Common use of CREATION OF 1998 TRANSITION PROPERTY Clause in Contracts

CREATION OF 1998 TRANSITION PROPERTY. Upon the effectiveness of the 1998 Initial Tariff: (i) all of the 1998 Transition Property constitutes a current property right vested in the Grantee; (ii) the 1998 Transition Property includes, without limitation, (A) the right, title and interest in and to the IFCs authorized under the 1998 Funding Order, as adjusted from time to time, (B) the right, title and interest in and to all revenues, collections, claims, payments, money or proceeds of or arising from the IFCs set forth in the 1998 Initial Tariff, and (C) all rights to obtain adjustments to the IFCs pursuant to the 1998 Funding Order; and (iii) the Grantee is entitled to impose and collect the IFCs described in the 1998 Funding Order and the 1998 Initial Tariff in an aggregate amount equal to the principal amount of the Notes, all interest thereon, all amounts required to be deposited in the Reserve Subaccount, the Overcollateralization Subaccount and (to the extent payable from the proceeds of the IFCs) the Capital Subaccount, and all related fees, costs and expenses in respect of the Notes until they have been paid in full, subject only to the $6.323 billion limitation set forth in the 1998 Funding Order as the maximum dollar amount of 1998 Transition Property created thereunder.

CREATION OF 1998 TRANSITION PROPERTY. Upon the effectiveness of the 1998 Initial Tariff: (i) all of the 1998 Transition Property constitutes a current property right vested in the Grantee; (ii) the 1998 Transition Property includes, without limitation, (A) the right, title and interest in and to the IFCs authorized under the 1998 Funding Order, as adjusted from time to time, (B) the right, title and interest in and to all revenues, collections, claims, payments, money or proceeds of or arising from the IFCs set forth in the 1998 Initial Tariff, and (C) all rights to obtain adjustments to the IFCs pursuant to the 1998 Funding Order; and (iii) the Grantee is entitled to impose and collect the IFCs described in the 1998 Funding Order and the 1998 Initial Tariff in an aggregate amount equal to the principal amount of the Notes, all interest thereon, all amounts required to be deposited in the Reserve Subaccount, the Overcollateralization Subaccount and (to the extent payable from the proceeds of the IFCs) the Capital Subaccount, and all related fees, costs and expenses in respect of the Notes until they have been paid in full, subject only to the $6.323 billion limitation set forth in the 1998 Funding Order as to the maximum dollar amount of 1998 Transition Property created thereunder.

CREATION OF 1998 TRANSITION PROPERTY. Upon the effectiveness of the 1998 Initial Tariff: (i) all of the 1998 Transition Property constitutes a current property right vested in the Grantee; (ii) the 1998 Transition Property includes, without limitation, (A) the right, title and interest in and to the IFCs authorized under the 1998 Funding Order, as adjusted from time to time, (B) the right, title and interest in and to all revenues, collections, claims, payments, money or proceeds of or arising from the IFCs set forth in the 1998 Initial Tariff, and (C) all rights to obtain adjustments to the IFCs pursuant to the 1998 Funding Order; and (iii) the Grantee is entitled to impose and collect the IFCs described in the 1998 Funding Order and the 1998 Initial Tariff in an aggregate amount equal to the principal amount of the Notes, all interest thereon, all amounts required to be deposited in the Reserve Subaccount, the Overcollateralization Subaccount and (to the extent payable from the proceeds of the IFCs) the Capital Subaccount, and all related fees, costs and expenses in respect of the Notes until they have been paid in full, subject only to the $6.323 billion limitation set forth in the 1998 Funding Order as to the maximum dollar amount of 1998 Transition Property created thereunder.