Creation of the Storm Recovery Property Sample Clauses

Creation of the Storm Recovery Property. (a) Upon the effectiveness of the Financing Order, the transfer of the Seller’s rights and interests under the Financing Order related to the Storm Recovery Bonds and the Issuer’s purchase of the Storm Recovery Property from the Seller pursuant to this Agreement, the Storm Recovery Property will constitute a present contract right vested in the Issuer. (b) Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Rate Schedules, the transfer of the Seller’s rights and interests under the Financing Order and the Issuer’s purchase of the Storm Recovery Property from the Seller pursuant to this Agreement, the Storm Recovery Property includes: ii all rights and interest of the Seller under the Financing Order, except the rights of Seller to earn and receive a rate of return on its invested capital in the Issuer, to receive administration and servicer fees, to withdraw funds from its restricted storm recovery reserves funded by the proceeds from the sale of the Storm Recovery Property (including to recover prudently incurred storm recovery costs for additional Hurricane Xxxxx related work by netting against the restricted regular storm recovery reserve), or to use the Seller’s remaining portion of those proceeds, iii the rights to file for periodic adjustments of the Storm Recovery Charges as provided in the Financing Order, and (c) Upon the effectiveness of the Issuance Advice Letter and the Rate Schedules, the transfer of the Seller’s rights and interests under the Financing Order and the Issuer’s purchase of the Storm Recovery Property from the Seller on the Closing Date pursuant to this Agreement, the Storm Recovery Property will not be subject to any Lien created by a previous indenture.
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Related to Creation of the Storm Recovery Property

  • Execution of the Project (a) The Borrower declares its commitment to the objectives of the Project as set forth in Schedule 2 to this Agreement, and, to this end, shall carry out the Project through the R2E2 Fund, with due diligence and efficiency and in conformity with appropriate administrative, financial, engineering and environmental practices, and shall provide, promptly as needed, the funds, facilities, services and other resources required for the Project. (b) Without limitation upon the provisions of paragraph (a) of this Section and except as the Borrower and the Association shall otherwise agree, the Borrower shall carry out the Project in accordance with the Operational Manual, Eligibility Criteria and Procedures for Sub-loans under Part B of the Project set forth in Schedule 6 to this Agreement, and the Implementation Program set forth in Schedule 4 to this Agreement. (c) The Borrower shall make the proceeds of the Credit available to the PFI under a Subsidiary Loan Agreement to be entered into between the R2E2 Fund on behalf of the Borrower and the PFI, under terms and conditions which shall have been approved by the Association, including the terms of the Sub-loans under Part B of the Project. (d) The Borrower shall exercise its rights under the Subsidiary Loan Agreement in such manner as to protect the interests of the Borrower and the Association and to accomplish the purposes of the Credit, and, except as the Association shall otherwise agree, the Borrower shall not assign, amend, abrogate or waive the Subsidiary Loan Agreement or any provision thereof. (e) If the Borrower determines that the PFI has used the funds provided under the Subsidiary Loan Agreement inefficiently or outside the scope and purpose specified in the Subsidiary Loan Agreement, the Borrower may request to return the amount of such funds, either in whole or in part, including the applicable interest calculated up to the payment with prior consultation and agreement with the Association. (a) Except as the Association shall otherwise agree, procurement of the goods, works and services required for the Project and to be financed out of the proceeds of the Credit shall be governed by the provisions of Schedule 3 to this Agreement, as said provisions may be further elaborated in the Procurement Plan. (b) The Borrower shall update the Procurement Plan in accordance with guidelines acceptable to the Association, and furnish such update to the Association not later than twelve (12) months after the date of the preceding Procurement Plan, for the Association’s approval. Section 3.03. For the purposes of Section 9.06 of the General Conditions and without limitation thereto, the Borrower shall: (a) prepare, on the basis of guidelines acceptable to the Association, and furnish to the Association not later than six (6) months after the Closing Date or such later date as may be agreed for this purpose between the Borrower and the Association, a plan for the future operation of the Project; and (b) afford the Association a reasonable opportunity to exchange views with the Borrower on said plan.

  • Optional Preservation of the Trust Estate If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may elect to take and maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and other obligations of the Issuer and the Indenture Trustee shall take such desire into account when determining whether or not to take and maintain possession of the Trust Estate. In determining whether and how to take and maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon the written advice or an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

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