Common use of Additional Recovery Bonds or Additional Other Recovery Bonds Clause in Contracts

Additional Recovery Bonds or Additional Other Recovery Bonds. (a) Following the issuance by the CPUC of any Subsequent Financing Order or pursuant to remaining authority under the Financing Order, the Issuer may, in its sole discretion but subject to the terms contained in this Section 3.23, acquire additional and separate recovery bond collateral and issue Additional Recovery Bonds or Additional Other Recovery Bonds under any such Subsequent Indenture that are backed by such separate additional recovery bond collateral. Any Additional Recovery Bonds and Additional Other Recovery Bonds may include terms and provisions unique to such Additional Recovery Bonds or such Additional Other Recovery Bonds. (b) In addition to all applicable requirements set forth in any Subsequent Indenture for any Additional Recovery Bonds or Additional Other Recovery Bonds, the following conditions must be satisfied in connection with any issuance of Additional Recovery Bonds or Additional Other Recovery Bonds: (i) PG&E has existing authority under the Financing Order to issue Additional Recovery Bonds or PG&E requests and receives a Subsequent Financing Order from the CPUC to recover additional recovery costs through the issuance of Additional Other Recovery Bonds; (ii) PG&E must serve as initial servicer and administrator for such series of the Additional Recovery Bonds or Additional Other Recovery Bonds and that the servicer and the administrator cannot be replaced without the requisite approval of the holders of all series of Recovery Bonds then-Outstanding; (iii) satisfaction of the Rating Agency Condition; (iv) each series of the Additional Recovery Bonds or Additional Other Recovery Bonds has recourse only to the recovery property created by the Financing Order or any Subsequent Financing Order, as the case may be, and funds on deposit in the trust accounts held by the Indenture Trustee with respect to that series, is nonrecourse to the Recovery Property securing the Recovery Bonds and does not constitute a claim against the Issuer if revenue from the fixed recovery charges and funds on deposit in the trust accounts with respect to that series are insufficient to pay such other series in full; (v) the Issuer has provided to the Indenture Trustee and the Rating Agencies then rating any series of the Issuer’s Outstanding Recovery Bonds an opinion of a nationally recognized law firm experienced in such matters to the effect that such issuance would not result in the Issuer’s substantive consolidation with PG&E and that there has been a true sale of the recovery property for such series, subject to the customary exceptions, qualifications and assumptions contained therein; (vi) transaction documentation for the other series provides that the indenture trustee on behalf of holders of the recovery bonds of the other series will not file or join in filing of any bankruptcy petition against the Issuer; (vii) if holders of such other series are deemed to have any interest in any of the Recovery Bond Collateral dedicated to the Recovery Bonds, holders of such Additional Recovery Bonds or Additional Other Recovery Bonds must agree that their interest in the recovery bond collateral dedicated to the Additional Recovery Bonds or Additional Other Recovery Bonds is only a first priority perfected interest in the assets relating to the Additional Recovery Bonds or Additional Other Recovery Bonds, as the case may be, in accordance with the related intercreditor agreement; (viii) each series of Additional Recovery Bonds or Additional Other Recovery will have its own bank accounts or trust accounts and funds for each series of recovery bonds shall be remitted in accordance with the related servicing agreement and related intercreditor agreement; (ix) no series of Additional Recovery Bonds or Additional Other Recovery Bonds will be issued under this Indenture; and (x) each series will bear its own indenture trustee fees, servicer fees and administration fees.

Additional Recovery Bonds or Additional Other Recovery Bonds. (a) Following the issuance by the CPUC of any Subsequent Financing Order or pursuant to remaining authority under the Financing Order, the Issuer may, in its sole discretion but subject to the terms contained in this Section 3.23, acquire additional and separate recovery bond collateral and issue Additional Recovery Bonds or Additional Other Recovery Bonds under any such Subsequent Indenture that are backed by such separate additional recovery bond collateral. Any Additional Recovery Bonds and Additional Other Recovery Bonds may include terms and provisions unique to such Additional Recovery Bonds or such Additional Other Recovery Bonds. (b) In addition to all applicable requirements set forth in any Subsequent Indenture for any Additional Recovery Bonds or Additional Other Recovery Bonds, the following conditions must be satisfied in connection with any issuance of Additional Recovery Bonds or Additional Other Recovery Bonds: (i) PG&E has existing authority under the Financing Order to issue Additional Recovery Bonds or PG&E requests and receives a Subsequent Financing Order from the CPUC to recover additional recovery costs through the issuance of Additional Other Recovery Bonds; (ii) PG&E must serve as the initial servicer and administrator for such series of the Additional Recovery Bonds or Additional Other Recovery Bonds and that the servicer and the administrator cannot be replaced without the requisite approval of the holders of all each series of Recovery Bonds and each series of Prior Recovery Bonds, Additional Recovery Bonds and Additional Other Recovery Bonds then-Outstanding; (iii) satisfaction of the Rating Agency Condition; (iv) each series of the Additional Recovery Bonds or Additional Other Recovery Bonds has under a Subsequent Indenture shall have recourse only to the additional recovery property created by the Financing Order or any Subsequent Financing Orderadditional other recovery property, as the case may beapplicable, and funds on deposit in the trust accounts held by the Indenture Trustee indenture trustee with respect to that seriessuch Additional Recovery Bonds or Additional Other Recovery Bonds, is as the case shall be, will be nonrecourse to the Recovery Property securing the Recovery Bonds and does shall not constitute a claim against the Issuer if revenue from the fixed recovery charges and funds on deposit in the trust accounts with respect to that such series are of Additional Recovery Bonds or Additional Other Recovery Bonds is insufficient to pay such other series of Additional Recovery Bonds or Additional Other Recovery Bonds, as the case shall be, in full; (v) the Issuer has provided to the Indenture Trustee and the Rating Agencies then rating any series of the Issuer’s Outstanding Recovery Bonds will be provided an opinion of a nationally recognized law firm experienced in such matters to the effect that such issuance would will not result in the Issuer’s substantive consolidation with PG&E and that there has will have been a true sale of the recovery property for with respect to such series, subject to the customary exceptions, qualifications and assumptions contained therein; (vi) transaction documentation for the other series provides that the indenture trustee with respect to such series of Additional Recovery Bonds or Additional Other Recovery Bonds on behalf of holders of the recovery bonds of the other series Additional Recovery Bonds or Additional Other Recovery Bonds will not file or join in filing of any bankruptcy petition against the Issuer; (vii) if holders of such other series Additional Recovery Bonds or Additional Other Recovery Bonds are deemed to have any interest in any of the Recovery Bond Collateral dedicated to the Recovery Bonds, holders of such Additional Recovery Bonds or Additional Other Recovery Bonds must agree that their interest in the recovery bond collateral dedicated to the Additional Recovery Bonds or Additional Other Recovery Bonds Bonds, as the case may be, is only a first priority perfected interest in the assets relating to the Additional Recovery Bonds or Additional Other Recovery Bonds, as the case may be, in accordance with the related intercreditor agreement; (viii) each series of Additional Recovery Bonds or Additional Other Recovery issued under any Subsequent Indenture will have its own bank accounts or trust accounts and funds for each series of recovery bonds shall be remitted in accordance with the related servicing agreement and related intercreditor agreement; (ix) no series of Additional Recovery Bonds or Additional Other Recovery Bonds will be issued under this Indenture; and (x) each series of Additional Recovery Bonds or Additional Other Recovery Bonds will bear its own indenture trustee fees, servicer fees and administration fees.

Additional Recovery Bonds or Additional Other Recovery Bonds. (a) Following the issuance by the CPUC of any Subsequent Financing Order or pursuant to remaining authority under the Financing Order, the Issuer may, in its sole discretion but subject to the terms contained in this Section 3.23, acquire additional and separate recovery bond collateral and issue Additional Recovery Bonds or Additional Other Recovery Bonds under any such Subsequent Indenture that are backed by such separate additional recovery bond collateral. Any Additional Recovery Bonds and Additional Other Recovery Bonds may include terms and provisions unique to such Additional Recovery Bonds or such Additional Other Recovery Bonds. (b) In addition to all applicable requirements set forth in any Subsequent Indenture for any Additional Recovery Bonds or Additional Other Recovery Bonds, the following conditions must be satisfied in connection with any issuance of Additional Recovery Bonds or Additional Other Recovery Bonds: (i) PG&E has existing authority under the Financing Order to issue Additional Recovery Bonds or PG&E requests and receives a Subsequent Financing Order from the CPUC to recover additional recovery costs through the issuance of Additional Other Recovery Bonds; (ii) PG&E must serve as initial servicer and administrator for such series of the Additional Recovery Bonds or Additional Other Recovery Bonds and that the servicer and the administrator cannot be replaced without the requisite approval of the holders of all series of Recovery Bonds then-Outstanding; (iii) satisfaction of the Rating Agency Condition; (iv) each series of the Additional Recovery Bonds or Additional Other Recovery Bonds has under a Subsequent Indenture shall have recourse only to the recovery property created by the Financing Order or any Subsequent Financing Orderadditional other recovery property, as the case may beapplicable, and funds on deposit in the trust accounts account held by the Indenture Trustee with respect to that seriessuch Additional Recovery Bonds or Additional Other Recovery Bonds, is as the case shall be, shall be nonrecourse to the Recovery Property securing the Recovery Bonds and does shall not constitute a claim against the Issuer if revenue from the fixed recovery charges and funds on deposit in the trust accounts account with respect to that such series are of Additional Recovery Bonds or Additional Other Recovery Bonds is insufficient to pay such other series Additional Recovery Bonds or Additional Other Recovery Bonds, as the case shall be, in full; (v) the Issuer has provided to the Indenture Trustee and the Rating Agencies then rating any series of the Issuer’s Outstanding Recovery Bonds an opinion of a nationally recognized law firm experienced in such matters to the effect that such issuance would not result in the Issuer’s substantive consolidation with PG&E and that there has been a true sale of the recovery property for such series, subject to the customary exceptions, qualifications and assumptions contained therein; (vi) transaction documentation for the other series provides that the indenture trustee on behalf of holders of the recovery bonds of the other series will not file or join in filing of any bankruptcy petition against the Issuer; (vii) if holders of such other series are deemed to have any interest in any of the Recovery Bond Collateral dedicated to the Recovery Bonds, holders of such Additional Recovery Bonds or Additional Other Recovery Bonds must agree that their interest in the recovery bond collateral dedicated to the Additional Recovery Bonds or Additional Other Recovery Bonds is only a first priority perfected interest in the assets relating to the Additional Recovery Bonds or Additional Other Recovery Bonds, as the case may be, in accordance with the related intercreditor agreement; (viii) each series of Additional Recovery Bonds or Additional Other Recovery will have its own bank accounts or trust accounts and funds for each series of recovery bonds shall be remitted in accordance with the related servicing agreement and related intercreditor agreement; (ix) no series of Additional Recovery Bonds or Additional Other Recovery Bonds will be issued under this Indenture; and (x) each series will bear its own indenture trustee fees, servicer fees and administration fees.

Additional Recovery Bonds or Additional Other Recovery Bonds. (a) Following the issuance by the CPUC of any Subsequent Financing Order or pursuant to remaining authority under the Financing Order, the Issuer may, in its sole discretion but subject to the terms contained in this Section 3.23, acquire additional and separate recovery bond collateral and issue Additional Recovery Bonds or Additional Other Recovery Bonds under any such Subsequent Indenture that are backed by such separate additional recovery bond collateral. Any Additional Recovery Bonds and Additional Other Recovery Bonds may include terms and provisions unique to such Additional Recovery Bonds or such Additional Other Recovery Bonds. (b) In addition to all applicable requirements set forth in any Subsequent Indenture for any Additional Recovery Bonds or Additional Other Recovery Bonds, the following conditions must be satisfied in connection with any issuance of Additional Recovery Bonds or Additional Other Recovery Bonds: (i) PG&E has existing authority under the Financing Order to issue Additional Recovery Bonds or PG&E requests and receives a Subsequent Financing Order from the CPUC to recover additional recovery costs through the issuance of Additional Other Recovery Bonds; (ii) PG&E must serve as the initial servicer and administrator for such series of the Additional Recovery Bonds or Additional Other Recovery Bonds and that the servicer and the administrator cannot be replaced without the requisite approval of the holders of all series of Recovery Bonds and all series of Additional Other Recovery Bonds then-Outstanding; (iii) satisfaction of the Rating Agency Condition; (iv) each series of the Additional Recovery Bonds or Additional Other Recovery Bonds has under a Subsequent Indenture shall have recourse only to the additional recovery property created by the Financing Order or any Subsequent Financing Orderadditional other recovery property, as the case may beapplicable, and funds on deposit in the trust accounts held by the Indenture Trustee indenture trustee with respect to that seriessuch Additional Recovery Bonds or Additional Other Recovery Bonds, is as the case shall be, will be nonrecourse to the Recovery Property securing the Recovery Bonds and does shall not constitute a claim against the Issuer if revenue from the fixed recovery charges and funds on deposit in the trust accounts with respect to that such series are of Additional Recovery Bonds or Additional Other Recovery Bonds is insufficient to pay such other series of Additional Recovery Bonds or Additional Other Recovery Bonds, as the case shall be, in full; (v) the Issuer has provided to the Indenture Trustee and the Rating Agencies then rating any series of the Issuer’s Outstanding Recovery Bonds will be provided an opinion of a nationally recognized law firm experienced in such matters to the effect that such issuance would will not result in the Issuer’s substantive consolidation with PG&E and that there has will have been a true sale of the recovery property for with respect to such series, subject to the customary exceptions, qualifications and assumptions contained therein; (vi) transaction documentation for the other series provides that the indenture trustee with respect to such series of Additional Recovery Bonds or Additional Other Recovery Bonds on behalf of holders of the recovery bonds of the other series Additional Recovery Bonds or Additional Other Recovery Bonds will not file or join in filing of any bankruptcy petition against the Issuer; (vii) if holders of such other series Additional Recovery Bonds or Additional Other Recovery Bonds are deemed to have any interest in any of the Recovery Bond Collateral dedicated to the Recovery Bonds, holders of such Additional Recovery Bonds or Additional Other Recovery Bonds must agree that their interest in the recovery bond collateral dedicated to the Additional Recovery Bonds or Additional Other Recovery Bonds Bonds, as the case may be, is only a first priority perfected interest in the assets relating to the Additional Recovery Bonds or Additional Other Recovery Bonds, as the case may be, in accordance with the related intercreditor agreement; (viii) each series of Additional Recovery Bonds or Additional Other Recovery issued under any Subsequent Indenture will have its own bank accounts or trust accounts and funds for each series of recovery bonds shall be remitted in accordance with the related servicing agreement and related intercreditor agreement; (ix) no series of Additional Recovery Bonds or Additional Other Recovery Bonds will be issued under this Indenture; and (x) each series will bear its own indenture trustee fees, servicer fees and administration fees.

Additional Recovery Bonds or Additional Other Recovery Bonds. (a) Following the issuance by the CPUC of any Subsequent Financing Order or pursuant to remaining authority under the Financing Order, the Issuer may, in its sole discretion but subject to the terms contained in this Section 3.23, acquire additional and separate recovery bond collateral and issue Additional Recovery Bonds or Additional Other Recovery Bonds under any such Subsequent Indenture that are backed by such separate additional recovery bond collateral. Any Additional Recovery Bonds and Additional Other Recovery Bonds may include terms and provisions unique to such Additional Recovery Bonds or such Additional Other Recovery Bonds. (b) In addition to all applicable requirements set forth in any Subsequent Indenture for any Additional Recovery Bonds or Additional Other Recovery Bonds, the following conditions must be satisfied in connection with any issuance of Additional Recovery Bonds or Additional Other Recovery Bonds: (i) PG&E has existing authority under the Financing Order to issue Additional Recovery Bonds or PG&E requests and receives a Subsequent Financing Order from the CPUC to recover additional recovery costs through the issuance of Additional Other Recovery Bonds; (ii) PG&E must serve as the initial servicer and administrator for such series of the Additional Recovery Bonds or Additional Other Recovery Bonds and that the servicer and the administrator cannot be replaced without the requisite approval of the holders of all series of Recovery Bonds and all series of Prior Recovery Bonds, Additional Recovery Bonds and Additional Other Recovery Bonds then-Outstanding; (iii) satisfaction of the Rating Agency Condition; (iv) each series of the Additional Recovery Bonds or Additional Other Recovery Bonds has under a Subsequent Indenture shall have recourse only to the additional recovery property created by the Financing Order or any Subsequent Financing Orderadditional other recovery property, as the case may beapplicable, and funds on deposit in the trust accounts held by the Indenture Trustee indenture trustee with respect to that seriessuch Additional Recovery Bonds or Additional Other Recovery Bonds, is as the case shall be, will be nonrecourse to the Recovery Property securing the Recovery Bonds and does shall not constitute a claim against the Issuer if revenue from the fixed recovery charges and funds on deposit in the trust accounts with respect to that such series are of Additional Recovery Bonds or Additional Other Recovery Bonds is insufficient to pay such other series of Additional Recovery Bonds or Additional Other Recovery Bonds, as the case shall be, in full; (v) the Issuer has provided to the Indenture Trustee and the Rating Agencies then rating any series of the Issuer’s Outstanding Recovery Bonds will be provided an opinion of a nationally recognized law firm experienced in such matters to the effect that such issuance would will not result in the Issuer’s substantive consolidation with PG&E and that there has will have been a true sale of the recovery property for with respect to such series, subject to the customary exceptions, qualifications and assumptions contained therein; (vi) transaction documentation for the other series provides that the indenture trustee with respect to such series of Additional Recovery Bonds or Additional Other Recovery Bonds on behalf of holders of the recovery bonds of the other series Additional Recovery Bonds or Additional Other Recovery Bonds will not file or join in filing of any bankruptcy petition against the Issuer; (vii) if holders of such other series Additional Recovery Bonds or Additional Other Recovery Bonds are deemed to have any interest in any of the Recovery Bond Collateral dedicated to the Recovery Bonds, holders of such Additional Recovery Bonds or Additional Other Recovery Bonds must agree that their interest in the recovery bond collateral dedicated to the Additional Recovery Bonds or Additional Other Recovery Bonds Bonds, as the case may be, is only a first priority perfected interest in the assets relating to the Additional Recovery Bonds or Additional Other Recovery Bonds, as the case may be, in accordance with the related intercreditor agreement; (viii) each series of Additional Recovery Bonds or Additional Other Recovery issued under any Subsequent Indenture will have its own bank accounts or trust accounts and funds for each series of recovery bonds shall be remitted in accordance with the related servicing agreement and related intercreditor agreement; (ix) no series of Additional Recovery Bonds or Additional Other Recovery Bonds will be issued under this Indenture; and (x) each series of Additional Recovery Bonds or Additional Other Recovery Bonds will bear its own indenture trustee fees, servicer fees and administration fees.