Common use of Creation of the Transition Property Clause in Contracts

Creation of the Transition Property. (a) Upon the effectiveness of the Issuance Advice Letter, the transfer of the Seller’s rights and interests under the Financing Order related to the Transition Bonds and the Issuer’s purchase of the Transition Property from the Seller pursuant to this Agreement, the Transition Property will constitute a present property right. (b) Upon the effectiveness of the Issuance Advice Letter, the transfer of the Seller’s rights and interests under the Financing Order and the Issuer’s purchase of the Transition Property from the Seller pursuant to this Agreement, the Transition Property includes: (1) the right to impose, collect and receive the Transition Charges, including the right to receive Transition Charges in amounts and at times sufficient to pay principal and interest on the Transition Bonds, (2) all rights and interest of the Seller under the Financing Order, (3) the rights to file for periodic adjustments of the Transition Charges as provided in the Financing Order, and (4) all revenues and collections resulting from the Transition Charges. (c) Upon the effectiveness of the Issuance Advice Letter, the transfer of the Seller’s rights and interests under the Financing Order and the Issuer’s purchase of the Transition Property from the Seller on such Transfer Date pursuant to this Agreement, the Transition Property will not be subject to any Lien created by a previous indenture.

Creation of the Transition Property. (a) Upon the effectiveness of the Issuance Advice Letter, Letter and the transfer of the Seller’s 's rights and interests under the Financing Order related to the Transition Bonds and the Issuer’s 's purchase of the Transition Property from the Seller pursuant to this Agreement, the Transferred Transition Property will constitute constitutes a present property right. (b) Upon the effectiveness of the Issuance Advice Letter, Letter and the transfer of the Seller’s 's rights and interests under the Financing Order and the Issuer’s 's purchase of the Transferred Transition Property from the Seller pursuant to this Agreement, the Transferred Transition Property includes, without limitation: (1) the right to impose, collect and receive the Transition ChargesCharges authorized in the Financing Order, including including, without limitation, the right to receive Transition Charges in amounts and at times sufficient to pay principal and interest on the Transition BondsBonds and make deposits to the overcollateralization subaccount, (2) all rights and interest of the Seller under the Financing Order, (3) the rights to file for periodic adjustments of the Transition Charges as provided in the Financing Order, and (4) all revenues and collections resulting from the Transition Charges. (c) Upon the effectiveness of the Issuance Advice Letter, Letter and the transfer of the Seller’s 's rights and interests under the Financing Order and the Issuer’s 's purchase of the Transferred Transition Property from the Seller on such Transfer Date pursuant to this Agreement, the Transferred Transition Property will is not be subject to any Lien created by a previous indenture.

Creation of the Transition Property. (a) Upon the effectiveness of the Issuance Advice Letter, the transfer of the Seller’s 's rights and interests under the Financing Order related to the Transition Bonds and the Issuer’s 's purchase of the Transition Property from the Seller pursuant to this Agreement, the Transferred Transition Property will constitute constitutes a present property right. (b) Upon the effectiveness of the Issuance Advice Letter, the transfer of the Seller’s 's rights and interests under the Financing Order and the Issuer’s 's purchase of the Transferred Transition Property from the Seller pursuant to this Agreement, the Transferred Transition Property includes: (1) the right to impose, collect and receive the Transition ChargesCharges authorized in the Financing Order, including the right to receive Transition Charges in amounts and at times sufficient to pay principal and interest on the Transition Bonds, (2) all rights and interest of the Seller under the Financing Order, (3) the rights to file for periodic adjustments of the Transition Charges as provided in the Financing Order, and (4) all revenues and collections resulting from the Transition Charges. (c) Upon the effectiveness of the Issuance Advice Letter, the transfer of the Seller’s 's rights and interests under the Financing Order and the Issuer’s 's purchase of the Transferred Transition Property from the Seller on such Transfer Date pursuant to this Agreement, the Transferred Transition Property will is not be subject to any Lien created by a previous indenture.