Periodic Payment Requirement for any Calculation Period means the total dollar amount of Securitization Charge Collections reasonably calculated by the Servicer in accordance with Section 4.01 of the Servicing Agreement as necessary to be received during such Calculation Period (after giving effect to the allocation and distribution of amounts on deposit in the Excess Funds Subaccount at the time of calculation and that are projected to be available for payments on the Securitization Bonds at the end of such Calculation Period and including any shortfalls in Periodic Payment Requirements for any prior Calculation Period) in order to ensure that, as of the last Payment Date occurring in such Calculation Period, (a) all accrued and unpaid interest on the Securitization Bonds then due shall have been paid in full on a timely basis, (b) the Outstanding Amount of the Securitization Bonds is equal to the Projected Unpaid Balance on each Payment Date during such Calculation Period, (c) the balance on deposit in the Capital Subaccount equals the Required Capital Level and (d) all other fees and expenses due and owing and required or allowed to be paid under Section 8.02 of the Indenture as of such date shall have been paid in full; provided, that, with respect to any Annual True-Up Adjustment or Interim True-Up Adjustment occurring after the date that is one year prior to the last Scheduled Final Payment Date for the Securitization Bonds, the Periodic Payment Requirements shall be calculated to ensure that sufficient Securitization Charges will be collected to retire the Securitization Bonds in full as of the next Payment Date.
Periodic Payment Requirement means, for any Payment Period, the total dollar amount required to pay all scheduled (or legally due) payments of Periodic Principal and Periodic Interest on the Recovery Bonds and all Operating Expenses.
Periodic Payment Requirement for any Calculation Period means the total dollar amount of TC Collections reasonably calculated by the Servicer in accordance with Section 4.01 of the Servicing Agreement as necessary to be received during such period (after giving effect to the allocation and distribution of amounts on deposit in the Excess Funds Subaccount at the time of calculation and which are projected to be available for payments on the Transition Bonds at the end of such Calculation Period and including any shortfalls in Periodic Payment Requirements for any prior Calculation Period) in order to ensure that, as of the last Payment Date occurring in such Calculation Period, (1) all accrued and unpaid interest on the Transition Bonds then due shall have been paid in full on a timely basis, (2) the Outstanding Amount of the Transition Bonds is equal to the Projected Unrecovered Balance on each Payment Date during such Calculation Period, (3) the balance on deposit in the Capital Subaccount equals the aggregate Required Capital Level and (4) all other fees and expenses due and owing and required or allowed to be paid under Section 8.02 of the Indenture as of such date shall have been paid in full; provided that, with respect to any Annual True-Up Adjustment or Interim True-Up Adjustment occurring after the last Scheduled Final Payment Date for the Transition Bonds, the Periodic Payment Requirements shall be calculated to ensure that sufficient Transition Charges will be collected to retire the Transition Bonds in full as of the next Payment Date.
Examples of Periodic Payment Requirement in a sentence
The Scheduled Periodic Payment Requirement (as described in the Adjustment Mechanism approved pursuant to the next Ordering Paragraph) will be allocated among the customers of each Participating Member, other than Excluded Customers, as set forth in each Participating Member’s tariff approved in this financing order.
If the foregoing Periodic Payment Requirement will not be fully satisfied as of the next Payment Date, then, no later than 15 days prior to the end of such 30-day period, the Servicer shall take the steps set forth in clauses (A) through (E) of clause (i) above so that a True-Up Adjustment will take effect which is projected to cause the Periodic Payment Requirement to be satisfied no later than the next succeeding Payment Date.
This insufficiency is due to two factors: 1) delayed collections related to implementation of SCE’s new billing system and 2) lag between the June 1 effective date of the Fixed Recovery Charge and the collection of June usage on bills, which spills over to July bills and results in a smaller June collection than was used in forecasting the Periodic Payment Requirement.
For the avoidance of doubt, any indemnity payment required to be paid by the Issuer pursuant to this Section 11 shall not be included in the Periodic Payment Requirement (as defined in the Indenture) nor shall such amounts be included in a True-Up Adjustment (as defined in the Indenture).
The PCOU for the Calculation Period for each Participating Member is the difference between (i) actual collections by such Participating Member collected during the period since the Cut-Off Date used in the last True-Up Adjustment, and (ii) the Participating Member’s expected collections over the applicable time period derived from theNet Periodic Payment Requirement (the “Net PPR”) in the last True-Up Adjustment.
More Definitions of Periodic Payment Requirement
Periodic Payment Requirement for any Remittance Period means the total dollar amount of Nuclear Asset-Recovery Charge Collections reasonably calculated by the Servicer in accordance with Section 4.01 of the Servicing Agreement as necessary to be received during such Remittance Period (after giving effect to the allocation and distribution of amounts on deposit in the Excess Funds Subaccount at the time of calculation and that are projected to be available for payments on the Nuclear Asset-Recovery Bonds at the end of such Remittance Period and including any shortfalls in Periodic Payment Requirements for any prior Remittance Period) in order to ensure that, as of the last Payment Date occurring in such Remittance Period, (a) all accrued and unpaid principal of and interest on the Nuclear Asset-Recovery Bonds then due shall have been paid in full on a timely basis, (b) the Outstanding Amount of the Nuclear Asset-Recovery Bonds is equal to the Projected Unpaid Balance on each Payment Date during such Remittance Period, (c) the balance on deposit in the Capital Subaccount equals the Required Capital Level and (d) all other fees and expenses due and owing and required or allowed to be paid under Section 8.02 of the Indenture as of such date shall have been paid in full; provided, that, with respect to any Semi-Annual True-Up Adjustment or Interim True-Up Adjustment occurring after the date that is one year prior to the last Scheduled Final Payment Date for the Nuclear Asset-Recovery Bonds, the Periodic Payment Requirements shall be calculated to ensure that sufficient Nuclear Asset-Recovery Charges will be collected to retire the Nuclear Asset-Recovery Bonds in full as of the next Payment Date.
Periodic Payment Requirement or “PPR” for any Collection Period means the total dollar amount of SRC Collections reasonably calculated by the Servicer in accordance with Section 4.01 of the Servicing Agreement as necessary to be received during such period (after giving effect to the allocation and distribution of amounts on deposit in the Excess Funds Subaccount and to any unrecovered shortfalls in Periodic Payment Requirements) in order to ensure that, on each Payment Date occurring in such period, (1) all accrued and unpaid interest on the Storm Recovery Bonds then due shall have been paid in full, (2) the Outstanding Amount of the Storm Recovery Bonds is equal to the Projected Unrecovered Balance, (3) the balance on deposit in the Capital Subaccount equals the aggregate Required Capital Level and (4) all other Ongoing Financing Costs (including the return on capital invested in the Capital Subaccount) due and owing and required or allowed to be paid under Section 8.02 of the Indenture within such period shall have been paid in full; and with respect to any Quarterly True-Up Adjustment, Semi-Annual True-Up Adjustment or Interim True-Up Adjustment occurring after the last Scheduled Final Payment Date for any Storm Recovery Bonds, the Periodic Payment Requirements shall be calculated to ensure that sufficient SRCs will be collected to retire such Storm Recovery Bonds in full as of the earlier of (x) the Payment Date preceding the next Semi-Annual True-Up Adjustment Date and (y) the Final Maturity Date for such Storm Recovery Bonds.
Periodic Payment Requirement for any calculation period means the total dollar amount (after giving effect to the allocation and distribution of amounts on deposit in the Excess Funds Subaccount at the time of calculation and which will be available for payments on the Transition Bonds at the end of such calculation period and including any shortfalls in Periodic Payment Requirements for any prior calculation period) sufficient to ensure that, as of the last Payment Date occurring in such calculation period, (1) all accrued and unpaid interest on the Transition Bonds then due shall have been paid in full, (2) the Outstanding Amount of the Transition Bonds is equal to the Projected Transition Bond Balance, (3) the balance on deposit in the Capital Subaccount equals the aggregate Required Capital Level and (4) all other fees and expenses due and owing and required or allowed to be paid under Section 8.02 of the Indenture as of such date shall have been paid in full; provided that, with respect to any annual Transition Charge Adjustment or interim Transition Charge Adjustment occurring after the last Scheduled Final Payment Date for any Transition Bonds, the Periodic Payment Requirements shall be calculated to ensure that sufficient Transition Charges will be collected to retire such Transition Bonds in full as of the earlier of (x) the Payment Date preceding the next annual Transition Charge Adjustment Date and (y) the Final Maturity Date for such Transition Bonds.
Periodic Payment Requirement means the required periodic payment for a given period (i.e., semi-annually, or such other applicable period) due under (or otherwise payable with respect to) the Storm Recovery Bonds. As to be more fully specified in the bond financing documents, each periodic payment requirement includes: (a) the principal amortization of the Storm Recovery Bonds in accordance with the Expected Amortization Schedule (including deficiencies of previously scheduled principal for any reason); (b) periodic interest on the Storm Recovery Bonds (including any accrued and unpaid interest); (c) Operating Expenses (including any accrued and unpaid amounts); (d) any necessary replenishment of the Capital Subaccount, and (e) Issuer’s return on the capital investment made by Cleco Power in the Issuer (including any accrued and unpaid amounts so that Cleco Power can earn the return permitted under the Financing Order).
Periodic Payment Requirement means for any Calculation Period, the Periodic Payment Requirement applicable to the Series 2003-1 Bonds.
Periodic Payment Requirement means all scheduled (or legally due) payments of principal (including, if any, prior scheduled but unpaid principal payments), interest, replenishment of the capital subaccount (if any), and other Ongoing Financing Costs to be paid during such Payment Period.
Periodic Payment Requirement means, for any Payment Date, the total dollar amount of SRC Payments reasonably calculated by the Servicer in accordance with Section 4.01 of the Servicing Agreement as necessary to be billed, collected and remitted to the Indenture Trustee prior to such Payment Date in order to ensure that, as of such Payment Date, (1) all accrued and unpaid interest on the Storm Recovery Bonds then due shall have been paid in full, (2) the Outstanding Amount of the Storm Recovery Bonds is equal to the Projected Unrecovered Balance, (3) the balance on deposit in the Capital Subaccount equals the aggregate Required Capital Level and (4) all other fees and expenses due and owing and required or allowed to be paid under Section 8.02 of the Indenture as of such Payment Date shall have been paid in full.