Common use of Calculation of Daily Remittance Clause in Contracts

Calculation of Daily Remittance. i. For purposes of calculating the Daily Remittance, (i) all Billed SRCs shall be estimated to be collected the same number of days after billing as is equal to the Days Sales Outstanding then in effect (or on the next Business Day) and (ii) the Servicer will, on each Business Day, remit to the Trustee for deposit in the applicable Collection Account an amount equal to the product of the applicable Billed SRCs multiplied by one hundred percent less the system wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) used by the Servicer to calculate the most recent Periodic Billing Requirement. Such product shall constitute the amount of estimated SRC Collections for such Business Day. As part of each Storm Recovery Charge Adjustment, pursuant to Section 4.01 of the Agreement the Servicer shall calculate the amount of actual SRC Collections for all completed Collection Periods during the Reconciliation Period as compared to the estimated SRC Collections forwarded to the applicable Collection Account in respect of such Reconciliation Period. If the actual SRC Collections exceed the estimated SRC Collections remitted to the Trustee for the period, the Servicer shall forward the excess to the Trustee for deposit into the Collection Account on the next Payment Date. If the estimated SRC Collection remitted to the Trustee for the period are greater than the actual SRC Collections for the period, the Excess Remittance shall be refunded to the Servicer at the next Payment Date provided however, that no Excess Remittance shall be withdrawn from the applicable Collection Account if such withdrawal would cause the amounts on deposit in the applicable General Subaccount or the applicable Excess Funds Subaccount to be insufficient for the payment of the next installment of interest or principal due at maturity on the next Payment Date or upon acceleration on or before the next Payment Date on the Storm Recovery Bonds and provided further that any amount not refunded to the Servicer as a result of the preceding proviso, shall be added to the Periodic Payment Requirement for the ensuing period and paid to the Servicer on the first Payment Date at which such refund can be made without violating the preceding proviso. ii. On or before the beginning of the first billing cycle in August and February of each year (or, in the case of any subsequent series, the corresponding date relating to the Storm Recovery Charge Adjustment for such series) in accordance with Section 4.01(b) of the Agreement, the Servicer shall, in a timely manner so as to perform all required calculations under such Section 4.01(b), update the Days Sales Outstanding and the system-wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) in order to be able to calculate the Periodic Billing Requirement for the next Storm Recovery Charge Adjustment and to calculate any change in the Daily Remittances for the next Calculation Period. iii. The Servicer and the Issuer acknowledge that, as contemplated in Section 8.01(b) of the Agreement, the Servicer may make certain changes to its current computerized customer information system, which changes, when functional, would affect the Servicer’s method of calculating the SRC Collections estimated to have been received by the Servicer during each Collection Period as set forth in this Annex I. Should these changes to the computerized customer information system become functional during the term of the Agreement, the Servicer and the Issuer agree that they shall review the procedures used to calculate the SRC Collections estimated to have been received in light of the capabilities of such new system and shall amend this Annex I in writing to make such modifications and/or substitutions to such procedures as may be appropriate in the interests of efficiency, accuracy, cost and/or system capabilities; provided, however, that the Servicer may not make any modification or substitution that will materially adversely affect the Holders. As soon as practicable, and in no event later than sixty (60) Business Days after the date on which all Customer accounts are being billed under such new system, the Servicer shall notify the Issuer, the Trustee and the Rating Agencies of the same. iv. All calculations of collections, each update of the Days Sales Outstanding, the system-wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) and any changes in procedures used to calculate the estimated SRC Collections pursuant to this Section 6(e) shall be made in good faith, and in the case of any update pursuant to clause (ii) above or any change in procedures pursuant to clause (iii) above, in a manner reasonably intended to provide estimates and calculations that are at least as accurate as those that would be provided on the closing date utilizing the initial procedures.

Calculation of Daily Remittance. i. (i) For purposes of calculating the Daily RemittanceRemittances for all FRC Collections on bills using the Distribution Factor FRC, (i) all Billed SRCs shall be estimated to be collected the same number of days after billing as is equal to Servicer shall, on each Servicer Business Day, estimate such FRC Collections based on the daily billed amounts, the Weighted Average Days Sales Outstanding then in effect (or on the next Business Day) and (ii) the Servicer will, on each Business Day, remit to the Trustee for deposit in the applicable Collection Account an amount equal to the product of the applicable Billed SRCs multiplied by one hundred percent less the system wide write-off percentage (or if available in the ordinary course of businessoffs, gross write-off percentage for each revenue class) used by the Servicer to calculate the most recent Periodic Billing Requirement. Such product which resulting estimate shall constitute the amount of estimated SRC Estimated FRC Collections for such Servicer Business Day. As part of each Storm Recovery Charge Adjustment, pursuant Pursuant to Section 4.01 6.11(c) of the Agreement Agreement, not less than semi-annually (except in the case of the First Payment Period, which may be longer than six months), but in no event more than sixty (60) days after each Payment Date, the Servicer shall calculate the amount of actual SRC Actual FRC Collections for all completed Collection Periods during the immediately preceding Reconciliation Period as compared to the estimated SRC Estimated FRC Collections forwarded to the applicable Collection Account in respect of such Reconciliation Period for all FRC Collections on bills using the Distribution Factor FRC. For purposes of such calculation, the Servicer may calculate Actual FRC Collections based on the Weighted Average Days Sales Outstanding and write-offs for the relevant Reconciliation Period. If the actual SRC Collections exceed the estimated SRC Collections remitted Such calculation will be provided to the Indenture Trustee in a Reconciliation Certificate in substantially the form appended to the Agreement as Exhibit H. (ii) During the Remittance Transition Period, for purposes of Daily Remittances for all FRC Collections on bills using the periodSingle Line Item FRC, the Servicer’s billing system shall record and consolidate on each Servicer Business Day the Actual FRC Collections. In testing and validating the new remittance process, the Servicer shall forward the excess manually remit certain amounts to the Trustee for deposit into Indenture Trustee’s global Automated Clearing House account (“the Collection Account on the next Payment Date. If the estimated SRC Collection remitted to the Trustee for the period are greater than the actual SRC Collections for the period, the Excess Remittance shall be refunded to the Servicer at the next Payment Date provided however, that no Excess Remittance shall be withdrawn from the applicable Collection Account if such withdrawal would cause the amounts on deposit in the applicable General Subaccount or the applicable Excess Funds Subaccount to be insufficient for the payment of the next installment of interest or principal due at maturity on the next Payment Date or upon acceleration on or before the next Payment Date on the Storm Recovery Bonds ACH account”) and provided further that any amount not refunded to the Servicer as a result of the preceding proviso, shall be added to the Periodic Payment Requirement for the ensuing period and paid to the Servicer on the first Payment Date at which such refund can be made without violating the preceding proviso. ii. On or before the beginning of the first billing cycle in August and February of each year (or, in the case of any subsequent series, the corresponding date relating to the Storm Recovery Charge Adjustment for such series) provide signed instructions in accordance with Section 4.01(b8.02(d) of the Agreement, the Servicer shall, in a timely manner so as Indenture and Section 6.11 of this Agreement to perform all required calculations under such Section 4.01(b), update the Days Sales Outstanding and the system-wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) in order to be able to calculate the Periodic Billing Requirement for the next Storm Recovery Charge Adjustment and to calculate any change in the Daily Remittances for the next Calculation Period. iii. The Servicer and the Issuer acknowledge that, as contemplated in Section 8.01(b) of the Agreement, the Servicer may make certain changes to its current computerized customer information system, which changes, when functional, would affect the Servicer’s method of calculating the SRC Collections estimated to have been received by the Servicer during each Collection Period as set forth in this Annex I. Should these changes sweep those amounts to the computerized customer information system become functional during Collection Account. Daily Remittance amounts are confirmed using the term of the Agreement, the Servicer and the Issuer agree that they shall review the procedures used to calculate the SRC Collections estimated to have been received in light of the capabilities of such new system and shall amend this Annex I in writing to make such modifications and/or substitutions to such procedures as may be appropriate in the interests of efficiency, accuracy, cost and/or system capabilities; provided, however, that the Servicer may not make any modification or substitution that will materially adversely affect the Holders. As soon as practicable, and in no event later than sixty (60) Business Days after the date on which all Customer accounts are being billed under such new system, the Servicer shall notify the Issuer, the Trustee and the Rating Agencies of the sameCollection Account bank statements. iv. All calculations of collections, each update of the Days Sales Outstanding, the system-wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) and any changes in procedures used to calculate the estimated SRC Collections pursuant to this Section 6(e) shall be made in good faith, and in the case of any update pursuant to clause (ii) above or any change in procedures pursuant to clause (iii) above, in a manner reasonably intended to provide estimates and calculations that are at least as accurate as those that would be provided on the closing date utilizing the initial procedures.

Calculation of Daily Remittance. i. (i) For purposes of calculating the Daily RemittanceRemittances for all FRC Collections on bills using the Distribution Factor FRC, (i) all Billed SRCs shall be estimated to be collected the same number of days after billing as is equal to Servicer shall, on each Servicer Business Day, estimate such FRC Collections based on the daily billed amounts, the Weighted Average Days Sales Outstanding then in effect (or on the next Business Day) and (ii) the Servicer will, on each Business Day, remit to the Trustee for deposit in the applicable Collection Account an amount equal to the product of the applicable Billed SRCs multiplied by one hundred percent less the system wide write-off percentage (or if available in the ordinary course of businessoffs, gross write-off percentage for each revenue class) used by the Servicer to calculate the most recent Periodic Billing Requirement. Such product which resulting estimate shall constitute the amount of estimated SRC Estimated FRC Collections for such Servicer Business Day. As part of each Storm Recovery Charge Adjustment, pursuant Pursuant to Section 4.01 6.11(c) of the Agreement Agreement, not less than semi-annually (except in the case of the First Payment Period, which may be longer than six months), but in no event more than sixty (60) days after each Payment Date, the Servicer shall calculate the amount of actual SRC Actual FRC Collections for all completed Collection Periods during the immediately preceding Reconciliation Period as compared to the estimated SRC Estimated FRC Collections forwarded to the applicable Collection Account in respect of such Reconciliation Period for all FRC Collections on bills using the Distribution Factor FRC. For purposes of such calculation, the Servicer may calculate Actual FRC Collections based on the Weighted Average Days Sales Outstanding and write-offs for the relevant Reconciliation Period. If the actual SRC Collections exceed the estimated SRC Collections remitted Such calculation will be provided to the Indenture Trustee in a Reconciliation Certificate in substantially the form appended to the Agreement as Exhibit G. (ii) During the Remittance Transition Period, for purposes of Daily Remittances for all FRC Collections on bills using the periodSingle Line Item FRC, the Servicer’s billing system shall record and consolidate on each Servicer Business Day the Actual FRC Collections. In testing and validating the new remittance process, the Servicer shall forward the excess manually remit certain amounts to the Trustee for deposit into Indenture Trustee’s global Automated Clearing House account (“the Collection Account on the next Payment Date. If the estimated SRC Collection remitted to the Trustee for the period are greater than the actual SRC Collections for the period, the Excess Remittance shall be refunded to the Servicer at the next Payment Date provided however, that no Excess Remittance shall be withdrawn from the applicable Collection Account if such withdrawal would cause the amounts on deposit in the applicable General Subaccount or the applicable Excess Funds Subaccount to be insufficient for the payment of the next installment of interest or principal due at maturity on the next Payment Date or upon acceleration on or before the next Payment Date on the Storm Recovery Bonds ACH account”) and provided further that any amount not refunded to the Servicer as a result of the preceding proviso, shall be added to the Periodic Payment Requirement for the ensuing period and paid to the Servicer on the first Payment Date at which such refund can be made without violating the preceding proviso. ii. On or before the beginning of the first billing cycle in August and February of each year (or, in the case of any subsequent series, the corresponding date relating to the Storm Recovery Charge Adjustment for such series) provide signed instructions in accordance with Section 4.01(b8.02(d) of the Indenture and Section 6.11 of this Agreement to sweep those amounts to the Collection Account. Daily Remittance amounts are confirmed using the Collection Account bank statements. (i) (iii) After the Remittance Transition Period, for purposes of Daily Remittances for all FRC Collections on bills using the Single Line Item FRC, the Servicer’s billing system shallwill record, consolidate and automatically remit on each Servicer Business Day the Actual FRC Collections to the ACH account or, if possible due to changes to the Indenture Trustee’s systems, directly to the Collection Account. On the following day, the Servicer’s billing system shall automatically create and email a report to the Indenture Trustee confirming the prior day’s Daily Remittance to enable the Trustee to verify the amount deposited in the Collection Account. In accordance with Section 8.02(d) of the Indenture and Section 6.11 of this Agreement, a Responsible Officer of the Issuer shall order the Indenture Trustee to transfer the Daily Remittance from the ACH account to the Collection Account created and maintained under Section 8.02(a) of the Indenture. Daily Remittance amounts are confirmed using the Collection Account bank statements. (ii) (iv) After the Remittance Transition Period, for calculating any remaining Distribution Factor FRC, the Servicer shallshall estimate the FRC Collections based on the daily billed amounts, in a timely manner so as to perform all required calculations under such Section 4.01(b), update the Weighted Average Days Sales Outstanding and the system-wide write-off percentage (offs and remit the total Estimated FRC Collections on the earlier of 1.) the last day of the Collection Period or if available in 2.) no later than 10 days after the ordinary course total of businesssuch Distribution Factor FRC collections exceeds one percent of the Periodic Payment Requirement. No later than 60 days after the end of each Payment Period, gross the Servicer shall calculate the actual FRC collections as compared to the Estimated FRC Collections by using updated write-off percentage for each revenue class) in order to offs. Excess remittances will be able to calculate withheld from future remittances and under remittances shall be remitted no later than 10 days after the Periodic Billing Requirement for the next Storm Recovery Charge Adjustment and to calculate any change in the Daily Remittances for the next Calculation Periodreconciliation calculation. (iii. ) (v) The Servicer and the Issuer acknowledge that, as contemplated in Section 8.01(b8.01(db) of the Agreement, the Servicer may make certain changes to its current computerized customer information system, which changes, when functional, would affect the Servicer’s method of calculating the SRC Collections Fixed Recovery Charge Payments estimated to have been received by the Servicer during each Collection Reconciliation Period as set forth in this Annex I. Should these changes to the computerized customer information system become functional during the term of the Agreement, the Servicer and the Issuer agree that they shall review the procedures used to calculate the SRC Estimated FRC Collections estimated to have been received in light of the capabilities of such new system and shall amend this Annex I in writing to make such modifications and/or substitutions to such procedures as may be appropriate in the interests of efficiency, accuracy, cost and/or system capabilities, including, at the request of the Issuer or the Indenture Trustee, reconciling actual Fixed Recovery Charges received by the Servicer and the Fixed Recovery Charges remitted by the Servicer as contemplated by Section 6.11(c); provided, however, that the Servicer may not make any modification or substitution that will materially adversely affect the HoldersHolders as evidenced by an Officer’s Certificate of the Issuer. As soon as practicable, and in no event later than sixty (60) Business Days after the Remittance Transition Period,date on which all Customer Consumer accounts are being billed under such new system, the Servicer shall notify the Issuer, the Indenture Trustee and the Rating Agencies of the same. (iv. ) (vi) All calculations of collections, each update of the Weighted Average Days Sales Outstanding, the Outstanding or system-wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) offs and any changes in procedures used to calculate the estimated SRC Estimated FRC Collections for the Distribution Factor FRC pursuant to this Section section 6(e) shall be made in good faith, and in the case of any update pursuant to clause (ii) above or any change in procedures pursuant to clause (iiiv) above, in a manner reasonably intended to provide estimates and calculations that are at least as accurate as those that would be provided on the closing date Billing Commencement Date utilizing the initial procedures.

Calculation of Daily Remittance. i. For purposes of calculating the Daily Remittance, (i) all Billed SRCs shall be estimated to be collected the same number of days after billing as is equal to the Days Sales Outstanding then in effect (or on the next Business Day) and (ii) the Servicer will, on each Business Day, remit to the Trustee for deposit in the applicable Collection Account an amount equal to the product of the applicable Billed SRCs multiplied by one hundred percent less the system wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) used by the Servicer to calculate the most recent Periodic Billing Requirement. Such product shall constitute the amount of estimated SRC Collections for such Business Day. As part of each Storm Recovery Charge Adjustment, pursuant to Section 4.01 of the Agreement Agreement, the Servicer shall calculate the amount of actual SRC Collections for all completed Collection Periods during the Reconciliation Period as compared to the estimated SRC Collections forwarded to the applicable Collection Account in respect of such Reconciliation Period. If the actual SRC Collections exceed the estimated SRC Collections remitted to the Trustee for the period, the Servicer shall forward the excess to the Trustee for deposit into the Collection Account on the next Payment Date. If the estimated SRC Collection remitted to the Trustee for the period are greater than the actual SRC Collections for the period, the Excess Remittance shall be refunded to the Servicer at the next Payment Date provided however, that no Excess Remittance shall be withdrawn from the applicable Collection Account if such withdrawal would cause the amounts on deposit in the applicable General Subaccount or the applicable Excess Funds Subaccount to be insufficient for the payment of the next installment of interest or principal due at maturity on the next Payment Date or upon acceleration on or before the next Payment Date on the Storm Recovery Bonds and provided further that any amount not refunded to the Servicer as a result of the preceding proviso, shall be added to the Periodic Payment Requirement for the ensuing period and paid to the Servicer on the first Payment Date at which such refund can be made without violating the preceding proviso. ii. On or before the beginning of the first billing cycle in August April and February January of each year (or, in the case of any subsequent series, the corresponding date relating to the Storm Recovery Charge Adjustment for such series) in accordance with Section 4.01(b) of the Agreement, the Servicer shall, in a timely manner so as to perform all required calculations under such Section 4.01(b), update the Days Sales Outstanding and the system-wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) in order to be able to calculate the Periodic Billing Requirement for the next Storm Recovery Charge Adjustment and to calculate any change in the Daily Remittances for the next Calculation Period. iii. The Servicer and the Issuer acknowledge that, as contemplated in Section 8.01(b) of the Agreement, the Servicer may make certain changes to its current computerized customer information system, which changes, when functional, would affect the Servicer’s 's method of calculating the SRC Collections estimated to have been received by the Servicer during each Collection Period as set forth in this Annex I. Should these changes to the computerized customer information system become functional during the term of the Agreement, the Servicer and the Issuer agree that they shall review the procedures used to calculate the SRC Collections estimated to have been received in light of the capabilities of such new system and shall amend this Annex I in writing to make such modifications and/or substitutions to such procedures as may be appropriate in the interests of efficiency, accuracy, cost and/or system capabilities; provided, however, that the Servicer may not make any modification or substitution that will materially adversely affect the Holders. As soon as practicable, and in no event later than sixty (60) Business Days after the date on which all Customer accounts are being billed under such new system, the Servicer shall notify the Issuer, the Trustee and the Rating Agencies of the same. iv. All calculations of collections, each update of the Days Sales Outstanding, the system-wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) and any changes in procedures used to calculate the estimated SRC Collections pursuant to this Section 6(e) shall be made in good faith, and in the case of any update pursuant to clause (ii) above or any change in procedures pursuant to clause (iii) above, in a manner reasonably intended to provide estimates and calculations that are at least as accurate as those that would be provided on the closing date utilizing the initial procedures.