Common use of Creation of the Storm Recovery Property Clause in Contracts

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.

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 Property 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 SchedulesSchedule Rider, 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 : (i) the right to impose, bill, charge, collect and receive the Storm Recovery Charges, including the right to receive Storm Recovery Charges in amounts and at times sufficient to pay principal and interest on the Storm Recovery Bonds, (ii) the rights to obtain periodic adjustments of the Storm Recovery Charges as provided in the Financing Order, and (iii) all revenues, collections, claims, rights to payments, payments, money, or proceeds of or arising from the rights and interests resulting from the Storm Recovery Charges; and (iv) all other 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 Storm Recovery Reserve 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 Storm Recovery Charges associated with the June 2023 Storms (as defined in the Financing Order) and future Storm Recovery Costs by netting against the restricted regular storm recovery reserveStorm 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 SchedulesSchedule Rider, 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.

Creation of the Storm Recovery Property. (a) Upon the effectiveness of the Financing Order, the transfer of the Seller’s 's rights and interests under the Financing Order related to the Storm Recovery Bonds and the Issuer’s '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 SchedulesTariff, the transfer of the Seller’s 's rights and interests under the Financing Order and the Issuer’s 's purchase of the Storm Recovery Property from the Seller pursuant to this Agreement, the Storm Recovery Property includes: ii : (1) the right to impose, bill, charge, collect and receive the Storm Recovery Charges, including the right to receive Storm Recovery Charges in amounts and at times sufficient to pay principal and interest on the Storm Recovery Bonds, (2) 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 reserve 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)Property, or to use the Seller’s 's remaining portion of those proceeds, iii , (3) the rights to file for periodic adjustments of the Storm Recovery Charges as provided in the Financing Order, and (4) all revenues, collections, claims, rights to payments, payments, money, or proceeds arising from the rights and interests resulting from the Storm Recovery Charges. (c) Upon the effectiveness of the Issuance Advice Letter and the Rate SchedulesTariff, the transfer of the Seller’s 's rights and interests under the Financing Order and the Issuer’s 's purchase of the Storm Recovery Property from the Seller on the Closing Transfer Date pursuant to this Agreement, the Storm Recovery Property will not be subject to any Lien created by a previous indenture.

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 Property 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 SchedulesSchedule Rider, 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 : (i) the right to impose, bill, charge, collect and receive the Storm Recovery Charges, including the right to receive Storm Recovery Charges in amounts and at times sufficient to pay principal and interest on the Storm Recovery Bonds, (ii) the rights to obtain periodic adjustments of the Storm Recovery Charges as provided in the Financing Order, and (iii) all revenues, collections, claims, rights to payments, payments, money, or proceeds of or arising from the rights and interests resulting from the Storm Recovery Charges; and (iv) all other 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 Storm Recovery Reserve 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 Storm Recovery Costs associated with the June 2023 Storms (as defined in the Financing Order) and future Storm Recovery Costs by netting against the restricted regular storm recovery reserveStorm 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 SchedulesSchedule Rider, 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.