Common use of Payment of Principal Clause in Contracts

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Bond (or one or more Predecessor System Restoration Bonds) is registered on the Record Date for such Payment Date by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that with respect to Book-Entry System Restoration Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Bond unless and until such Global System Restoration Bond is exchanged for Definitive System Restoration Bonds (in which event payments shall be made as provided above), and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Bond on a Payment Date which shall be payable as provided below. (b) The principal of each System Restoration Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e). Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however that failure to pay the entire unpaid principal amount of the System Restoration Bonds of a Tranche upon the Final Maturity Date for the System Restoration Bonds shall constitute a Default or Event of Default under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Bonds have declared the System Restoration Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Bond will be paid. Such notice shall be sent no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Bond and shall specify the place where such System Restoration Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Environmental Trust Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Environmental Trust Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Environmental Trust Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Environmental Trust Bond (or one or more Predecessor System Restoration Environmental Trust Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Environmental Trust Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Environmental Trust Bond unless and until such Global System Restoration Environmental Trust Bond is exchanged for Definitive System Restoration Environmental Trust Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Environmental Trust Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Environmental Trust Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e). Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Environmental Trust Bonds of a Tranche upon the Final Maturity Date for the System Restoration Environmental Trust Bonds of such Tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Environmental Trust Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Environmental Trust Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Environmental Trust Bonds have declared the System Restoration Environmental Trust Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Environmental Trust Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration an Environmental Trust Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Environmental Trust Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Environmental Trust Bond and shall specify the place where such System Restoration Environmental Trust Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Environmental Trust Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Environmental Trust Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Storm Recovery Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Storm Recovery Bond which that is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Storm Recovery Bond (or one or more Predecessor System Restoration Storm Recovery Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Storm Recovery Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Storm Recovery Bond unless and until such Global System Restoration Storm Recovery Bond is exchanged for Definitive System Restoration Storm Recovery Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Storm Recovery Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Storm Recovery Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Sinking Fund Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Sinking Fund Schedule. Failure to pay principal in accordance with such Expected Amortization Sinking Fund Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Storm Recovery Bonds of a Tranche upon the Final Maturity Date for the System Restoration Storm Recovery Bonds shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Storm Recovery Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Storm Recovery Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Storm Recovery Bonds have declared the System Restoration Storm Recovery Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Storm Recovery Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Upon written notice from the Issuer, the Indenture Trustee shall notify the Person in whose name a System Restoration Storm Recovery Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration the Storm Recovery Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Storm Recovery Bond and shall specify the place where such System Restoration Storm Recovery Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Storm Recovery Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Securitization Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Securitization Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Securitization Bond which that is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Securitization Bond (or one or more Predecessor System Restoration Securitization Bonds) is registered on the Record Date for such Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder or by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Securitization Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Securitization Bond unless and until such Global System Restoration Securitization Bond is exchanged for Definitive System Restoration Securitization Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Securitization Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Securitization Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, purpose in accordance with the Expected Amortization Schedule and in the order set forth in Section 8.02(e). To the extent funds are so available and no Event of Default shall have occurred and is continuing, the Issuer will make scheduled payments of principal of the Securitization Bonds in the following order: (i) to the Holders of the Tranche A-1 Securitization Bonds, until the principal balance of that Tranche has been reduced to zero; and (ii) to the Holders of the Tranche A-2 Securitization Bonds, until the principal balance of that Tranche has been reduced to zero. Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Securitization Bonds of a Tranche upon the Final Maturity Date for the System Restoration Securitization Bonds of such Tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Securitization Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Securitization Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Securitization Bonds have declared the System Restoration Securitization Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Securitization Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration Securitization Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Securitization Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date (and, with respect to Book-Entry Securitization Bonds, shall be sent to DTC (or any successor Clearing Agency) pursuant to DTC’s (or such successor Clearing Agency’s) applicable procedures) and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Securitization Bond and shall specify the place where such System Restoration Securitization Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Securitization Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Securitization Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) 15 Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Transition Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Transition Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Transition Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Transition Bond (or one or more Predecessor System Restoration Transition Bonds) is registered on the Record Date for such Payment Date by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and with respect to Book-Entry System Restoration Transition Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Transition Bond unless and until such Global System Restoration Transition Bond is exchanged for Definitive System Restoration Transition Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Transition Bond on a Payment Date which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each System Restoration Transition Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Amortization Schedule. Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however that failure to pay the entire unpaid principal amount of the System Restoration Transition Bonds of a Tranche upon the Final Maturity Date for the System Restoration Transition Bonds shall constitute a Default or Event of Default under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Transition Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Transition Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Transition Bonds have declared the System Restoration Transition Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Transition Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration Transition Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Transition Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Transition Bond and shall specify the place where such System Restoration Transition Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Transition Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Transition Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Securitized Utility Tariff Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Securitized Utility Tariff Bond which that is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Securitized Utility Tariff Bond (or one or more Predecessor System Restoration Securitized Utility Tariff Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Securitized Utility Tariff Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Securitized Utility Tariff Bond unless and until such Global System Restoration Securitized Utility Tariff Bond is exchanged for Definitive System Restoration Securitized Utility Tariff Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Securitized Utility Tariff Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Securitized Utility Tariff Bond of each Tranche tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Sinking Fund Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Sinking Fund Schedule. Failure to pay principal in accordance with such Expected Amortization Sinking Fund Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Securitized Utility Tariff Bonds of a Tranche tranche upon the Final Maturity Date for the System Restoration Securitized Utility Tariff Bonds of such tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Securitized Utility Tariff Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Securitized Utility Tariff Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Securitized Utility Tariff Bonds have declared the System Restoration Securitized Utility Tariff Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Securitized Utility Tariff Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Upon written notice from the Issuer, the Indenture Trustee shall notify the Person in whose name a System Restoration Securitized Utility Tariff Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration the Securitized Utility Tariff Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Securitized Utility Tariff Bond and shall specify the place where such System Restoration Securitized Utility Tariff Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Securitized Utility Tariff Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Bond (or one or more Predecessor System Restoration Bonds) is registered on the Record Date for such Payment Date by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that with respect to Book-Entry System Restoration Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Bond unless and until such Global System Restoration Bond is exchanged for Definitive System Restoration Bonds (in which event payments shall be made as provided above), and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Bond on a Payment Date which shall be payable as provided below. (b) The principal of each System Restoration Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e). Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however that failure to pay the entire unpaid principal amount of the System Restoration Bonds of a Tranche upon the Final Maturity Date for the System Restoration Bonds shall constitute a Default or Event of Default under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Bonds have declared the System Restoration Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Bond and shall specify the place where such System Restoration Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Securitization Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Securitization Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Securitization Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Securitization Bond (or one or more Predecessor System Restoration Securitization Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Securitization Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Securitization Bond unless and until such Global System Restoration Securitization Bond is exchanged for Definitive System Restoration Securitization Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Securitization Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Securitization Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Accountapplicable Accounts, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e). To the extent funds are so available and no Event of Default shall have occurred and is continuing, the Issuer will make scheduled payments of principal of the Securitization Bonds in the following order: (i) the Holders of the Tranche A-1 Securitization Bonds, until the principal balance of that Tranche has been reduced to zero; and (ii) the Holders of the Tranche A-2 Securitization Bonds, until the principal balance of that Tranche has been reduced to zero. Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Securitization Bonds of a Tranche upon the Final Maturity Date for the System Restoration Securitization Bonds of such Tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Securitization Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Securitization Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Securitization Bonds have declared the System Restoration Securitization Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Securitization Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration Securitization Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Securitization Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date (and, with respect to Book-Entry Securitization Bonds, such notice shall be sent to DTC (or any successor Clearing Agency) pursuant to DTC’s (or such successor Clearing Agency’s)) applicable procedures and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Securitization Bond and shall specify the place where such System Restoration Securitization Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Securitization Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Securitization Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Deferred Fuel Cost Bonds shall accrue interest as provided in the Series Supplement Supplemental Indenture at the applicable System Restoration Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Deferred Fuel Cost Bond which that is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Deferred Fuel Cost Bond (or one or more Predecessor System Restoration Deferred Fuel Cost Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Deferred Fuel Cost Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Deferred Fuel Cost Bond unless and until such Global System Restoration Deferred Fuel Cost Bond is exchanged for Definitive System Restoration Deferred Fuel Cost Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Deferred Fuel Cost Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Deferred Fuel Cost Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series SupplementSupplemental Indenture; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Sinking Fund Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Sinking Fund Schedule. Failure to pay principal in accordance with such Expected Amortization Sinking Fund Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Deferred Fuel Cost Bonds of a Tranche upon the Final Maturity Date for the System Restoration Deferred Fuel Cost Bonds of such Tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Deferred Fuel Cost Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or (which may be at the direction of the Holders of the System Restoration Deferred Fuel Cost Bonds representing not less than a majority of the Outstanding Amount of Deferred Fuel Cost Bonds) or the System Restoration Holders of Deferred Fuel Cost Bonds representing not less than a majority of the Outstanding Amount of Deferred Fuel Cost Bonds have declared the System Restoration such Deferred Fuel Cost Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration such Deferred Fuel Cost Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series SupplementSupplemental Indenture. The Indenture Trustee shall shall, upon receipt of written notice from the Issuer, notify the Person in whose name a System Restoration Deferred Fuel Cost Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Deferred Fuel Cost Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Deferred Fuel Cost Bond and shall specify the place where such System Restoration Deferred Fuel Cost Bond may be presented and surrendered for payment of such installment, as applicable. (c) If interest on the System Restoration Deferred Fuel Cost Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) 10 days before any such Special Record Date, the Issuer shall send mail to each affected Holder (or, in the case of any Global Deferred Fuel Cost Bond, deliver in accordance with the procedures of the Holder thereof) a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Storm Recovery Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Storm Recovery Bond which that is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Storm Recovery Bond (or one or more Predecessor System Restoration Storm Recovery Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Storm Recovery Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Storm Recovery Bond unless and until such Global System Restoration Storm Recovery Bond is exchanged for Definitive System Restoration Storm Recovery Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Storm Recovery Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Storm Recovery Bond of each Tranche tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Sinking Fund Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Sinking Fund Schedule. Failure to pay principal in accordance with such Expected Amortization Sinking Fund Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Storm Recovery Bonds of a Tranche tranche upon the Final Maturity Date for the System Restoration Storm Recovery Bonds of such tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Storm Recovery Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Storm Recovery Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Storm Recovery Bonds have declared the System Restoration Storm Recovery Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Storm Recovery Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration Storm Recovery Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration the Storm Recovery Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Storm Recovery Bond and shall specify the place where such System Restoration Storm Recovery Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Storm Recovery Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Environmental Trust Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Environmental Trust Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Environmental Trust Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Environmental Trust Bond (or one or more Predecessor System Restoration Environmental Trust Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Environmental Trust Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Environmental Trust Bond unless and until such Global System Restoration Environmental Trust Bond is exchanged for Definitive System Restoration Environmental Trust Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Environmental Trust Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Environmental Trust Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e). Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Environmental Trust Bonds of a Tranche upon the Final Maturity Date for the System Restoration Environmental Trust Bonds of such Tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Environmental Trust Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Environmental Trust Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Environmental Trust Bonds have declared the System Restoration Environmental Trust Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Environmental Trust Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration an Environmental Trust Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Environmental Trust Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date (and, with respect to Book-Entry Environmental Trust Bonds, such notice shall be mailed to the Depository) and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Environmental Trust Bond and shall specify the place where such System Restoration Environmental Trust Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Environmental Trust Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Environmental Trust Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Transition Bonds shall accrue interest as provided in the related Series Supplement at the applicable System Restoration Transition Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Transition Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Transition Bond (or one or more Predecessor System Restoration Transition Bonds) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Transition Bond Register on such Record Date or in such other manner as may be provided in the related Series Supplement except that (i) upon application to the Indenture Trustee by any Holder owning Transition Bonds of any Tranche in the principal amount of $10,000,000 or more not later than the applicable Record Date payment will be made by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and (ii) with respect to Book-Entry System Restoration Transition Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Transition Bond unless and until such Global System Restoration Transition Bond is exchanged for Definitive System Restoration Transition Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Transition Bond on a Payment Date which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each System Restoration Transition Bond of each Tranche Series (and, if applicable, Tranche) shall be paid, to the extent funds are available therefor in the applicable Collection Account, in installments on each Payment Date as specified in the related Series Supplement; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Amortization Schedule. Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however that failure to pay the entire unpaid principal amount of the System Restoration Transition Bonds of a Tranche or Series upon the Final Maturity Date for the System Restoration Bonds related Series shall constitute a Default or Event of Default with respect to such Series under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Transition Bonds of a Series shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuingcontinuing with respect to such Series, if the Indenture Trustee or the Holders of the System Restoration Transition Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Transition Bonds of such Series have declared the System Restoration Transition Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Transition Bonds of any Series shall be made pro rata to the Holders entitled thereto unless otherwise provided in the related Series SupplementSupplement with respect to any Tranche of Transition Bonds included in such Series. The Indenture Trustee shall notify the Person in whose name a System Restoration Transition Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Transition Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Transition Bond and shall specify the place where such System Restoration Transition Bond may be presented and surrendered for payment of such installment, which, if and so long as any Transition Bonds are listed on the Irish Stock Exchange, shall include the office of the paying agent in Ireland appointed pursuant to Section 3.02. (c) If interest on the System Restoration Transition Bonds of any Series is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Transition Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Rate Stabilization Bonds shall accrue interest as provided in the related Series Supplement at the applicable System Restoration Rate Stabilization Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Rate Stabilization Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Rate Stabilization Bond (or one or more Predecessor System Restoration Rate Stabilization Bonds) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Rate Stabilization Bond Register on such Record Date or in such other manner as may be provided in the related Series Supplement except that (i) upon application to the Indenture Trustee by any Holder owning Rate Stabilization Bonds of any Tranche in the principal amount of $10,000,000 or more not later than the applicable Record Date payment will be made by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and (ii) with respect to Book-Entry System Restoration Rate Stabilization Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Rate Stabilization Bond unless and until such Global System Restoration Rate Stabilization Bond is exchanged for Definitive System Restoration Rate Stabilization Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Rate Stabilization Bond on a Payment Date which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each System Restoration Rate Stabilization Bond of each Tranche Series (and, if applicable, Tranche) shall be paid, to the extent funds are available therefor in the applicable Collection Account, in installments on each Payment Date as specified in the related Series Supplement; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Amortization Schedule. Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however that failure to pay the entire unpaid principal amount of the System Restoration Rate Stabilization Bonds of a Tranche or Series upon the Final Maturity Date for the System Restoration Bonds related Series shall constitute a Default or Event of Default with respect to such Series under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Rate Stabilization Bonds of a Series shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuingcontinuing with respect to such Series, if the Indenture Trustee or the Holders of the System Restoration Rate Stabilization Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Rate Stabilization Bonds of such Series have declared the System Restoration Rate Stabilization Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Rate Stabilization Bonds of any Series shall be made pro rata to the Holders entitled thereto unless otherwise provided in the related Series SupplementSupplement with respect to any Tranche of Rate Stabilization Bonds included in such Series. The Indenture Trustee shall notify the Person in whose name a System Restoration Rate Stabilization Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Rate Stabilization Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Rate Stabilization Bond and shall specify the place where such System Restoration Rate Stabilization Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Rate Stabilization Bonds of any Series is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Rate Stabilization Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Securitization Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Securitization Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Securitization Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Securitization Bond (or one or more Predecessor System Restoration Securitization Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Securitization Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Securitization Bond unless and until such Global System Restoration Securitization Bond is exchanged for Definitive System Restoration Securitization Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Securitization Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Securitization Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Accountapplicable Accounts, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e). To the extent funds are so available and no Event of Default shall have occurred and is continuing, the Issuer will make scheduled payments of principal of the Securitization Bonds in the following order: (i) the Holders of the Tranche A-1 Securitization Bonds, until the principal balance of that Tranche has been reduced to zero; and (ii) the Holders of the Tranche A-2 Securitization Bonds, until the principal balance of that Tranche has been reduced to zero. Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Securitization Bonds of a Tranche upon the Final Maturity Date for the System Restoration Securitization Bonds of such Tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Securitization Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Securitization Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Securitization Bonds have declared the System Restoration Securitization Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Securitization Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration Securitization Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Securitization Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date (and, with respect to Book-Entry Securitization Bonds, such notice shall be sent to the depository pursuant to the depository’s applicable procedures) and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Securitization Bond and shall specify the place where such System Restoration Securitization Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Securitization Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Securitization Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Bonds of each Series shall accrue interest as provided in the related Series Supplement Supplement, at the applicable System Restoration Bond Interest RateRate specified therein, and such interest shall be payable on each applicable Payment DateDate as specified therein. Any installment of interest, principal or premium, if any, payable on any System Restoration Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Bond (or one or more Predecessor System Restoration Bonds) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person's address as it appears on the Securities Register on such Record Date or in such other manner as may be provided in the related Series Supplement, except that (i) upon application to the Indenture Trustee by any Holder owning Bonds of any Class in the principal amount of $10,000,000 or more not later than the applicable Record Date payment will be made by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and (ii) with respect to Book-Book Entry System Restoration Bonds, Bonds payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Bond unless and until such Global System Restoration Bond is exchanged for Definitive System Restoration Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Bond on a Payment Date which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each System Restoration Bond of each Tranche Series (and, if applicable, Class) shall be paid, to the extent funds are available therefor in the Collection AccountAccount for such Series, in installments on each Payment Date as specified in the related Series Supplement; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule for such Series shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Amortization Schedule. Failure to pay principal on each Bond of a Series in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however that failure Indenture with respect to pay the entire unpaid principal amount of the System Restoration Bonds of a Tranche upon the Final Maturity Date for the System Restoration Bonds shall constitute a Default or Event of Default under this Indenturesuch Series. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Bonds of a Series shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuingcontinuing with respect to such Series, if the Indenture Trustee or the Holders of the System Restoration Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Bonds of such Series have declared the System Restoration such Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Bond will be paid. Such notice shall be sent no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Bond and shall specify the place where such System Restoration Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. PremiumPREMIUM, if anyIF ANY, and InterestAND INTEREST; Interest on Overdue PrincipalINTEREST ON OVERDUE PRINCIPAL AND PREMIUM, IF ANY; PrincipalPRINCIPAL, Premium, if any, and Interest Rights PreservedPREMIUM AND INTEREST RIGHTS PRESERVED. (a) The System Restoration Transition Bonds of each Series shall accrue interest Interest as provided in the related Series Supplement Supplement, at the applicable System Restoration Bond Interest RateRate specified therein, and such interest Interest shall be payable on each applicable Payment DateDate as specified therein. Any installment of interestInterest, principal or premium, if any, payable on any System Restoration Transition Bond which is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Transition Bond (or one or more Predecessor System Restoration Transition Bonds) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid, to such Person's address as it appears on the Transition Bond Register on such Record Date, or in such other manner as may be provided in the related Series Supplement, except that (i) upon application to the Trustee by any Holder owning Transition Bonds of any Series or Tranche in the principal amount of $10,000,000 or more not later than the applicable Record Date payment will be made by wire transfer to an account maintained and specified by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and (ii) with respect to Book-Entry System Restoration Transition Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration global Transition Bond unless and until such Global System Restoration global Transition Bond is exchanged for Definitive System Restoration definitive Transition Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Transition Bond on a Payment Date which shall be payable as provided in clause (b) below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each System Restoration Transition Bond of each Tranche Series (and, if applicable, Tranche) shall be paid, to the extent funds are available therefor in the Collection Account, payable in installments on each Payment Date as specified in the Expected Amortization Schedule included in the form of Transition Bond attached to the Series SupplementSupplement for such Transition Bonds, but only to the extent that moneys are available for such payment pursuant to Section 8.02; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money moneys available for such purpose, in the order manner set forth in Section 8.02(e)the applicable Expected Amortization Schedule. Failure to pay principal of each Transition Bond of a Series in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however Indenture with respect to that failure to pay the entire unpaid principal amount of the System Restoration Bonds of a Tranche upon the Final Maturity Date for the System Restoration Bonds shall constitute a Default or Event of Default under this IndentureSeries. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Transition Bonds of any Series or Tranche shall be due and payable, if not previously paidpaid (i) on the Series Final Maturity Date (or, if applicable, Tranche Final Maturity Date) therefor, (ii) on the date on which an Event the Transition Bonds of Default shall all Series have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Bonds have been declared the System Restoration Bonds to be immediately due and payable in accordance with Section 5.02 or (iii) on the manner provided in Section 5.02. All payments of principal and premiumRedemption Date, if any, on the System Restoration Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplementtherefor. The Indenture Trustee shall notify the Person in whose name a System Restoration Transition Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest Interest on such System Restoration Transition Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Expected Final Payment Date and shall specify that such final installment of principal and premium, if any, will be payable only upon presentation and surrender of such System Restoration Transition Bond and shall specify the place where such System Restoration Transition Bond may be presented and surrendered for payment of such installment, which, so long as any Transition Bonds are listed on the Luxembourg Stock Exchange, shall include the office of the paying agent in Luxembourg appointed pursuant to Section 3.02. Notices in connection with redemptions of Transition Bonds shall be mailed to Transition Bondholders as provided in Section 10.03. (c) If interest the Issuer defaults in a payment of Interest on the System Restoration Transition Bonds is not paid when dueof any Series, such the Issuer shall pay defaulted interest shall be paid Interest (plus interest Interest on such defaulted interest Interest at the applicable System Restoration Bond Interest Rate to the extent lawful) in any lawful manner. The Issuer may pay such defaulted Interest to the Persons who are Holders Transition Bondholders on a subsequent Special Record Datespecial record date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Datespecial payment date. The Issuer shall fix or cause to be fixed any such Special Record Date special record date and Special Payment Datepayment date, and, at least ten (10) 10 days before any such Special Record Datespecial record date, the Issuer shall send mail to each affected Holder Transition Bondholder a notice that states the Special Record Datespecial record date, the Special Payment Date payment date and the amount of defaulted interest (plus interest on such defaulted interest) Interest to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Investment Recovery Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Investment Recovery Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Investment Recovery Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Investment Recovery Bond (or one or more Predecessor System Restoration Investment Recovery Bonds) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Investment Recovery Bond Register on such Record Date or in such other manner as may be provided in the Series Supplement except that (i) upon application to the Indenture Trustee by any Holder owning Investment Recovery Bonds in the principal amount of $10,000,000 or more not later than the applicable Record Date payment will be made by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and (ii) with respect to Book-Entry System Restoration Investment Recovery Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Investment Recovery Bond unless and until such Global System Restoration Investment Recovery Bond is exchanged for Definitive System Restoration Investment Recovery Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Investment Recovery Bond on a Payment Date which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each System Restoration Investment Recovery Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Amortization Schedule. Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however that failure to pay the entire unpaid principal amount of the System Restoration Investment Recovery Bonds of a Tranche upon the Final Maturity Date for the System Restoration Investment Recovery Bonds shall constitute a Default or Event of Default with respect to the Investment Recovery Bonds under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Investment Recovery Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Investment Recovery Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Investment Recovery Bonds have declared the System Restoration Investment Recovery Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Investment Recovery Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series SupplementSupplement with respect to a Tranche of the Investment Recovery Bonds. The Indenture Trustee shall notify the Person in whose name a System Restoration Investment Recovery Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Investment Recovery Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Investment Recovery Bond and shall specify the place where such System Restoration Investment Recovery Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Investment Recovery Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Investment Recovery Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Storm Recovery Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Storm Recovery Bond which that is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Storm Recovery Bond (or one or more Predecessor System Restoration Storm Recovery Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Storm Recovery Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Storm Recovery Bond unless and until such Global System Restoration Storm Recovery Bond is exchanged for Definitive System Restoration Storm Recovery Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Storm Recovery Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Storm Recovery Bond of each Tranche tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Sinking Fund Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Sinking Fund Schedule. Failure to pay principal in accordance with such Expected Amortization Sinking Fund Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Storm Recovery Bonds of a Tranche tranche upon the Final Maturity Date for the System Restoration Storm Recovery Bonds of such tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Storm Recovery Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Storm Recovery Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Storm Recovery Bonds have declared the System Restoration Storm Recovery Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Storm Recovery Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Upon written notice from the Issuer, the Indenture Trustee shall notify the Person in whose name a System Restoration Storm Recovery Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration the Storm Recovery Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Storm Recovery Bond and shall specify the place where such System Restoration Storm Recovery Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Storm Recovery Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Investment Recovery Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Investment Recovery Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Investment Recovery Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Investment Recovery Bond (or one or more Predecessor System Restoration Investment Recovery Bonds) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Investment Recovery Bond Register on such Record Date or in such other manner as may be provided in the Series Supplement except that (i) upon application to the Indenture Trustee by any Holder owning Investment Recovery Bonds in the principal amount of $10,000,000 or more not later than the applicable Record Date payment will be made by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and (ii) with respect to Book-Entry System Restoration Investment Recovery Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Investment Recovery Bond unless and until such Global System Restoration Investment Recovery Bond is exchanged for Definitive System Restoration Investment Recovery Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Investment Recovery Bond on a Payment Date which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each System Restoration Investment Recovery Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Amortization Schedule. Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however that failure to pay the entire unpaid principal amount of the System Restoration Investment Recovery Bonds of a Tranche upon the Final Maturity Date for the System Restoration Investment Recovery Bonds shall constitute a Default or Event of Default with respect to the Investment Recovery Bonds under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Investment Recovery Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Investment Recovery Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Investment Recovery Bonds have declared the System Restoration Investment Recovery Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Investment Recovery Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series SupplementSupplement with respect to a Tranche of the Investment Recovery Bonds. The Indenture Trustee shall notify the Person in whose name a System Restoration Investment Recovery Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Investment Recovery Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Investment Recovery Bond and shall specify the place where such System Restoration Investment Recovery Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Investment Recovery Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Investment Recovery Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. PremiumThe outstanding principal amounts with respect to the Revolver Loans shall be repaid as follows: (i) Any portion of the Revolver Loans consisting of the principal amount of Base Rate Loans shall be paid by Borrowers to Lender, if anyunless timely converted to a LIBOR Loan in accordance with this Agreement, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. immediately upon (a) The System Restoration Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment receipt by Lender or Borrowers of interest, principal or premium, if any, payable on any System Restoration Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Bond (or one or more Predecessor System Restoration Bonds) is registered on the Record Date for such Payment Date by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that with respect to Book-Entry System Restoration Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder proceeds of any of the applicable Global System Restoration Bond unless and until such Global System Restoration Bond is exchanged for Definitive System Restoration Bonds (in which event payments shall be made as provided above), and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Bond on a Payment Date which shall be payable as provided below. (b) The principal of each System Restoration Bond of each Tranche shall be paidAccounts or Inventory, to the extent funds are available therefor in of such proceeds, and (b) the Collection Account, in installments on each Payment Date as specified in Commitment Termination Date. (ii) Any portion of the Series Supplement; provided that installments Revolver Loans consisting of the principal not paid when scheduled to amount of LIBOR Loans shall be paid by Borrowers to Lender, unless continued as a LIBOR Loan in accordance with the Expected Amortization Schedule terms of this Agreement, immediately upon (a) the last day of the Interest Period applicable thereto and (b) the Commitment Termination Date. In no event shall Borrowers be authorized to make a voluntary prepayment with respect to any Revolver Loan outstanding as a LIBOR Loan prior to the last day of the Interest Period applicable thereto unless Borrowers pay to Lender concurrently with any prepayment of a LIBOR Loan, any amount due Lender under Section 3.10 as a consequence of such prepayment. Notwithstanding anything to the contrary contained in this Agreement, unless so directed by Borrower Agent or unless an Event of Default has occurred and is continuing, Lender shall not apply any payments which it receives (or any proceeds of Accounts or Inventory) to any LIBOR Loan, except on the expiration date of the Interest Period applicable to any such LIBOR Loan; provided, that Borrowers shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e). Failure required to pay principal breakage losses in accordance with Section 3.10 of this Agreement if required thereunder. In the event that Lender receives, on any date when LIBOR Loans are outstanding but no Base Rate Loans are outstanding, proceeds of any of the Accounts or Inventory that are required to be used to prepay the principal amount of LIBOR Loans, Lender may hold such Expected Amortization Schedule because moneys proceeds as cash security for the Obligations represented by such LIBOR Loans and apply such proceeds to such LIBOR Loans on the expiration date of the Interest Period applicable thereto. (iii) Notwithstanding anything to the contrary contained elsewhere in this Agreement, if an Out-of-Formula Condition shall exist, Borrowers shall, on the sooner to occur of the first Business Day after any Borrower has obtained knowledge thereof or Lender’s demand, repay the outstanding Revolver Loans that are Base Rate Loans in an amount sufficient to reduce the aggregate unpaid principal amount of all Revolver Loans by an amount equal to such excess; and, if such payment of Base Rate Loans is not available pursuant sufficient to Section 8.02 eliminate the Out-of-Formula Condition, then Borrowers shall immediately deposit with Lender for application to make any outstanding Revolver Loans bearing interest as LIBOR Loans as the same become due and payable (whether at the end of the applicable Interest Periods or on the Commitment Termination Date) cash in an amount sufficient to eliminate such payments shall not constitute Out-of-Formula Condition, and Lender may (a) hold such deposit as cash security pending disbursement of same for application to the outstanding Revolver Loans bearing interest as LIBOR Loans as the same become due and payable, or (b) if a Default or Event of Default under this Indenture; providedexists, however that failure immediately apply such proceeds to pay the entire unpaid principal amount payment of the System Restoration Bonds Obligations, including the Revolver Loans outstanding as LIBOR Loans (in which event Borrowers shall also pay to Lender any amounts required by Section 3.10 to be paid by reason of the prepayment of a Tranche upon the Final Maturity Date for the System Restoration Bonds shall constitute a Default or Event of Default under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Bonds have declared the System Restoration Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Indenture Trustee shall notify the Person in whose name a System Restoration Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Bond will be paid. Such notice shall be sent no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Bond and shall specify the place where such System Restoration Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days LIBOR Loan prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, last day of the Issuer shall send to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paidInterest Period applicable thereto).

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Energy Transition Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Energy Transition Bond which that is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Energy Transition Bond (or one or more Predecessor System Restoration predecessor Energy Transition Bonds) is registered on the Record Date for such the applicable Payment Date by check mailed first-class, postage prepaid, to the Person whose name appears as the Registered Holder (or by wire transfer to an account maintained by such Holder Holder) in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and, with respect to Book-Entry System Restoration Energy Transition Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Energy Transition Bond unless and until such Global System Restoration Energy Transition Bond is exchanged for Definitive System Restoration Energy Transition Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Energy Transition Bond on a Payment Date Date, which shall be payable as provided below. (b) The principal of each System Restoration Energy Transition Bond of each Tranche tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided provided, that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Sinking Fund Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Sinking Fund Schedule. Failure to pay principal in accordance with such Expected Amortization Sinking Fund Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however however, that failure to pay the entire unpaid principal amount of the System Restoration Energy Transition Bonds of a Tranche tranche upon the Final Maturity Date for the System Restoration Energy Transition Bonds of such tranche shall constitute a Default or an Event of Default under this IndentureIndenture as set forth in Section 5.01. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Energy Transition Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Energy Transition Bonds have declared the System Restoration Energy Transition Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Energy Transition Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series Supplement. The Upon written notice from the Issuer, the Indenture Trustee shall notify the Person in whose name a System Restoration an Energy Transition Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration the Energy Transition Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Energy Transition Bond and shall specify the place where such System Restoration Energy Transition Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Energy Transition Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.

Payment of Principal. Premium, if any, and Interest; Interest on Overdue Principal; Principal, Premium, if any, and Interest Rights Preserved. (a) The System Restoration Transition Bonds shall accrue interest as provided in the Series Supplement at the applicable System Restoration Transition Bond Interest Rate, and such interest shall be payable on each applicable Payment Date. Any installment of interest, principal or premium, if any, payable on any System Restoration Transition Bond which is punctually paid or duly provided for on the applicable Payment Date shall be paid to the Person in whose name such System Restoration Transition Bond (or one or more Predecessor System Restoration Transition Bonds) is registered on the Record Date for such Payment Date, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Transition Bond Register on such Record Date or in such other manner as may be provided in the Series Supplement except that (i) upon application to the Indenture Trustee by any Holder owning Transition Bonds of any Tranche in the principal amount of $10,000,000 or more not later than the applicable Record Date payment will be made by wire transfer to an account maintained by such Holder in accordance with payment instructions delivered to the Indenture Trustee by such Holder, except that and (ii) with respect to Book-Entry System Restoration Transition Bonds, payments will be made by wire transfer in immediately available funds to the account designated by the Holder of the applicable Global System Restoration Transition Bond unless and until such Global System Restoration Transition Bond is exchanged for Definitive System Restoration Transition Bonds (in which event payments shall be made as provided above), ) and except for the final installment of principal and premium, if any, payable with respect to such System Restoration Transition Bond on a Payment Date which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each System Restoration Transition Bond of each Tranche shall be paid, to the extent funds are available therefor in the Collection Account, in installments on each Payment Date as specified in the Series Supplement; provided that installments of principal not paid when scheduled to be paid in accordance with the Expected Amortization Schedule shall be paid upon receipt of money available for such purpose, in the order set forth in Section 8.02(e)the Expected Amortization Schedule. Failure to pay principal in accordance with such Expected Amortization Schedule because moneys are not available pursuant to Section 8.02 to make such payments shall not constitute a Default or Event of Default under this Indenture; provided, however that failure to pay the entire unpaid principal amount of the System Restoration Transition Bonds of a Tranche upon the Final Maturity Date for the System Restoration Transition Bonds shall constitute a Default or Event of Default with respect to the Transition Bonds under this Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the System Restoration Transition Bonds shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of the System Restoration Transition Bonds representing not less than a majority of the Outstanding Amount of the System Restoration Transition Bonds have declared the System Restoration Transition Bonds to be immediately due and payable in the manner provided in Section 5.02. All payments of principal and premium, if any, on the System Restoration Transition Bonds shall be made pro rata to the Holders entitled thereto unless otherwise provided in the Series SupplementSupplement with respect to any Tranche of Transition Bonds. The Indenture Trustee shall notify the Person in whose name a System Restoration Transition Bond is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects that the final installment of principal of and premium, if any, and interest on such System Restoration Transition Bond will be paid. Such notice shall be sent mailed no later than five (5) days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such System Restoration Transition Bond and shall specify the place where such System Restoration Transition Bond may be presented and surrendered for payment of such installment. (c) If interest on the System Restoration Transition Bonds is not paid when due, such defaulted interest shall be paid (plus interest on such defaulted interest at the applicable System Restoration Transition Bond Interest Rate to the extent lawful) to the Persons who are Holders on a subsequent Special Record Date, which date shall be at least fifteen (15) Business Days prior to the Special Payment Date. The Issuer shall fix or cause to be fixed any such Special Record Date and Special Payment Date, and, at least ten (10) days before any such Special Record Date, the Issuer shall send mail to each affected Holder a notice that states the Special Record Date, the Special Payment Date and the amount of defaulted interest (plus interest on such defaulted interest) to be paid.