Common use of Assumption by TU Electric Clause in Contracts

Assumption by TU Electric. Subject to the terms and ------------------------- conditions hereof, TU Electric hereby irrevocably and unconditionally assumes the full payment, when and as due, of any and all Obligations (as hereinafter defined) to each person or entity to whom the Trust is now or hereafter becomes indebted or liable (the "Beneficiaries"). As used herein, "Obligations" means any indebtedness, expenses or liabilities of the Trust, other than obligations of the Trust to pay to holders of any Capital Securities the amounts due such holders pursuant to the terms of the Capital Securities. This Agreement is intended to be for the benefit of, and to be enforceable by, all such Beneficiaries, whether or not such Beneficiaries have received notice hereof.