Duke Energy Progress definition
Examples of Duke Energy Progress in a sentence
Subject to the provisions of Section 6.03, Duke Energy Progress, or any Permitted Successor, shall not resign from the obligations and duties imposed on it as Servicer under this Servicing Agreement except upon a determination that the performance of its duties under this Servicing Agreement shall no longer be permissible under applicable Requirements of Law.
Except for the above Reimbursable Expenses, the Servicer shall be required to pay all other costs and expenses incurred by the Servicer in performing its activities hereunder (but, for the avoidance of doubt, excluding any such costs and expenses incurred by Duke Energy Progress in its capacity as Administrator).
Duke Energy Progress NC Storm Funding II LLC, a Delaware limited liability company (the “Issuer”), a wholly-owned subsidiary of Duke Energy Progress, LLC, a North Carolina limited liability company (the “Depositor”), proposes to issue and sell $460,646,000 aggregate principal amount of its Series A Senior Secured Storm Recovery Bonds, (the “Bonds”), identified in Schedule I hereto.
In connection with any such appointment, Duke Energy Progress may make such arrangements for the compensation of such Successor Servicer as it and such successor shall agree, subject to the limitations set forth in Section 8.02 and in the Servicing Agreement.
Duke Energy Progress shall not resign as Servicer if such resignation does not satisfy the Rating Agency Condition or without consent of the Commission.
The obligations to continue to provide service and to collect and account for Storm Recovery Charges will be binding upon the Servicer, any Successor and any other entity that provides distribution services to a Person that is a North Carolina retail customer of Duke Energy Progress or any Successor so long as the Storm Recovery Charges have not been fully collected and posted.
In any proceedings related to the exercise of the power of eminent domain by any municipality to acquire a portion of Duke Energy Progress’s electric distribution facilities, the Servicer will assert that the court ordering such condemnation must treat such municipality as a successor to Duke Energy Progress under the Storm Recovery Law and the Financing Order.
Termination of Duke Energy Progress as Servicer shall not terminate Duke Energy Progress’s rights or obligations under the Sale Agreement (except rights thereunder deriving from its rights as the Servicer hereunder).
Pursuant to Section 3.01(b) of the Storm Recovery Property Servicing Agreement dated as of September 30, 2025 by and between Duke Energy Progress, LLC, as Servicer, and Duke Energy Progress NC Storm Funding II LLC, as Issuer (the “Servicing Agreement”), the Servicer does hereby certify as follows: Capitalized terms used but not defined in this Monthly Servicer’s Certificate have their respective meanings as set forth in the Servicing Agreement.
Subject to Section 6.03, Duke Energy Progress agrees to continue, unless prevented by circumstances beyond its control, to operate its electric distribution system to provide service so long as it is acting as the Servicer under this Servicing Agreement.