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

Semi-Annual True-Up Adjustments and Filings. Each 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 dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for 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 have (A) updated the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still valid, including projected electricity consumption during the next Collection Period for each 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) determined the Periodic Revenue Requirement and Periodic Billing Requirement for the next 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 Securitization Charges to be allocated to each Securitization Rate Class during the next Collection Period based on such Periodic Billing Requirement and the terms of the Financing Order and the Securitization Rate Schedule relating to Securitization Charges, and other schedules filed pursuant thereto; (2) make all required notice and other filings with the Commission to reflect the revised Securitization Charges, including any Amendatory Schedule; and (3) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the Statute and the Financing Order.

Semi-Annual True-Up Adjustments and Filings. (A) Each 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 proportional amount of Securitization Bonds relating to the Tree Trim Costs or (ii) fifteen six (156) 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 the first maturing Tranche, no later than forty-five (45) days prior to the dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such first maturing Tranche, the Servicer shall have (A) updated the data and assumptions underlying the calculation of the Distribution Securitization Charges unless the Servicer believes that these assumptions are still validCharges, including projected electricity consumption during the next Collection Period for each Distribution Securitization Rate Class 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) determined the Periodic Revenue Requirement related to the Tree Trim Amounts and Periodic Billing Requirement related to the Tree Trim Amounts for the next Collection Period based on such updated data and assumptions; and (C) based upon such updated data and requirements, forecast 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 CostsCosts 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)(iii4.01(b)(iii)(A): (1) determine the Distribution Securitization Charges to be allocated to each Distribution Securitization Rate Class during the next Collection Period based on such Periodic Billing Requirement related to the Tree Trim Amounts and the terms of the Financing Order and the Securitization Rate Schedule relating to Distribution Securitization Charges, and other schedules filed pursuant thereto; (2) make all required notice and other filings with the Commission to reflect the revised Distribution Securitization Charges, including any Amendatory Schedule; and (3) take all reasonable actions and make all reasonable efforts to effect such Distribution Securitization Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the Statute and the Financing Order.

Semi-Annual True-Up Adjustments and Filings. Each 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 At the beginning of the 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, andand for Duke Energy Florida’s billing cycle every six months thereafter, beginning twelve (12) and at least every three months prior to after the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Tranchelatest maturing WAL, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validSeries Charges, including projected electricity consumption during the next Collection Remittance Period for each Securitization 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 (Commercial), the Weighted Average Days Outstanding (Residential) and net chargewrite-offs; (B) determined determine the Periodic Revenue Requirement Payment Requirements and Periodic Billing Requirement for the next Collection Remittance 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 Securitization Series Charges to be allocated to each Securitization Nuclear Asset-Recovery Rate Class during the next Collection Remittance Period based on such Periodic Billing Requirement and the terms of the Financing Order Order, the Tariff and the Securitization Rate Schedule relating to Securitization Charges, and any other schedules tariffs filed pursuant thereto; (2D) make all required notice public notices and other filings with the Commission to reflect the revised Securitization Series Charges, including any Amendatory Schedule; and (3E) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the Statute 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 Series Charges, if any, resulting from such Semi-Annual True-Up Adjustment as of the Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Each 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 At the beginning of the first complete Duke Energy Carolinas’s billing cycle after the Closing Datefor January and July, and, and at least every three months beginning twelve (12) months prior to the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Tranchelatest maturing tranche, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validStorm Recovery Charges, including projected electricity consumption during the next Collection two Remittance Period for each Securitization 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 (Commercial), the Weighted Average Days Outstanding (Residential) and net chargewrite-offs; (B) determined determine the Periodic Revenue Requirement Payment Requirements and Periodic Billing Requirement for the next Collection two Remittance 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 Securitization Storm Recovery Charges to be allocated to each Securitization Storm Recovery Rate Class during the next Collection two Remittance Period based on such Periodic Billing Requirement and the terms of the Financing Order Order, the Tariff and the Securitization Rate Schedule relating to Securitization Charges, and any other schedules tariffs filed pursuant thereto; (2D) make all required notice public notices and other filings with the Commission to reflect the revised Securitization Storm Recovery Charges, including any Amendatory Schedule; and (3E) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the Statute 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 Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Each 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 At the beginning of the first complete Duke Energy Progress’s billing cycle after the Closing Datefor January and July, and, and at least every three months beginning twelve (12) months prior to the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Tranchelatest maturing tranche, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validStorm Recovery Charges, including projected electricity consumption during the next Collection two Remittance Period for each Securitization 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 (Commercial), the Weighted Average Days Outstanding (Residential) and net chargewrite-offs; (B) determined determine the Periodic Revenue Requirement Payment Requirements and Periodic Billing Requirement for the next Collection two Remittance 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 Securitization Storm Recovery Charges to be allocated to each Securitization Storm Recovery Rate Class during the next Collection two Remittance Period based on such Periodic Billing Requirement and the terms of the Financing Order Order, the Tariff and the Securitization Rate Schedule relating to Securitization Charges, and any other schedules tariffs filed pursuant thereto; (2D) make all required notice public notices and other filings with the Commission to reflect the revised Securitization Storm Recovery Charges, including any Amendatory Schedule; and (3E) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the Statute 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 Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Each 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 At the beginning of the first complete VEPCO’s billing cycle after the Closing Datefor [___] and [___], andand on [___], [___], [___] 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 dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such latest maturing Tranche, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validDeferred Fuel Cost Charge, including projected electricity consumption usage during the next Collection Period for each Securitization Rate 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 Weighted Average Days Outstanding (Commercial), the Weighted Average Days Outstanding (Residential) Collection Lag and net chargewrite-offs; (B) determined determine the Periodic Revenue Requirement Payment Requirements and Periodic Billing Requirement Requirements for the next Collection Period two Remittance Periods 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 Securitization Charges to be allocated to each Securitization Rate Class Deferred Fuel Cost Charge during the next Collection Period two Remittance Periods based on such Periodic Billing Requirement Requirements and the terms of the Financing Order Order, the Tariff and the Securitization Rate Schedule relating to Securitization Charges, and any other schedules tariffs filed pursuant thereto; (2D) make all required notice public notices and other filings with the Commission to reflect the revised Securitization ChargesDeferred Fuel Cost Charge, including any Amendatory Schedule; and (3E) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the 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 Deferred Fuel Cost Charge, if any, resulting from such Semi-Annual True-Up Adjustment as of the Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Each 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 Prior to the beginning of the first complete VEPCO’s billing cycle after the Closing Datefor February and August, and, and at least every three months beginning twelve (12) months prior to the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such latest maturing Tranche, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validDeferred Fuel Cost Charge, including projected electricity consumption usage during the next Collection Period for each Securitization Rate 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 Weighted Average Days Outstanding (Commercial), average number of days between when electricity is consumed and when payments are received by VEPCO from customers through the Weighted Average Days Outstanding (Residential) normal billing process and net chargewrite-offs; (B) determined determine the Periodic Revenue Requirement Payment Requirements and Periodic Billing Requirement Requirements for the next Collection Period two Remittance Periods 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 Securitization Charges to be allocated to each Securitization Rate Class Deferred Fuel Cost Charge during the next Collection Period two Remittance Periods based on such Periodic Billing Requirement Requirements and the terms of the Financing Order Order, the Tariff and the Securitization Rate Schedule relating to Securitization Charges, and any other schedules tariffs filed pursuant thereto; (2D) make all required notice public notices and other filings with the Commission to reflect the revised Securitization ChargesDeferred Fuel Cost Charge, including any Amendatory Schedule; and (3E) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the 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 Deferred Fuel Cost Charge, if any, resulting from such Semi-Annual True-Up Adjustment as of the Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Each 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 Prior to the Scheduled Final Payment Date for each Trancheof the last Tranche of a Series, during the term of the Rate Stabilization Bonds, no later than forty-five thirty (4530) days prior to before the dates that are nine months, rolling six months and three months prior to, and month anniversary date of the date of, such Scheduled Final Payment Series Issuance Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Trancheeach Series, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validQualified Rate Stabilization Charges, including projected electricity consumption usage during the next Collection Calculation Period for each 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) determined determine the Periodic Revenue Payment Requirement and Periodic Billing Requirement for the next 12 Collection Period Periods 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 calculate 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 undercollections or overcollections for the previous Calculation Period, (ii) to pay Ongoing Other Qualified Costs on a timely basis and (iii) to replenish including without limitation any undercollections or overcollections caused by Third-Party Collector defaults, by subtracting the Capital Account to the Required Capital Level to the extent there was a draw Estimated QRSC Collections for such previous Calculation Period 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 Securitization Charges to be allocated to each Securitization Rate Class during the next Collection Period based on such Periodic Billing Requirement and the terms of the Financing Order and the Securitization Rate Schedule relating to Securitization Charges, and other schedules filed pursuant theretofor such previous Calculation Period; (2D) taking into account the then-current Collections Curve and Charge-Offs, calculate the amount needed to correct such undercollections or overcollections during the forthcoming 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 Commission PSC to reflect the revised Securitization Qualified Rate Stabilization Charges, including any Amendatory Schedule; and (3H) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment on the Semi-Annual True-Up Adjustment Date and to enforce the provisions of the Statute and the Financing Orderapplicable Requirements of Law.

Semi-Annual True-Up Adjustments and Filings. Each 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 Prior to the beginning of the first complete VEPCO’s billing cycle after the Closing Datefor February and August, and, and at least every three months beginning twelve (12) months prior to the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such latest maturing Tranche, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validDeferred Fuel Cost Charge, including projected electricity consumption usage during the next Collection Period for each Securitization Rate 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 Weighted Average Days Outstanding (Commercial), the Weighted Average Days Outstanding (Residential) Collection Lag and net chargewrite-offs; (B) determined determine the Periodic Revenue Requirement Payment Requirements and Periodic Billing Requirement Requirements for the next Collection Period two Remittance Periods 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 Securitization Charges to be allocated to each Securitization Rate Class Deferred Fuel Cost Charge during the next Collection Period two Remittance Periods based on such Periodic Billing Requirement Requirements and the terms of the Financing Order Order, the Tariff and the Securitization Rate Schedule relating to Securitization Charges, and any other schedules tariffs filed pursuant thereto; (2D) make all required notice public notices and other filings with the Commission to reflect the revised Securitization ChargesDeferred Fuel Cost Charge, including any Amendatory Schedule; and (3E) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the 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 Deferred Fuel Cost Charge, if any, resulting from such Semi-Annual True-Up Adjustment as of the Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Each year, no later than six (6) months and forty-five (45) days from 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 dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for 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 have (A) updated the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still valid, including projected electricity consumption during the next Collection Period for each 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) determined the Periodic Revenue Requirement and Periodic Billing Requirement for the next 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 Securitization Charges to be allocated to each Securitization Rate Class during the next Collection Period based on such Periodic Billing Requirement and the terms of the Financing Order and the Securitization Rate Schedule relating to Securitization Charges, and other schedules filed pursuant thereto; (2) make all required notice and other filings with the Commission to reflect the revised Securitization Charges, including any Amendatory Schedule; and (3) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the Statute and the Financing Order.

Semi-Annual True-Up Adjustments and Filings. Each 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 At the beginning of the first complete Duke Energy Carolinas’s billing cycle after the Closing Datefor [March] and [September], and, and at least every three months beginning twelve (12) months prior to the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Tranchelatest maturing tranche, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validStorm Recovery Charges, including projected electricity consumption during the next Collection two Remittance Period for each Securitization 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 (Commercial), the Weighted Average Days Outstanding (Residential) and net chargewrite-offs; (B) determined determine the Periodic Revenue Requirement Payment Requirements and Periodic Billing Requirement for the next Collection two Remittance 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 Securitization Storm Recovery Charges to be allocated to each Securitization Storm Recovery Rate Class during the next Collection two Remittance Period based on such Periodic Billing Requirement and the terms of the Financing Order Order, the Tariff and the Securitization Rate Schedule relating to Securitization Charges, and any other schedules tariffs filed pursuant thereto; (2D) make all required notice public notices and other filings with the Commission to reflect the revised Securitization Storm Recovery Charges, including any Amendatory Schedule; and (3E) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the Statute 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 Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Each 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 At the beginning of the first complete Duke Energy Progress’s billing cycle after the Closing Datefor [March] and [September], and, and at least every three months beginning twelve (12) months prior to the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Tranchelatest maturing tranche, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validStorm Recovery Charges, including projected electricity consumption during the next Collection two Remittance Period for each Securitization 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 (Commercial), the Weighted Average Days Outstanding (Residential) and net chargewrite-offs; (B) determined determine the Periodic Revenue Requirement Payment Requirements and Periodic Billing Requirement for the next Collection two Remittance 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 Securitization Storm Recovery Charges to be allocated to each Securitization Storm Recovery Rate Class during the next Collection two Remittance Period based on such Periodic Billing Requirement and the terms of the Financing Order Order, the Tariff and the Securitization Rate Schedule relating to Securitization Charges, and any other schedules tariffs filed pursuant thereto; (2D) make all required notice public notices and other filings with the Commission to reflect the revised Securitization Storm Recovery Charges, including any Amendatory Schedule; and (3E) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the Statute 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 Semi-Annual True-Up Adjustment Date.

Semi-Annual True-Up Adjustments and Filings. Each 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 Prior to the Scheduled Final Payment Date for each Trancheof the last Tranche of a Series, during the term of the Rate Stabilization Bonds, no later than forty-five (45) days prior to before the dates that are nine months, rolling six months and three months prior to, and month anniversary date of the date of, such Scheduled Final Payment Series Issuance Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Trancheeach Series, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validQualified Rate Stabilization Charges, including projected electricity consumption usage during the next Collection Calculation Period for each 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) determined determine the Periodic Revenue Payment Requirement and Periodic Billing Requirement for the next 12 Collection Period Periods 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 calculate 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 undercollections or overcollections for the previous Calculation Period, (ii) to pay Ongoing Other Qualified Costs on a timely basis and (iii) to replenish including without limitation any undercollections or overcollections caused by Third-Party Collector defaults, by subtracting the Capital Account to the Required Capital Level to the extent there was a draw Estimated QRSC Collections for such previous Calculation Period 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 Securitization Charges to be allocated to each Securitization Rate Class during the next Collection Period based on such Periodic Billing Requirement and the terms of the Financing Order and the Securitization Rate Schedule relating to Securitization Charges, and other schedules filed pursuant theretofor such previous Calculation Period; (2D) taking into account the then-current Collections Curve and Charge-Offs, calculate the amount needed to correct such undercollections or overcollections during the forthcoming 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 Commission PSC to reflect the revised Securitization Qualified Rate Stabilization Charges, including any Amendatory Schedule; and (3H) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment on the Semi-Annual True-Up Adjustment Date and to enforce the provisions of the Statute and the Financing Orderapplicable Requirements of Law.

Semi-Annual True-Up Adjustments and Filings. Each 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 At the beginning of the 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, andand for Duke Energy Florida’s billing cycle every six months thereafter, beginning twelve (12) and at least every three months prior to after the Scheduled Final Payment Date for each Tranche, no later than forty-five (45) days prior to the dates that are nine months, six months and three months prior to, and the date of, such Scheduled Final Payment Date for such Tranche and quarterly thereafter until the earlier of (i) the full repayment of such tranche or (ii) the Final Maturity Date for such Tranchelatest maturing WAL, the Servicer shall have shall: (A) updated update the data and assumptions underlying the calculation of the Securitization Charges unless the Servicer believes that these assumptions are still validSeries Charges, including projected electricity consumption during the next Collection Remittance Period for each Securitization 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 (Commercial), the Weighted Average Days Outstanding (Residential) and net chargewrite-offs; (B) determined determine the Periodic Revenue Requirement Payment Requirements and Periodic Billing Requirement for the next Collection Remittance 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 Securitization Series Charges to be allocated to each Securitization Nuclear Asset-Recovery Rate Class during the next Collection Remittance Period based on such Periodic Billing Requirement and the terms of the Financing Order Order, the Tariff and the Securitization Rate Schedule relating to Securitization Charges, and any other schedules tariffs filed pursuant thereto; (2D) make all required notice public notices and other filings with the Commission to reflect the revised Securitization Series Charges, including any Amendatory Schedule; and (3E) take all reasonable actions and make all reasonable efforts to effect such Semi-Annual Interim True-Up Adjustment and to enforce the provisions of the Statute 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 Series Charges, if any, resulting from such Semi-Annual True-Up Adjustment as of the Semi-Annual True-Up Adjustment Date.