Common use of Calculation of Daily Remittance Clause in Contracts

Calculation of Daily Remittance. (i) The Servicer will remit Deferred Fuel Cost Charge Collections directly to the Indenture Trustee pursuant to Section 6.11 of the Servicing Agreement. Deferred Fuel Cost Charge Collections remitted will represent the charges estimated to be received for any period based upon Collection Lag and an estimated system-wide write-off percentage. (ii) The Deferred Fuel Cost Charge Collections for any Servicer Business Day will be remitted by the Servicer to the Indenture Trustee as soon as reasonably practicable to the General Subaccount of the Collection Account on each Servicer Business Day, but in no event later than two Servicer Business Days following such Servicer Business Day. Each day on which those remittances are made is referred to as a daily remittance date. (iii) At least annually, the Servicer will reconcile remittances of estimated Deferred Fuel Cost Charge Collections with actual Deferred Fuel Cost Charge Payments in accordance with Section 6.11(c) of the Servicing Agreement. (iv) The Servicer agrees and acknowledges that it holds all Deferred Fuel Cost Charge Collections and any other proceeds from the Deferred Fuel Cost Collateral received by it for the benefit of the Indenture Trustee and Holders and that all such amounts will be remitted by the Servicer without any surcharge, fee, offset, charge or other deduction except as otherwise expressly provided in the Servicing Agreement. The Servicer further agrees not to make any claim to reduce its obligation to remit all Deferred Fuel Cost Charge Payments collected by it in accordance with the Servicing Agreement.