Common use of Creation of Transferred Bondable Transition Property Clause in Contracts

Creation of Transferred Bondable Transition Property. (i) For purposes of the Competition Act, the New Jersey UCC and the Delaware UCC, the Transferred Bondable Transition Property, upon transfer thereof to the Issuer, will constitute a presently existing property right; (ii) the Bondable Transition Property includes, without limitation, (A) the irrevocable right of the Seller to charge, collect and receive, and be paid from collections of, the Transition Bond Charge in the amounts necessary to provide for the full recovery of the Bondable Stranded Costs which have been determined to be recoverable in the Financing Order and (B) all rights of the Seller under the Financing Order, including all rights to obtain periodic adjustments of the Transition Bond Charge pursuant to the Competition Act, and all revenues, collections, payments, money and proceeds arising under, or with respect to, all of the foregoing; (iii) the Bondable Transition Property is not subject to any Lien created by a previous indenture; and (iv) the Financing Order, including the right to collect the Transition Bond Charge, has become irrevocable.