Common use of Creation of RRB Property Clause in Contracts

Creation of RRB Property. Upon the effectiveness of the Finance Order and the Issuance Advice Letter: (i) all of the RRB Property constitutes an existing property right; (ii) the RRB Property includes the right, title and interest in and to all revenues, collections, claims, payments, money, or proceeds of or arising from the RRB Charge, as adjusted from time to time pursuant to the Finance Order, and all rights to obtain adjustments to the RRB Charge pursuant to the Finance Order; and (iii) subject to the cap on the Seller's "stranded cost recovery charge" set forth in the Statute and the Finance Order, the owner of the RRB Property is legally entitled to collect payments in respect of the RRB Charge in the aggregate sufficient to pay the interest on and principal of the Bonds, to pay the fees and expenses of servicing the Bonds, to replenish the Capital Subaccount to the Required Capital Level and to fund the Overcollateralization Subaccount to the Required Overcollateralization Level, to fund the Interest Reserve Subaccount to the Required Interest Reserve Level and to enforce all other material rights conferred in the Finance Order and the Statute until the earlier of 14 years after "competition day" (as defined in the Statute) and the date on which the Bonds are paid in full. Notwithstanding the foregoing, the Seller makes no representation or warranty that any amounts actually collected in respect of the RRB Charge will in fact be sufficient to meet payment obligations with respect to the Bonds (other than as provided in the Finance Order with respect to other components of the "stranded cost recovery charge" (as defined in the Statute).

Creation of RRB Property. Upon the effectiveness of the Finance Order and the Issuance Advice Letter: (i) all of the RRB Property constitutes an existing property right; (ii) the RRB Property includes the right, title and interest in and to all revenues, collections, claims, payments, money, or proceeds of or arising from the RRB Charge, as adjusted from time to time pursuant to the Finance Order, and all rights to obtain adjustments to the RRB Charge pursuant to the Finance Order; and (iii) subject to the cap on the Seller's "stranded cost recovery charge" set forth in the Statute and the Finance Order, the owner of the RRB Property is legally entitled to collect payments in respect of the RRB Charge in the aggregate sufficient to pay the interest on and principal of the Bonds, to pay the fees and expenses of servicing the Bonds, to replenish the Capital Subaccount to the Required Capital Level and to fund the Overcollateralization Subaccount to the Required Overcollateralization Level, to fund the Interest Reserve Subaccount to the Required Interest Reserve Level and to enforce all other material rights conferred in the Finance Order and the Statute until the earlier of 14 years after "competition day" (as defined in the Statute) eighth anniversary of the issuance of the Bonds and the date on which the Bonds are paid in full. Notwithstanding the foregoing, the Seller makes no representation or warranty that any amounts actually collected in respect of the RRB Charge will in fact be sufficient to meet payment obligations with respect to the Bonds (other than as provided in the Finance Order with respect to other components of the "stranded cost recovery charge" (as defined in the Statute)).

Creation of RRB Property. Upon the effectiveness of the Finance ------------------------ Order and the Issuance Advice Letter: (i) all of the RRB Property constitutes an existing property right; (ii) the RRB Property includes the right, title and interest in and to all revenues, collections, claims, payments, money, or proceeds of or arising from the RRB Charge, as adjusted from time to time pursuant to the Finance Order, and all rights to obtain adjustments to the RRB Charge pursuant to the Finance Order; and (iii) subject to the cap on the Seller's "stranded cost recovery charge" set forth in the Statute and the Finance Order, the owner of the RRB Property is legally entitled to collect payments in respect of the RRB Charge in the aggregate sufficient to pay the interest on and principal of the Bonds, to pay the fees and expenses of servicing the Bonds, to replenish the Capital Subaccount to the Required Capital Level and to fund the Overcollateralization Subaccount to the Required Overcollateralization Level, to fund the Interest Reserve Subaccount to the Required Interest Reserve Level and to enforce all other material rights conferred in the Finance Order and the Statute until the earlier of 14 years after "competition day" (as defined in the Statute) eighth anniversary of the issuance of the Bonds and the date on which the Bonds are paid in full. Notwithstanding the foregoing, the Seller makes no representation or warranty that any amounts actually collected in respect of the RRB Charge will in fact be sufficient to meet payment obligations with respect to the Bonds (other than as provided in the Finance Order with respect to other components of the "stranded cost recovery charge" (as defined in the Statute)).