in order to ensure timely payment of any Outstanding Series or Tranche of Transition Bonds based on Rating Agency and Bondholder considerations (including a mandatory Interim True-Up Adjustment in connection with each semi-annual Payment Date (or quarterly in the fourteenth and fifteenth years of such Transition Bonds) if the Servicer forecasts that TC Collections during the next semi-annual period or quarterly period, as applicable, will be insufficient (a) to make all scheduled payments of interest, principal and other amounts in respect of any Outstanding Series or Tranche of Transition Bonds and (b) to replenish the Capital Subaccount for such Series to the Required Capital Level). If the Servicer determines that an Interim True-Up Adjustment is required under the immediately preceding sentence, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Transition Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the Applicable Financing Order, Orders and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating Transition Charges then in effect, including as applicable, the result of the implementation of the most recent Non-Standard True-Up Adjustment; (2D) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Transition Charges, including any Amendatory ScheduleTariffs; and (3E) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Applicable Financing OrderOrders which relate thereto. The Servicer shall implement the revised Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer may not implement Interim True-Up Adjustments more frequently than every six (6) months; provided that the Servicer may implement Interim True-Up Adjustments quarterly for any Transition Bonds remaining Outstanding during the fourteenth (14th) and fifteenth (15th) years after the issuance of such Transition Bonds.

Interim True-Up Adjustments and Filings. No Within the 30-day period ending on [_____________] (or in the case of any subsequent Series, the corresponding period based on its Series Issuance Date) and, beginning in [_______], within the 30-day period preceding the date which is six months after the date of the Annual True-Up Adjustment described above (or three months, six months and nine months after the Annual True-Up Adjustment during the fourteenth (14th) and fifteenth (15th) year of any Series of Transition Bonds), the Servicer shall compare the anticipated Unrecovered Balance, as of the next Payment Date and after giving effect to payments to be made on such Payment Date, to the Projected Unrecovered Balance as of such Payment Date. The Servicer shall, no later than 60 fifteen (15) days prior to the first end of such thirty (30) day period, make a mandatory Interim True-Up Adjustment if the Servicer forecasts that TC Collections will be insufficient (a) to make all scheduled payments of interest, principal and other amounts in respect of any Outstanding Series or Tranche of Transition Bonds during the current and next succeeding semi-annual period or quarterly period, as applicable, and (b) to replenish the applicable monthly billing cycleCapital Subaccount for such Series to the Required Capital Level. If the Servicer determines that an Interim True-Up Adjustment is required under the immediately preceding sentence, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Transition Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the Applicable Financing Order, Orders and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating Transition Charges then in effect, including as applicable, the result of the implementation of the most recent Non-Standard True-Up Adjustment as approved in the Tariff; (2) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Transition Charges, including any Amendatory ScheduleTariffs; and (3) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Applicable Financing OrderOrders which relate thereto. The Servicer shall implement the revised Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer may not implement Interim True-Up Adjustments more frequently than every six (6) months; provided that the Servicer may implement Interim True-Up Adjustments quarterly for any Transition Bonds remaining Outstanding during the [fourteenth (14th) and fifteenth (15th) years] after the issuance of such Transition Bonds.

Interim True-Up Adjustments and Filings. No later than 60 days In the month prior to each Payment Date, the first day Servicer shall compare the anticipated Unrecovered Balance, as of such Payment Date and after giving effect to payments to be made on such Payment Date, to the applicable monthly billing cycleProjected Unrecovered Balance as of such Payment Date. If the Servicer determines that such Unrecovered Balance will exceed 105% of such Projected Unrecovered Balance or will be less than 95% of such Projected Unrecovered Balance and if any Outstanding Series of Notes which matures after January 15, 2015, will not have been paid in full by its Expected Final Payment Date, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Transition Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Note Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the applicable Financing Order, Orders and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating Transition Charges then in effect as a result of the implementation of a Non-Standard True-Up Adjustment; (2D) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Transition Charges, including any Amendatory Schedule; Tariffs, and (3E) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the applicable Financing OrderOrders which relate thereto. The Servicer shall implement the revised Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date.

Interim True-Up Adjustments and Filings. No later than 60 days In the month prior to each Series 2003-1 Payment Date, the first day Servicer shall compare the anticipated Series 2003-1 Unrecovered Balance, as of such Series 2003-1 Payment Date and after giving effect to payments to be made on such Series 2003-1 Payment Date, to the applicable monthly billing cycleSeries 2003-1 Projected Unrecovered Balance as of such Series 2003-1 Payment Date. If the Servicer determines that such Series 2003-1 Unrecovered Balance will exceed 105% of such Series 2003-1 Projected Unrecovered Balance or will be less than 95% of such Series 2003-1 Projected Unrecovered Balance, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Series 2003-1 Transition Charges, including projected electricity consumption usage during the next two Remittance applicable Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and projected write-offs; (B) determine the Series 2003-1 Periodic Payment Requirement and Series 2003-1 Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Series 2003-1 Periodic Billing Requirement and the terms of the Financing OrderOrder and the Tariff, and in doing so, the Tariff and other tariffs filed pursuant theretoServicer shall use the method of allocating the Series 2003-1 Transition Charges then in effect; (2D) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Series 2003-1 Transition Charges, including any Amendatory Schedule; Tariffs, and (3E) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Financing Order. The Servicer shall implement the revised Series 2003-1 Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer shall file Interim True-Up Adjustments no more frequently than semiannually.

Interim True-Up Adjustments and Filings. No later than 60 days In the month prior to each Series 2003-1 Payment Date, the first day Servicer shall compare the anticipated Series 2003-1 Unrecovered Balance, as of such Series 2003-1 Payment Date and after giving effect to payments to be made on such Series 2003-1 Payment Date, to the applicable monthly billing cycleSeries 2003-1 Projected Unrecovered Balance as of such Series 2003-1 Payment Date. If the Servicer determines that such Series 2003-1 Unrecovered Balance will exceed 105% of such Series 2003-1 Projected Unrecovered Balance or will be less than 95% of such Series 2003-1 Projected Unrecovered Balance, or that the Series 2003-1 Transition Bonds will not meet any Rating Agency requirement that such Bonds be paid in full by their Final Maturity Date, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Series 2003-1 Transition Charges, including projected electricity consumption usage during the next two Remittance applicable Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and projected write-offs; (B) determine the Series 2003-1 Periodic Payment Requirement and Series 2003-1 Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Series 2003-1 Periodic Billing Requirement and the terms of the Financing OrderOrder and the Tariff, and in doing so, the Tariff and other tariffs filed pursuant theretoServicer shall use the method of allocating the Series 2003-1 Transition Charges then in effect; (2D) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Series 2003-1 Transition Charges, including any Amendatory Schedule; Tariffs, and (3E) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Financing Order. The Servicer shall implement the revised Series 2003-1 Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer shall file Interim True-Up Adjustments no more frequently than semiannually.

Interim True-Up Adjustments and Filings. No Each year no later than 60 days [____] Servicer Business Days prior to each Payment Date, the first day Servicer shall compare the anticipated Unrecovered Balance, as of such Payment Date and after giving effect to payments to be made on such Payment Date, to the applicable monthly billing cycleProjected Unrecovered Balance as of such Payment Date. If the Servicer determines that such Unrecovered Balance will exceed 105% of such Projected Unrecovered Balance and will be less than 95% of such Projected Unrecovered Balance and if any Outstanding Series of Notes which matures after ___, 20__, will not have been paid in full by its Expected Final Payment Date, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Transition Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Note Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the applicable Financing Order, Orders and the Tariff and other tariffs Tariffs filed pursuant thereto; (2D) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Transition Charges, including any Amendatory Schedule; Tariffs, and (3E) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the applicable Financing OrderOrders. The Servicer shall implement the revised Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date.

Interim True-Up Adjustments and Filings. No Within the 30-day period ending prior to the first billing cycle in May of each year and, within the 30-day period preceding the first billing cycle in August 2022, and in each November, February, May and August thereafter, the Servicer shall compare the anticipated Unrecovered Balance, as of the next Payment Date and after giving effect to payments to be made on such Payment Date, to the Projected Unrecovered Balance as of such Payment Date. The Servicer shall, no later than 60 fifteen (15) days prior to the first end of such thirty (30) day period, make a mandatory Interim True-Up Adjustment if the Servicer forecasts that TC Collections will be insufficient (a) to make all scheduled payments of interest, principal and other amounts in respect of any Tranche of Transition Bonds during the current and next succeeding semi-annual period or quarterly period, as applicable, and (b) to replenish the applicable monthly billing cycleCapital Subaccount to the Required Capital Level. If the Servicer determines that an Interim True-Up Adjustment is required under the immediately preceding sentence, then the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Transition Charges, including projected electricity consumption usage during the next two Remittance Calculation Period for each Storm Recovery Rate TC Customer Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the rate of delinquencies and write-offs; (B) determine the Periodic Payment Requirement and Periodic Billing Requirement for the next two Remittance Calculation Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, project whether existing and projected Storm Recovery Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient (x) to make on a timely basis all scheduled payments of Periodic Principal and interest during such Remittance Period, (y) to pay other Ongoing Financing Costs on a timely basis and (z) to maintain the Capital Subaccount at the Required Capital Level. If the Servicer determines that Storm Recovery Charges will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(ii): (1) determine the Storm Recovery Transition Charges to be allocated to each Storm Recovery Rate TC Customer Class during the next two Remittance Calculation Period based on such Periodic Billing Requirement and the terms of the Financing Order, Order and the Tariff and other tariffs Tariffs filed pursuant thereto, and in doing so the Servicer shall use the method of allocating Transition Charges then in effect, including as applicable, the result of the implementation of the most recent Non-Standard True-Up Adjustment as approved in the Tariff; (2D) make all required public notices notice and other filings with the Commission PUCT to reflect the revised Storm Recovery Transition Charges, including any Amendatory ScheduleTariffs; and (3E) take all reasonable actions and make all reasonable efforts to effect such Interim True-Up Adjustment and to enforce the provisions of the Storm Recovery Securitization Law and the Financing OrderOrder which relate thereto. The Servicer shall implement the revised Transition Charges, if any, resulting from such Interim True-Up Adjustment on the Interim True-Up Adjustment Date. The Servicer may not implement Interim True-Up Adjustments more frequently than every six (6) months; provided that the Servicer may implement Interim True-Up Adjustments quarterly for any Transition Bonds remaining Outstanding commencing in August 2022.