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

Semi-Annual True-Up Adjustments and Filings. Semi-annually, no later than fifteen (15) days prior to the end of the fifth month preceding the month during which the next Payment Date occurs, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Charges, including projected electricity usage and write-offs during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date for each SRC Customer Class and including interest and estimated expenses and fees of the Issuer to be paid during such period; (B) determine the Periodic Payment Requirement and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date based on such updated data and assumptions; (C) determine the Storm Recovery Charges to be allocated to each SRC Customer Class for such Payment Date and the next succeeding Payment Date based on the related Periodic Payment Requirement and the terms of the Financing Order and the Tariff filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Charges; (D) file a True-Up Request Letter with the APSC to implement the True-Up Adjustments; (E) take all necessary actions and make all reasonable efforts to effect and implement such True-Up Adjustment; and (F) take such reasonable action to enforce the provisions of the Securitization Act and the Financing Order. The Servicer shall implement the revised Storm Recovery Charges, if any, resulting from such True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs .

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyAt the beginning of Duke Energy Progress’s billing cycle for January and July, no later than fifteen (15) days and at least every three months beginning twelve months prior to the end of the fifth month preceding the month during which the next Scheduled Final Payment Date occursfor the latest maturing tranche, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Charges, including projected electricity usage and write-offs consumption during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date two Remittance Period for each SRC Customer Storm Recovery Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the Weighted Average Days Outstanding and write-offs; (B) determine the Periodic Payment Requirement Requirements and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date two Remittance Period based on such updated data and assumptions; (C) determine the Storm Recovery Charges to be allocated to each SRC Customer Storm Recovery Rate Class for such Payment Date and during the next succeeding Payment Date two Remittance Period based on the related such Periodic Payment Billing Requirement and the terms of the Financing Order and Order, the Tariff and any other tariffs filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D) file a True-Up Request Letter make all required public notices and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Storm Recovery Charges, including any Amendatory Schedule; and (E) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Storm Recovery Law and the Financing Order; provided, that, in the case of any Semi-Annual True-Up Adjustment following the Scheduled Final Payment Date for the latest maturing tranche of the Storm Recovery Bonds, the Semi-Annual True-Up Adjustment will be calculated to ensure that the Storm Recovery Charges are sufficient to pay the Storm Recovery Bonds in full on the next Payment Date. The Servicer shall implement the revised Storm Recovery Charges, if any, resulting from such Semi-Annual True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyEach year, no later than six (6) months and forty-five (45) days from the anniversary date of the issuance of the Securitization Bonds (it being understood that in the year following the issuance of the Bonds, such review and adjustment will occur no later than 6 months and 45 days after the Closing Date), until the earlier of (i) the Payment in Full of the Securitization Bonds or (ii) fifteen (15) years from the beginning of the first complete billing cycle after the Closing Date, and, beginning twelve (12) months prior to the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the end of dates that are nine months, six months and three months prior to, and the fifth month preceding the month during which the next date of, such Scheduled Final Payment Date occursfor such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Tranche, the Servicer shall: shall have (A) update updated the data and assumptions underlying the calculation of the Storm Recovery ChargesSecuritization Charges unless the Servicer believes that these assumptions are still valid, including projected electricity usage and write-offs consumption during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date Collection Period for each SRC Customer Securitization Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the Weighted Average Days Outstanding (Commercial), the Weighted Average Days Outstanding (Residential) and net charge-offs; (B) determine determined the Periodic Payment Revenue Requirement and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date Collection Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, forecast whether Securitization Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient, (i) to make on a timely basis all scheduled payments of interest, principal and other amounts payable in respect of Securitization Bonds during such Collection Period, (ii) to pay Ongoing Other Qualified Costs on a timely basis and (iii) to replenish the Capital Account to the Required Capital Level to the extent there was a draw from the Capital Account to pay principal, interest and Ongoing Other Qualified Costs. If the Servicer determines that Securitization Charge Collections will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(iii): (1) determine the Storm Recovery Securitization Charges to be allocated to each SRC Customer Securitization Rate Class for such Payment Date and during the next succeeding Payment Date Collection Period based on the related such Periodic Payment Billing Requirement and the terms of the Financing Order and the Tariff Securitization Rate Schedule relating to Securitization Charges, and other schedules filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D2) file a True-Up Request Letter make all required notice and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Securitization Charges, including any Amendatory Schedule; and (E3) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual Interim True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Statute and the Financing Order. The Servicer shall implement the revised Storm Recovery Charges, if any, resulting from such True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs .

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyAt the beginning of Duke Energy Carolinas’s billing cycle for January and July, no later than fifteen (15) days and at least every three months beginning twelve months prior to the end of the fifth month preceding the month during which the next Scheduled Final Payment Date occursfor the latest maturing tranche, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Charges, including projected electricity usage and write-offs consumption during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date two Remittance Period for each SRC Customer Storm Recovery Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the Weighted Average Days Outstanding and write-offs; (B) determine the Periodic Payment Requirement Requirements and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date two Remittance Period based on such updated data and assumptions; (C) determine the Storm Recovery Charges to be allocated to each SRC Customer Storm Recovery Rate Class for such Payment Date and during the next succeeding Payment Date two Remittance Period based on the related such Periodic Payment Billing Requirement and the terms of the Financing Order and Order, the Tariff and any other tariffs filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D) file a True-Up Request Letter make all required public notices and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Storm Recovery Charges, including any Amendatory Schedule; and (E) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Storm Recovery Law and the Financing Order; provided, that, in the case of any Semi-Annual True-Up Adjustment following the Scheduled Final Payment Date for the latest maturing tranche of the Storm Recovery Bonds, the Semi-Annual True-Up Adjustment will be calculated to ensure that the Storm Recovery Charges are sufficient to pay the Storm Recovery Bonds in full on the next Payment Date. The Servicer shall implement the revised Storm Recovery Charges, if any, resulting from such Semi-Annual True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Semi-annually(A) Each year until the earlier of (i) the Payment in Full of the proportional amount of Securitization Bonds relating to the Tree Trim Costs or (ii) six (6) years from the beginning of the first complete billing cycle after the Closing Date, and, beginning twelve (12) months prior to the Scheduled Final Payment Date for the first maturing Tranche, no later than fifteen forty-five (1545) days prior to the end of dates that are nine months, six months and three months prior to, and the fifth month preceding the month during which the next date of, such Scheduled Final Payment Date occursfor such first maturing Tranche, the Servicer shall: shall have (A) update updated the data and assumptions underlying the calculation of the Storm Recovery Distribution Securitization Charges, including projected electricity usage and write-offs consumption during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date Collection Period for each SRC Customer Class Distribution Securitization Rate Class, as applicable, and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such periodperiod with respect to Tree Trim Amounts, the Weighted Average Days Outstanding (Commercial), the Weighted Average Days Outstanding (Residential) and net charge-offs; (B) determine determined the Periodic Payment Revenue Requirement related to the Tree Trim Amounts and the Periodic Billing Requirement related to the Tree Trim Amounts for such Payment Date and the next succeeding Payment Date Collection Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, forecasted whether Distribution Securitization Charge Collections together with available fund balances in the Distribution Excess Funds Subaccount, will be sufficient, (i) to make on a timely basis all scheduled payments of interest, principal and other amounts payable in respect of the proportional amount of Securitization Bonds relating to Tree Trim Costs during such Collection Period, (ii) to pay Ongoing Other Qualified Costs relating to Tree Trim Amounts on a timely basis and (iii) to replenish the Capital Account to the Required Capital Level to the extent there was a draw from the Capital Account to pay principal, interest and Ongoing Other Qualified Costs related to Tree Trim; provided, that in the case of any Semi-Annual Interim True-Up Adjustment following the Scheduled Final Payment Date for the first maturing tranche of any Securitization Bonds, the True-Up Adjustment will be calculated to ensure that the Distribution Securitization Charges are sufficient to pay the proportional amounts of Securitization Bonds relating to Tree Trim Costs in full on the next Scheduled Payment Date. If the Servicer determines that Distribution Securitization Charge Collections will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(iii)(A): (1) determine the Storm Recovery Distribution Securitization Charges to be allocated to each SRC Customer Distribution Securitization Rate Class for such Payment Date and during the next succeeding Payment Date Collection Period based on such Periodic Billing Requirement related to the related Periodic Payment Requirement Tree Trim Amounts and the terms of the Financing Order and the Tariff Securitization Rate Schedule relating to Distribution Securitization Charges, and other schedules filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D2) file a True-Up Request Letter make all required notice and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Distribution Securitization Charges, including any Amendatory Schedule; and (E3) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Distribution Securitization Semi-Annual Interim True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Statute and the Financing Order. The . (B) Each year until the earlier of (i) the Payment in Full of the proportional amount of Securitization Bonds relating to River Rouge Costs or (ii) fifteen (15) years from the beginning of the first complete billing cycle after the Closing Date, and, beginning twelve (12) months prior to the Scheduled Final Payment Date for each maturing Tranche, no later than forty-five (45) days prior to the dates that are three months, six months and nine months prior to, and the date of, such Scheduled Final Payment Date for each such maturing Tranche, the Servicer shall implement have (A) updated the revised Storm Recovery data and assumptions underlying the calculation of the Power Supply Securitization Charges, if anyincluding projected electricity consumption during the next Collection Period for each Power Supply Securitization Rate Class, resulting as applicable, and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period with respect to River Rouge Amounts, the Weighted Average Days Outstanding (Commercial), the Weighted Average Days Outstanding (Residential) and net charge-offs; (B) determined the Periodic Revenue Requirement related to River Rouge Amounts and Periodic Billing Requirement related to the River Rouge Amounts for the next Collection Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, forecasted whether Power Supply Securitization Charge Collections together with available fund balances in the Power Supply Excess Funds Subaccount, will be sufficient, (i) to make on a timely basis all scheduled payments of interest, principal and other amounts payable in respect of the proportional amount of Securitization Bonds relating to River Rouge Costs during such Collection Period, (ii) to pay Ongoing Other Qualified Costs relating to River Rouge Amounts on a timely basis and (iii) to replenish the Capital Account to the Required Capital Level to the extent there was a draw from such the Capital Account to pay principal, interest and Ongoing Other Qualified Costs related to River Rouge; provided, that in the case of any Semi-Annual Interim True-Up Adjustment as following the Scheduled Final Payment Date for the first maturing tranche of any Securitization Bonds, the True-Up Adjustment will be calculated to ensure that the Power Supply Securitization Charges are sufficient to pay the proportional amount of Securitization Bonds relating to River Rouge Costs in full on the next Scheduled Payment Date. If the Servicer determines that Power Supply Securitization Charge Collections will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(iii)(B): (1) determine the Power Supply Securitization Charges to be allocated to each Power Supply Securitization Rate Class during the next Collection Period based on such Periodic Billing Requirement related to the River Rouge Amounts and the terms of the first billing day Financing Order and the Securitization Rate Schedule relating to Power Supply Securitization Charges, and other schedules filed pursuant thereto; (2) make all required notice and other filings with the Commission to reflect the revised Power Supply Securitization Charges, including any Amendatory Schedule; and (3) take all reasonable actions and make all reasonable efforts to effect such Power Supply Securitization Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the fourth month preceding Statute and the month when the next Payment Date occurs Financing Order.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyAt the beginning of Duke Energy Florida’s billing cycle that is at least three months but no longer than six months following Duke Energy Florida’s first complete billing cycle after the Series Closing Date, no later than fifteen (15) days prior to and for Duke Energy Florida’s billing cycle every six months thereafter, and at least every three months after the end of the fifth month preceding the month during which the next Scheduled Final Payment Date occursfor the latest maturing WAL, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Series Charges, including projected electricity usage and write-offs consumption during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date Remittance Period for each SRC Customer Nuclear Asset-Recovery Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the Weighted Average Days Outstanding and write-offs; (B) determine the Periodic Payment Requirement Requirements and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date Remittance Period based on such updated data and assumptions; (C) determine the Storm Recovery Series Charges to be allocated to each SRC Customer Nuclear Asset-Recovery Rate Class for such Payment Date and during the next succeeding Payment Date Remittance Period based on the related such Periodic Payment Billing Requirement and the terms of the Financing Order and Order, the Tariff and any other tariffs filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D) file a True-Up Request Letter make all required public notices and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Series Charges, including any Amendatory Schedule; and (E) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Nuclear Asset-Recovery Law and the Financing Order; provided, that, in the case of any Semi-Annual True-Up Adjustment following the Scheduled Final Payment Date for the latest maturing WAL of the Series A Bonds, the Semi-Annual True-Up Adjustment will be calculated to ensure that the Series Charges are sufficient to pay the Series A Bonds in full on the next Payment Date. The Servicer shall implement the revised Storm Recovery Series Charges, if any, resulting from such Semi-Annual True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyPrior to the beginning of VEPCO’s billing cycle for February and August, no later than fifteen (15) days and at least every three months beginning twelve months prior to the end of the fifth month preceding the month during which the next Scheduled Final Payment Date occursfor the latest maturing Tranche, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery ChargesDeferred Fuel Cost Charge, including projected electricity usage and write-offs during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date for each SRC Customer Class two Remittance Periods and including Periodic Principal, interest and estimated expenses and fees of the Issuer Operating Expenses to be paid during such period, the average number of days between when electricity is consumed and when payments are received by VEPCO from customers through the normal billing process and write-offs; (B) determine the Periodic Payment Requirement Requirements and the Periodic Billing Requirement Requirements for such Payment Date and the next succeeding Payment Date two Remittance Periods based on such updated data and assumptions; (C) determine the Storm Recovery Charges to be allocated to each SRC Customer Class for such Payment Date and Deferred Fuel Cost Charge during the next succeeding Payment Date two Remittance Periods based on the related such Periodic Payment Requirement Billing Requirements and the terms of the Financing Order and Order, the Tariff and any other tariffs filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D) file a True-Up Request Letter make all required public notices and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Deferred Fuel Cost Charge, including any Amendatory Schedule; and (E) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Deferred Fuel Cost Statute and the Financing Order; provided, that, in the case of any Semi-Annual True-Up Adjustment following the Scheduled Final Payment Date for the latest maturing Tranche, the Semi-Annual True-Up Adjustment will be calculated to ensure that the Deferred Fuel Cost Charge is sufficient to pay the Deferred Fuel Cost Bonds in full on the next Payment Date. The Servicer shall implement the revised Storm Recovery ChargesDeferred Fuel Cost Charge, if any, resulting from such Semi-Annual True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyPrior to the Scheduled Final Payment Date of the last Tranche of a Series, during the term of the Rate Stabilization Bonds, no later than fifteen thirty (1530) days prior to before the end rolling six month anniversary date of the fifth month preceding the month during which the next Payment Series Issuance Date occursfor each Series, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Qualified Rate Stabilization Charges, including projected electricity usage and write-offs during the current remaining period prior to such Payment Date next Calculation Period and prior to the next succeeding Payment Date for each SRC Customer Class and including interest and estimated expenses and fees of the Issuer to be paid during such period; (B) determine the Periodic Payment Requirement and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date 12 Collection Periods based on such updated data and assumptions; (C) determine calculate the Storm Recovery Charges to be allocated to each SRC Customer Class undercollections or overcollections for the previous Calculation Period, including without limitation any undercollections or overcollections caused by Third-Party Collector defaults, by subtracting the Estimated QRSC Collections for such Payment Date and the next succeeding Payment Date based on the related Periodic Payment Requirement and the terms of the Financing Order and the Tariff filed pursuant thereto and in doing so the Servicer shall use previous Calculation Period from the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesfor such previous Calculation Period; (D) file a Truetaking into account the then-Up Request Letter with current Collections Curve and Charge-Offs, calculate the APSC amount needed to implement correct such undercollections or overcollections during the True-Up Adjustmentsforthcoming 12 Collection Periods; (E) sum the amount in step (D) with the scheduled Periodic Billing Requirement for the upcoming 12 Collection Periods to determine an adjusted Periodic Billing Requirement; (F) divide the amount calculated in step (E) by the appropriate forecasted Periodic Billing Requirement to determine the adjusted Qualified Rate Stabilization Charge rate for the upcoming 12 Collection Periods; (G) make all required notice and other filings with the PSC to reflect the revised Qualified Rate Stabilization Charges; and (H) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment on the Semi-Annual True-Up Adjustment Date and (F) take such reasonable action to enforce the provisions of the Securitization Act and the Financing Order. The Servicer shall implement the revised Storm Recovery Charges, if any, resulting from such True-Up Adjustment as applicable Requirements of the first billing day of the fourth month preceding the month when the next Payment Date occurs Law.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyAt the beginning of Duke Energy Florida’s billing cycle that is at least [three] months but no longer than [six] months following Duke Energy Florida’s first complete billing cycle after the Series Closing Date, no later than fifteen (15) days prior to and for Duke Energy Florida’s billing cycle every six months thereafter, and at least every three months after the end of the fifth month preceding the month during which the next Scheduled Final Payment Date occursfor the latest maturing WAL, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Series Charges, including projected electricity usage and write-offs consumption during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date Remittance Period for each SRC Customer Nuclear Asset-Recovery Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the Weighted Average Days Outstanding and write-offs; (B) determine the Periodic Payment Requirement Requirements and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date Remittance Period based on such updated data and assumptions; (C) determine the Storm Recovery Series Charges to be allocated to each SRC Customer Nuclear Asset-Recovery Rate Class for such Payment Date and during the next succeeding Payment Date Remittance Period based on the related such Periodic Payment Billing Requirement and the terms of the Financing Order and Order, the Tariff and any other tariffs filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D) file a True-Up Request Letter make all required public notices and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Series Charges, including any Amendatory Schedule; and (E) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Nuclear Asset-Recovery Law and the Financing Order; provided, that, in the case of any Semi-Annual True-Up Adjustment following the Scheduled Final Payment Date for the latest maturing WAL of the Series A Bonds, the Semi-Annual True-Up Adjustment will be calculated to ensure that the Series Charges are sufficient to pay the Series A Bonds in full on the next Payment Date. The Servicer shall implement the revised Storm Recovery Series Charges, if any, resulting from such Semi-Annual True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyPrior to the beginning of VEPCO’s billing cycle for February and August, no later than fifteen (15) days and at least every three months beginning twelve months prior to the end of the fifth month preceding the month during which the next Scheduled Final Payment Date occursfor the latest maturing Tranche, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery ChargesDeferred Fuel Cost Charge, including projected electricity usage and write-offs during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date for each SRC Customer Class two Remittance Periods and including Periodic Principal, interest and estimated expenses and fees of the Issuer Operating Expenses to be paid during such period, the Collection Lag and write-offs; (B) determine the Periodic Payment Requirement Requirements and the Periodic Billing Requirement Requirements for such Payment Date and the next succeeding Payment Date two Remittance Periods based on such updated data and assumptions; (C) determine the Storm Recovery Charges to be allocated to each SRC Customer Class for such Payment Date and Deferred Fuel Cost Charge during the next succeeding Payment Date two Remittance Periods based on the related such Periodic Payment Requirement Billing Requirements and the terms of the Financing Order and Order, the Tariff and any other tariffs filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D) file a True-Up Request Letter make all required public notices and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Deferred Fuel Cost Charge, including any Amendatory Schedule; and (E) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Deferred Fuel Cost Statute and the Financing Order; provided, that, in the case of any Semi-Annual True-Up Adjustment following the Scheduled Final Payment Date for the latest maturing Tranche, the Semi-Annual True-Up Adjustment will be calculated to ensure that the Deferred Fuel Cost Charge is sufficient to pay the Deferred Fuel Cost Bonds in full on the next Payment Date. The Servicer shall implement the revised Storm Recovery ChargesDeferred Fuel Cost Charge, if any, resulting from such Semi-Annual True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyAt the beginning of VEPCO’s billing cycle for [___] and [___], no later than fifteen (15) days and on [___], [___], [___] and [___] beginning twelve months prior to the end of the fifth month preceding the month during which the next Scheduled Final Payment Date occursfor the latest maturing Tranche, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery ChargesDeferred Fuel Cost Charge, including projected electricity usage and write-offs during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date for each SRC Customer Class two Remittance Periods and including Periodic Principal, interest and estimated expenses and fees of the Issuer Operating Expenses to be paid during such period, the Collection Lag and write-offs; (B) determine the Periodic Payment Requirement Requirements and the Periodic Billing Requirement Requirements for such Payment Date and the next succeeding Payment Date two Remittance Periods based on such updated data and assumptions; (C) determine the Storm Recovery Charges to be allocated to each SRC Customer Class for such Payment Date and Deferred Fuel Cost Charge during the next succeeding Payment Date two Remittance Periods based on the related such Periodic Payment Requirement Billing Requirements and the terms of the Financing Order and Order, the Tariff and any other tariffs filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D) file a True-Up Request Letter make all required public notices and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Deferred Fuel Cost Charge, including any Amendatory Schedule; and (E) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Deferred Fuel Cost Statute and the Financing Order; provided, that, in the case of any Semi-Annual True-Up Adjustment following the Scheduled Final Payment Date for the latest maturing Tranche, the Semi-Annual True-Up Adjustment will be calculated to ensure that the Deferred Fuel Cost Charge is sufficient to pay the Deferred Fuel Cost Bonds in full on the next Payment Date. The Servicer shall implement the revised Storm Recovery ChargesDeferred Fuel Cost Charge, if any, resulting from such Semi-Annual True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyAt the beginning of Duke Energy Carolinas’s billing cycle for [March] and [September], no later than fifteen (15) days and at least every three months beginning twelve months prior to the end of the fifth month preceding the month during which the next Scheduled Final Payment Date occursfor the latest maturing tranche, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Charges, including projected electricity usage and write-offs consumption during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date two Remittance Period for each SRC Customer Storm Recovery Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the Weighted Average Days Outstanding and write-offs; (B) determine the Periodic Payment Requirement Requirements and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date two Remittance Period based on such updated data and assumptions; (C) determine the Storm Recovery Charges to be allocated to each SRC Customer Storm Recovery Rate Class for such Payment Date and during the next succeeding Payment Date two Remittance Period based on the related such Periodic Payment Billing Requirement and the terms of the Financing Order and Order, the Tariff and any other tariffs filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D) file a True-Up Request Letter make all required public notices and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Storm Recovery Charges, including any Amendatory Schedule; and (E) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Storm Recovery Law and the Financing Order; provided, that, in the case of any Semi-Annual True-Up Adjustment following the Scheduled Final Payment Date for the latest maturing tranche of the Storm Recovery Bonds, the Semi-Annual True-Up Adjustment will be calculated to ensure that the Storm Recovery Charges are sufficient to pay the Storm Recovery Bonds in full on the next Payment Date. The Servicer shall implement the revised Storm Recovery Charges, if any, resulting from such Semi-Annual True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyAt the beginning of Duke Energy Progress’s billing cycle for [March] and [September], no later than fifteen (15) days and at least every three months beginning twelve months prior to the end of the fifth month preceding the month during which the next Scheduled Final Payment Date occursfor the latest maturing tranche, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Charges, including projected electricity usage and write-offs consumption during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date two Remittance Period for each SRC Customer Storm Recovery Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the Weighted Average Days Outstanding and write-offs; (B) determine the Periodic Payment Requirement Requirements and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date two Remittance Period based on such updated data and assumptions; (C) determine the Storm Recovery Charges to be allocated to each SRC Customer Storm Recovery Rate Class for such Payment Date and during the next succeeding Payment Date two Remittance Period based on the related such Periodic Payment Billing Requirement and the terms of the Financing Order and Order, the Tariff and any other tariffs filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D) file a True-Up Request Letter make all required public notices and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Storm Recovery Charges, including any Amendatory Schedule; and (E) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Storm Recovery Law and the Financing Order; provided, that, in the case of any Semi-Annual True-Up Adjustment following the Scheduled Final Payment Date for the latest maturing tranche of the Storm Recovery Bonds, the Semi-Annual True-Up Adjustment will be calculated to ensure that the Storm Recovery Charges are sufficient to pay the Storm Recovery Bonds in full on the next Payment Date. The Servicer shall implement the revised Storm Recovery Charges, if any, resulting from such Semi-Annual True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyPrior to the Scheduled Final Payment Date of the last Tranche of a Series, during the term of the Rate Stabilization Bonds, no later than fifteen forty-five (1545) days prior to before the end rolling six month anniversary date of the fifth month preceding the month during which the next Payment Series Issuance Date occursfor each Series, the Servicer shall: (A) update the data and assumptions underlying the calculation of the Storm Recovery Qualified Rate Stabilization Charges, including projected electricity usage and write-offs during the current remaining period prior to such Payment Date next Calculation Period and prior to the next succeeding Payment Date for each SRC Customer Class and including interest and estimated expenses and fees of the Issuer to be paid during such period; (B) determine the Periodic Payment Requirement and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date 12 Collection Periods based on such updated data and assumptions; (C) determine calculate the Storm Recovery Charges to be allocated to each SRC Customer Class undercollections or overcollections for the previous Calculation Period, including without limitation any undercollections or overcollections caused by Third-Party Collector defaults, by subtracting the Estimated QRSC Collections for such Payment Date and the next succeeding Payment Date based on the related Periodic Payment Requirement and the terms of the Financing Order and the Tariff filed pursuant thereto and in doing so the Servicer shall use previous Calculation Period from the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesfor such previous Calculation Period; (D) file a Truetaking into account the then-Up Request Letter with current Collections Curve and Charge-Offs, calculate the APSC amount needed to implement correct such undercollections or overcollections during the True-Up Adjustmentsforthcoming 12 Collection Periods; (E) sum the amount in step (D) with the scheduled Periodic Billing Requirement for the upcoming 12 Collection Periods to determine an adjusted Periodic Billing Requirement; (F) divide the amount calculated in step (E) by the appropriate forecasted Periodic Billing Requirement to determine the adjusted Qualified Rate Stabilization Charge rate for the upcoming 12 Collection Periods; (G) make all required notice and other filings with the PSC to reflect the revised Qualified Rate Stabilization Charges; and (H) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual True-Up Adjustment; Adjustment on the Semi-Annual True-Up Adjustment Date and (F) take such reasonable action to enforce the provisions of the Securitization Act and the Financing Order. The Servicer shall implement the revised Storm Recovery Charges, if any, resulting from such True-Up Adjustment as applicable Requirements of the first billing day of the fourth month preceding the month when the next Payment Date occurs Law.

Semi-Annual True-Up Adjustments and Filings. Semi-annuallyEach year, no later than six (6) months and forty-five (45) days after the anniversary date of the issuance of the Securitization Bonds (it being understood that in the year following the issuance of the Bonds, such review and adjustment will occur no later than 6 months and 45 days after the Closing Date), until the earlier of (i) the Payment in Full of the Securitization Bonds or (ii) fifteen (15) years from the beginning of the first complete billing cycle after the Closing Date, and, beginning twelve (12) months prior to the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the end of dates that are nine months, six months and three months prior to, and the fifth month preceding the month during which the next date of, such Scheduled Final Payment Date occursfor such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Tranche, the Servicer shall: shall have (A) update updated the data and assumptions underlying the calculation of the Storm Recovery ChargesSecuritization Charges unless the Servicer believes that these assumptions are still valid, including projected electricity usage and write-offs consumption during the current remaining period prior to such Payment Date and prior to the next succeeding Payment Date Collection Period for each SRC Customer Securitization Rate Class and including Periodic Principal, interest and estimated expenses and fees of the Issuer to be paid during such period, the Weighted Average Days Outstanding (Commercial), the Weighted Average Days Outstanding (Residential) and net charge-offs; (B) determine determined the Periodic Payment Revenue Requirement and the Periodic Billing Requirement for such Payment Date and the next succeeding Payment Date Collection Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, forecast whether Securitization Charge Collections together with available fund balances in the Excess Funds Subaccount, will be sufficient, (i) to make on a timely basis all scheduled payments of interest, principal and other amounts payable in respect of Securitization Bonds during such Collection Period, (ii) to pay Ongoing Other Qualified Costs on a timely basis and (iii) to replenish the Capital Account to the Required Capital Level to the extent there was a draw from the Capital Account to pay principal, interest and Ongoing Other Qualified Costs. If the Servicer determines that Securitization Charge Collections will not be sufficient for such purposes, the Servicer shall, no later than the date described in the first sentence of this Section 4.01(b)(iii): (1) determine the Storm Recovery Securitization Charges to be allocated to each SRC Customer Securitization Rate Class for such Payment Date and during the next succeeding Payment Date Collection Period based on the related such Periodic Payment Billing Requirement and the terms of the Financing Order and the Tariff Securitization Rate Schedule relating to Securitization Charges, and other schedules filed pursuant thereto and in doing so the Servicer shall use the Periodic Billing Requirement Allocation Factors approved in the Financing Order to allocate the Storm Recovery Chargesthereto; (D2) file a True-Up Request Letter make all required notice and other filings with the APSC Commission to implement reflect the True-Up Adjustmentsrevised Securitization Charges, including any Amendatory Schedule; and (E3) take all necessary reasonable actions and make all reasonable efforts to effect and implement such Semi-Annual Interim True-Up Adjustment; Adjustment and (F) take such reasonable action to enforce the provisions of the Securitization Act Statute and the Financing Order. The Servicer shall implement the revised Storm Recovery Charges, if any, resulting from such True-Up Adjustment as of the first billing day of the fourth month preceding the month when the next Payment Date occurs .