Common use of Covenants Related to Transferred Bondable Transition Property Clause in Contracts

Covenants Related to Transferred Bondable Transition Property. (a) So long as any of the Transition Bonds are Outstanding, the Seller shall: (i) treat the Transition Bonds as debt of the Issuer and not of the Seller, except for financial accounting, State or federal regulatory or tax reporting purposes; (ii) clearly disclose in its financial statements that it is not the owner of the Transferred Bondable Transition Property and that the assets of the Issuer are not available to pay creditors of the Seller or any of its Affiliates (other than the Issuer); (iii) clearly disclose all transactions between the Seller and the Issuer and the effects thereof in accordance with generally accepted accounting principles; and (iv) not own or purchase any Transition Bonds. (b) The Seller agrees that upon the sale, transfer, assignment and conveyance by the Seller of the Transferred Bondable Transition Property to the Issuer pursuant to this Sale Agreement: (i) to the fullest extent permitted by law, including the Competition Act and applicable BPU Regulations, the Issuer shall have all of the rights originally held by the Seller with respect to the Transferred Bondable Transition Property (other than the rights exclusively conferred upon an electric public utility as set forth in the Competition Act), including the right to collect any amounts payable by any Customer or Third Party in respect of such Transferred Bondable Transition Property, notwithstanding any objection or direction to the contrary by the Seller; and (ii) any payment by any Customer or Third Party to the Issuer shall discharge such Customer’s or such Third Party’s obligations in respect of such Transferred Bondable Transition Property to the extent of such payment, notwithstanding any objection or direction to the contrary by the Seller. (c) So long as any of the Transition Bonds are Outstanding: (i) in all proceedings relating directly or indirectly to the Transferred Bondable Transition Property, the Seller shall (A) affirmatively certify and confirm that it has sold the Transferred Bondable Transition Property to the Issuer (other than for financial accounting, State or federal regulatory or tax purposes) and (B) not make any statement or reference in respect of the Transferred Bondable Transition Property that is inconsistent with the ownership thereof by the Issuer (other than for financial accounting, State or federal regulatory or tax reporting purposes); and (ii) the Seller shall not take any action in respect of the Transferred Bondable Transition Property except as contemplated by the Basic Documents.

Covenants Related to Transferred Bondable Transition Property. (a) So long as any of the Transition Bonds are Outstandingoutstanding, the Seller shall: (i) treat the Transition Bonds as debt of the Issuer and not of the Seller, except for financial accounting, State or federal regulatory accounting or tax reporting purposes; (ii) clearly disclose in its financial statements that it is not the owner of the Transferred Bondable Transition Property and that the assets of the Issuer are not available to pay creditors of the Seller or any of its Affiliates (other than the Issuer); (iii) clearly disclose the effects of all transactions between the Seller and the Issuer and the effects thereof in accordance with generally accepted accounting principles; and (iv) not own or purchase any Transition Bonds. (b) The Seller agrees that upon the sale, transfer, assignment and conveyance sale by the Seller of the Transferred Bondable Transition Property to the Issuer pursuant to this Sale Agreement: (i) to the fullest extent permitted by law, including the Competition Act and applicable BPU Regulations, the Issuer shall have all of the rights originally held by the Seller with respect to the Transferred Bondable Transition Property (other than the rights exclusively conferred upon an electric public utility as set forth in the Competition Act)Property, including the right to collect any amounts payable by any Customer or Third Party in respect of such Transferred Bondable Transition Property, notwithstanding any objection or direction to the contrary by the Seller; and (ii) any payment by any Customer or Third Party to the Issuer shall discharge such Customer’s 's or such Third Party’s 's obligations in respect of such Transferred Bondable Transition Property to the extent of such payment, notwithstanding any objection or direction to the contrary by the Seller. (c) So long as any of the Transition Bonds are Outstanding:, (i) in all proceedings relating directly or indirectly to the Transferred Bondable Transition Property, Property the Seller shall shall: (A) affirmatively certify and confirm that it has sold the Transferred Bondable Transition Property to the Issuer (other than for financial accounting, State or federal regulatory accounting or tax reporting purposes) ), and (B) not make any statement or reference in respect of the Transferred Bondable Transition Property that is inconsistent with the ownership thereof by the Issuer (other than for financial accounting, State or federal regulatory accounting or tax reporting purposes); and (ii) the Seller shall not take any action in respect of the Transferred Bondable Transition Property except as contemplated by the Basic Documents.

Covenants Related to Transferred Bondable Transition Property. (a) So long as any of the Transition Bonds are Outstanding, the Seller shall: (i) treat the Transition Bonds as debt of the Issuer and not of the Seller, except for financial accounting, State or federal regulatory accounting or tax reporting purposes; (ii) clearly disclose in its financial statements that it is not the owner of the Transferred Bondable Transition Property and that the assets of the Issuer are not available to pay creditors of the Seller or any of its Affiliates (other than the Issuer); (iii) clearly disclose the effects of all transactions between the Seller and the Issuer and the effects thereof in accordance with generally accepted accounting principles; and (iv) not own or purchase any Transition Bonds. (b) The Seller agrees that upon the sale, transfer, assignment and conveyance by the Seller of the Transferred Bondable Transition Property to the Issuer pursuant to this Sale Agreement: (i) to the fullest extent permitted by law, including the Competition Act and applicable BPU Regulations, the Issuer shall have all of the rights originally held by the Seller with respect to the Transferred Bondable Transition Property (other than the rights exclusively conferred upon an electric public utility as set forth in the Competition Act), including the right to collect any amounts payable by any Customer or Third Party in respect of such Transferred Bondable Transition Property, notwithstanding any objection or direction to the contrary by the Seller; and (ii) any payment by any Customer or Third Party to the Issuer shall discharge such Customer’s 's or such Third Party’s 's obligations in respect of such Transferred Bondable Transition Property to the extent of such payment, notwithstanding any objection or direction to the contrary by the Seller. (c) So long as any of the Transition Bonds are Outstanding: (i) in all proceedings relating directly or indirectly to the Transferred Bondable Transition Property, the Seller shall (A) affirmatively certify and confirm that it has sold the Transferred Bondable Transition Property to the Issuer (other than for financial accounting, State or federal regulatory accounting or tax reporting purposes) and (B) not make any statement or reference in respect of the Transferred Bondable Transition Property that is inconsistent with the ownership thereof by the Issuer (other than for financial accounting, State or federal regulatory accounting or tax reporting purposes); and (ii) the Seller shall not take any action in respect of the Transferred Bondable Transition Property except as contemplated by the Basic Documents.

Covenants Related to Transferred Bondable Transition Property. (a) So long as any of the Transition Bonds are Outstanding, the Seller shall: (i) treat the Transition Bonds as debt of the Issuer and not of the Seller, except for financial accounting, State or federal regulatory accounting or tax reporting purposes; (ii) clearly disclose in its financial statements that it is not the owner of the Transferred Bondable Transition Property and that the assets of the Issuer are not available to pay creditors of the Seller or any of its Affiliates (other than the Issuer); (iii) clearly disclose the effects of all transactions between the Seller and the Issuer and the effects thereof in accordance with generally accepted accounting principles; and (iv) not own or purchase any Transition Bonds. (b) The Seller agrees that upon the sale, transfer, assignment and conveyance by the Seller of the Transferred Bondable Transition Property to the Issuer pursuant to this Sale Agreement: (i) to the fullest extent permitted by law, including the Competition Act and applicable BPU Regulations, the Issuer shall have all of the rights originally held by the Seller with respect to the Transferred Bondable Transition Property (other than the rights exclusively conferred upon an electric public utility as set forth in the Competition Act), including the right to collect any amounts payable by any Customer or Third Party in respect of such Transferred Bondable Transition Property, notwithstanding any objection or direction to the contrary by the Seller; and (ii) any payment by any Customer or Third Party to the Issuer shall discharge such Customer’s 's or such Third Party’s 's obligations in respect of such Transferred Bondable Transition Property to the extent of such payment, notwithstanding any objection or direction to the contrary by the Seller. (c) So long as any of the Transition Bonds are Outstanding: (i) in all proceedings relating directly or indirectly to the Transferred Bondable Transition Property, the Seller shall (A) affirmatively certify and confirm that it has sold the Transferred Bondable Transition Property to the Issuer (other than for financial accounting, State state or federal regulatory or tax purposes) and (B) not make any statement or reference in respect of the Transferred Bondable Transition Property that is inconsistent with the ownership thereof by the Issuer (other than for financial accounting, State state or federal regulatory or tax reporting purposes); and (ii) the Seller shall not take any action in respect of the Transferred Bondable Transition Property except as contemplated by the Basic Documents.

Covenants Related to Transferred Bondable Transition Property. (a) So long as any of the Transition Bonds are Outstandingoutstanding, the Seller shall: (i) treat the Transition Bonds as debt of the Issuer and not of the Seller, except for financial accounting, State or federal regulatory accounting or tax reporting purposes; (ii) clearly disclose in its financial statements that it is not the owner of the Transferred Bondable Transition Property and that the assets of the Issuer are not available to pay creditors of the Seller or any of its Affiliates (other than the Issuer); (iii) clearly disclose the effects of all transactions between the Seller and the Issuer and the effects thereof in accordance with generally accepted accounting principles; and (iv) not own or purchase any Transition Bonds. (b) The Seller agrees that upon the sale, transfer, assignment and conveyance sale by the Seller of the Transferred Bondable Transition Property to the Issuer pursuant to this Sale Agreement: (i) to the fullest extent permitted by law, including the Competition Act and applicable BPU Regulations, the Issuer shall have all of the rights originally held by the Seller with respect to the Transferred Bondable Transition Property (other than the rights exclusively conferred upon an electric public utility as set forth in the Competition Act)Property, including the right to collect any amounts payable by any Customer or Third Party in respect of such Transferred Bondable Transition Property, notwithstanding any objection or direction to the contrary by the Seller; and (ii) any payment by any Customer or Third Party to the Issuer shall discharge such Customer’s 's or such Third Party’s 's obligations in respect of such Transferred Bondable Transition Property to the extent of such payment, notwithstanding any objection or direction to the contrary by the Seller. (c) So long as any of the Transition Bonds are Outstanding:, (i) in all proceedings relating directly or indirectly to the Transferred Bondable Transition Property, the Seller shall (A) affirmatively certify and confirm that it has sold the Transferred Bondable Transition Property to the Issuer (other than for financial accounting, State or federal regulatory or tax purposes) and (B) not make any statement or reference in respect of the Transferred Bondable Transition Property that is inconsistent with the ownership thereof by the Issuer (other than for financial accounting, State or federal regulatory accounting or tax reporting purposes); and (ii) the Seller shall not take any action in respect of the Transferred Bondable Transition Property except as contemplated by the Basic Documents.