Common use of Creation of Securitization Property Clause in Contracts

Creation of Securitization Property. Upon the effectiveness of the Financing Order and the transfer of the Securitization Property pursuant to this Sale Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right of the Seller and any Successor to impose, collect and receive the Securitization Charges authorized in the Financing Order, become “securitization property” as defined in the Statute; (ii) the Securitization Property constitutes a present property right vested in the Issuer; (iii) the Securitization Property includes the rights and interests of the Seller in the Financing Order, including the right of the Seller and any Successor to impose, collect and receive Securitization Charges from Customers, and including the right to obtain True-Up Adjustments, and all revenue, collections, payments, money and proceeds arising out of rights and interests created under the Financing Order, (iv) the owner of the Securitization Property is legally entitled to bill Securitization Charges for a period not greater than 15 years after the date Securitization Charges are first billed and to collect and post payments in respect of such Securitization Charges in the aggregate sufficient to pay the interest on and principal of the Securitization Bonds in accordance with the Indenture, to pay Ongoing Other Qualified Costs and to replenish the Capital Account to the Required Capital Level until the Securitization Bonds are Paid in Full, and the securitization rate class allocation percentages in the Financing Order do not prohibit the owner of the transferred Securitization Property from obtaining adjustments and effecting allocations to the Securitization Charges in order to collect payments of such amounts; and (v) the Securitization Property is not subject to any Lien other than any Lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to the Indenture and perfected pursuant to the Statute.

Creation of Securitization Property. Upon the effectiveness of the Financing Order and the transfer of the Securitization Property pursuant to this Sale Agreement: : (i) the rights and interests of the Seller under the Financing Order, including the right of the Seller and any Successor to impose, collect and receive the Securitization Charges authorized in the Financing Order, become “securitization property” as defined in the Statute; ; (ii) the Securitization Property constitutes a present property right vested in the Issuer; ; (iii) the Securitization Property includes the rights and interests of the Seller in the Financing Order, including the right of the Seller and any Successor to impose, collect and receive Securitization Charges from Customers, and including the right to obtain True-Up Adjustments, and all revenue, collections, payments, money and proceeds arising out of rights and interests created under the Financing Order, ; (iv) the owner of the Securitization Property is legally entitled to bill Securitization Charges for a period not greater than 15 eight years after the date Securitization Charges are first billed and to collect and post payments in respect of such the Securitization Charges in the aggregate sufficient to pay the interest on and principal of the Securitization Bonds in accordance with the Indenture, to pay Ongoing Other Qualified Costs and to replenish the Capital Account Subaccount to the Required Capital Level until the Securitization Bonds are Paid paid in Full, full; and the securitization rate class allocation percentages in the Financing Order do not prohibit the owner of the transferred Securitization Property from obtaining adjustments and effecting allocations to the Securitization Charges in order to collect payments of such amounts; and (v) the Securitization Property is not subject to any Lien other than any Lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to the Indenture and perfected pursuant to the Statute.

Creation of Securitization Property. Upon the effectiveness of the Financing Order Order, the Issuance Advice Letter and the Tariff with respect to the Securitization Property and the transfer of the Securitization Property pursuant to this Sale Agreement: : (i) the rights and interests of the Seller under the Financing Order, including the right of the Seller and any Successor Order to impose, collect and receive the Securitization Charges authorized in the Financing Order, become “securitization property” as defined in the Statute; Securitization Law (74 Okl.St.Xxx. § 9072(11)); (ii) the Securitization Property constitutes a present property right vested in the Issuer; right; (iii) the Securitization Property includes (A) the rights right, title and interests interest of the Seller in the Financing OrderSecuritization Charges, including (B) the right of the Seller and any Successor to impose, collect and receive obtain periodic adjustments (with respect to adjustments, in the manner and with the effect provided in Section 4.01(b) of the Servicing Agreement) of such Securitization Charges from CustomersCharges, and including the right to obtain True-Up Adjustments, and (C) all revenuerevenues, collections, claims, payments, money and or proceeds of or arising out of rights and interests created under from the Financing Order, Securitization Charges; (iv) the owner of the Securitization Property is legally entitled to bill Securitization Charges for a period not greater than 15 years after the date Securitization Charges are first billed and to collect and post payments in respect of such the Securitization Charges in the aggregate sufficient to pay the interest on and principal of the Securitization Bonds in accordance with the Indenture, to pay Ongoing Other Qualified Costs the fees and expenses of servicing the Securitization Bonds, to replenish the Capital Account DSRS to the Required Capital Reserve Level until the Securitization Bonds are Paid paid in Full, and full or until the securitization rate class allocation percentages last date permitted for the collection of payments in respect of the Securitization Charge under the Financing Order do not prohibit the owner of the transferred Securitization Property from obtaining adjustments Order, whichever is earlier; and effecting allocations to the Securitization Charges in order to collect payments of such amounts; and (v) the Securitization Property is not subject to any Lien other than (except for any Lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to the Indenture Securitization Law, the Financing Order and perfected pursuant to the StatuteBasic Documents).

Creation of Securitization Property. Upon the effectiveness of the Financing Order Order, the Issuance Advice Letter and the Tariff with respect to the Securitization Property and the transfer of the Securitization Property pursuant to this Sale Agreement: : (i) the rights and interests of the Seller under the Financing Order, including the right of the Seller and any Successor Order to impose, collect and receive the Securitization Charges authorized in the Financing Order, become “securitization property” as defined in the Statute; Securitization Law (74 Okl.St.Xxx. § 9072(11)); (ii) the Securitization Property constitutes a present property right vested in the Issuer; right; (iii) the Securitization Property includes (A) the rights right, title and interests interest of the Seller in the Financing OrderSecuritization Charges, including (B) the right of the Seller and any Successor to impose, collect and receive obtain periodic adjustments (with respect to adjustments, in the manner and with the effect provided in Section 4.01(b) of the Servicing Agreement) of such Securitization Charges from CustomersCharges, and including the right to obtain True-Up Adjustments, and (C) all revenuerevenues, collections, claims, payments, money and or proceeds of or arising out of rights and interests created under from the Financing Order, Securitization Charges; (iv) the owner of the Securitization Property is legally entitled to bill xxxx Securitization Charges for a period not greater than 15 years after the date Securitization Charges are first billed and to collect and post payments in respect of such the Securitization Charges in the aggregate sufficient to pay the interest on and principal of the Securitization Bonds in accordance with the Indenture, to pay Ongoing Other Qualified Costs the fees and expenses of servicing the Securitization Bonds, to replenish the Capital Account DSRS to the Required Capital Reserve Level until the Securitization Bonds are Paid paid in Full, and full or until the securitization rate class allocation percentages last date permitted for the collection of payments in respect of the Securitization Charge under the Financing Order do not prohibit the owner of the transferred Securitization Property from obtaining adjustments Order, whichever is earlier; and effecting allocations to the Securitization Charges in order to collect payments of such amounts; and (v) the Securitization Property is not subject to any Lien other than (except for any Lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to the Indenture Securitization Law, the Financing Order and perfected pursuant to the StatuteBasic Documents).