True-Up Adjustments. From time to time, until the Retirement of the Recovery Bonds, the Servicer shall identify the need for True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following:
True-Up Adjustments. NYSERDA may (and, at the request of Seller, shall) review past invoices, including, but not limited to, the calculation of the Reference Energy Price and Reference Capacity Price, to determine if a true-up adjustment is necessary. If necessary, NYSERDA shall adjust, including by means of set-off, payments to subsequent invoices consistent with adjustments by NYGATS based on NYISO or other local control area billing settlement true-up procedures, based on actual metered production data measured at the Injection Point or Delivery Point, actual and verified data reflecting compliance with the electricity delivery requirements set forth in Article III, and/or based on the number of ORECs Transferred.
True-Up Adjustments. (a) The Servicer will make adjustments to the Charge at least annually, beginning November 15, 2016 and continuing until the last Scheduled Maturity Date of the Bonds (or any series of Bonds). The Annual True-up (defined below) will be performed on a mandatory basis; the Mid-year Review (defined below) will also be performed on a mandatory basis and the Mandatory Mid-year True-up (defined below) will only be required to be performed if the Servicer projects under collections to be experienced up to the end of the next succeeding Mid- year Calculation Period ( as defined below), provided that the Servicer may elect to perform a Voluntary Mid-year True-up (defined below) in any year as provided below. For each Annual True-up, Mandatory Mid-year True-up or Voluntary True-up adjustment (each a “True-Up Adjustment”), the Servicer will file with the Securitization Authority a notice of adjustment to the Charge approximately 30 days prior to the effective date of such adjustment.
(b) Annually, the Servicer will file a notice of adjustment (the “Annual True-up”) (i) to correct for any over-collections or under-collections to date and anticipated to be experienced to the end of the then current Annual Calculation Period, as defined below (the next succeeding December 15), and (ii) to ensure that the Charge during the period commencing on each November 15 and ending on the following November 14 is adequate to pay timely principal and interest on the Bonds when due pursuant to the Expected Amortization Schedule and to make timely payment on all other Ongoing Financing Costs due during the period beginning on the next December 16 and ending on the following December 15 (each such period, an “Annual Calculation Period”). Before April 15, 2017 and each April 15 thereafter, the Servicer will perform a mid-year review (each a “Mid-year Review”) to ensure that the expected collections of the Charge are adequate to pay timely principal and interest on the Bonds when due and to make timely payment on all other Ongoing Financing Costs to the end of the then current Annual Calculation Period. If the Mid-year Review results in a projection that the Charge Collections will be insufficient to make such payments, the Servicer must file a notice of adjustment (the “Mandatory Mid-Year True-Up Adjustment”) to ensure that Charge during the period beginning on May 15 and ending on the following May 14 is adequate to pay timely principal and interest on the Bonds when due pursuant to th...
True-Up Adjustments. From time to time, until the Collection in Full of the Securitization Charges, the Servicer shall identify the need for Annual True-Up Adjustments, Semi-Annual Interim True-Up Adjustments and Additional Interim True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following:
True-Up Adjustments. NYSERDA may adjust payments to subsequent invoices consistent with NYISO or other control-area billing settlement true-up procedures, based on actual metered production data reflecting deliveries to the Delivery Point.
True-Up Adjustments. From time to time, until the Collection in Full of the Charges for the Storm Recovery Bonds, the Servicer shall identify the need for Semi-Annual True-Up Adjustments, and Optional Interim True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following:
True-Up Adjustments. From time to time, until the Retirement of the Bonds, the Servicer shall identify the need for True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following:
(a) Expected Amortization Schedule. The Expected Amortization Schedule is attached hereto as Schedule 4.01(a).
True-Up Adjustments. From time to time, until the Collection in Full of the Charges for the Series A Bonds, the Servicer shall identify the need for Semi-Annual True-Up Adjustments, Optional Interim True-Up Adjustments and Non-standard True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following:
True-Up Adjustments. NYSERDA may (and, at the request of Seller, shall) review past invoices, including, but not limited to, the calculation of the Monthly REC Price to determine if a true-up adjustment is necessary. If necessary, NYSERDA shall adjust, including by means of set-off, payments to subsequent invoices consistent with adjustments by NYGATS based on NYISO or other local control area billing settlement true-up procedures, based on actual metered production data measured at the Delivery Point, actual and verified data reflecting compliance with the electricity delivery requirements set forth in Article III, and/or based on the number of Tier-1 RECs Transferred.
True-Up Adjustments. From time to time, until the Retirement of the Securitized Utility Tariff Bonds, the Servicer shall identify the need for True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following:
