Common use of Creation of Transition Property Clause in Contracts

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transition Property and the transfer of the Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing Act; (ii) the Transition Property constitutes a present property right vested in the Issuer; (iii) the Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Charges and (B) the right to impose, collect and 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 System Restoration Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Charges; (iv) the owner of the Transition Property is legally entitled to xxxx System Restoration Charges and collect payments in respect of the System Restoration Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Bonds in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration Bonds, to replenish the Capital Subaccount to the Required Capital Level until the System Restoration Bonds are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges under the Financing Order, whichever is earlier, and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transition Property from obtaining adjustments and effecting allocations to the System Restoration Charges in order to collect payments of such amounts; and (v) the Transition 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 Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act or any Lien that may be granted under the Basic Documents.

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transition Property and the transfer of the Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing ActSecuritization Law; (ii) the Transition Property constitutes a present property right vested in the Issuer; (iii) the Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Charges and (B) the right to impose, collect and 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 System Restoration Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Charges; (iv) the owner of the Transition Property is legally entitled to xxxx bxxx System Restoration Charges and collect payments in respect of the System Restoration Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Bonds in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration Bonds, to replenish the Capital Subaccount to the Required Capital Level until the System Restoration Bonds are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges Charge under the Financing Order, whichever is earlier, and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transition Property from obtaining adjustments and effecting allocations to the System Restoration Charges in order to collect payments of such amounts; and (v) the Transition 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 Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act Securitization Law or any Lien that may be granted under the Basic Documents.

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transferred Transition Property and the transfer of the such Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Transition Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing ActTransition Property; (ii) the Transferred Transition Property constitutes a present property right vested in the Issuer; (iii) the Transferred Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Transition Charges and (B) the right to impose, collect and 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 System Restoration Transition Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Transition Charges; (iv) the owner of the Transferred Transition Property is legally entitled to xxxx System Restoration Transition Charges and collect payments in respect of the System Restoration Transition Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Transition Bonds of such Series in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration BondsTransition Bonds of such Series, to replenish the Capital Subaccount to the Required Capital Level until the System Restoration Transition Bonds of such Series are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges Transition Charge under the Financing Order, whichever is earlier, and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transferred Transition Property from obtaining adjustments and effecting allocations to the System Restoration Transition Charges in order to collect payments of such amounts; and (v) the Transferred Transition Property is not subject to any Lien other than any Lien the lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act or any Lien that may be granted under by the Basic Documents.

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transferred Transition Property and the transfer of the such Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Transition Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing ActTransition Property; (ii) the Transferred Transition Property constitutes a present property right vested in the Issuer; (iii) the Transferred Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Transition Charges and (B) the right to impose, collect and obtain periodic adjustments (with respect to adjustments, in the manner and with the effect provided in in Section 4.01(b4.01 (b) of the Servicing Agreement) of such System Restoration Transition Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Transition Charges; (iv) the owner of the Transferred Transition Property is legally entitled to xxxx System Restoration Transition Charges and collect payments in respect of the System Restoration Transition Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Transition Bonds of such Series in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration BondsTransition Bonds of such Series, to replenish the Capital Subaccount to the Required Capital Level until the System Restoration Transition Bonds of such Series are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges Transition Charge under the Financing Order, whichever is earlier, and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transferred Transition Property from obtaining adjustments and effecting allocations to the System Restoration Transition Charges in order to collect payments of such amounts; and (v) the Transferred Transition Property is not subject to any Lien other than any Lien the lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act or any Lien that may be granted under by the Basic Documents.

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transition Property and the transfer of the Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Transition Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing ActTransition Property; (ii) the Transition Property constitutes a present property right vested in the Issuer; (iii) the Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Transition Charges and (B) the right to impose, collect and 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 System Restoration Transition Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Transition Charges; (iv) the owner of the Transition Property is legally entitled to xxxx System Restoration Transition Charges and collect payments in respect of the System Restoration Transition Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Transition Bonds in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration Transition Bonds, to replenish the Capital Subaccount to the Required Capital Level until the System Restoration Transition Bonds are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges Transition Charge under the Financing Order, whichever is earlier, and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transition Property from obtaining adjustments and effecting allocations to the System Restoration Transition Charges in order to collect payments of such amounts; and (v) the Transition Property is not subject to any Lien other than any the Lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act or any Lien that may be granted under by the Basic Documents.

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transferred Transition Property and the transfer of the such Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Transition Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing ActTransition Property; (ii) the Transferred Transition Property constitutes a present property right vested in the Note Issuer; (iii) the Transferred Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Transition Charges and (B) the right to impose, collect and 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 System Restoration Transition Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Transition Charges; (iv) the owner of the Transferred Transition Property is legally entitled to xxxx System Restoration Transition Charges and collect payments in respect of the System Restoration Transition Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Bonds Notes of such Series in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration BondsNotes of such Series, to replenish the Capital Subaccount to the Required Capital Level and to fund the Overcollateralization Subaccount to the Required Overcollateralization Level until the System Restoration Bonds Notes of such Series are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges Transition Charge under the Financing Order, whichever is earlier, earlier and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transferred Transition Property from obtaining adjustments and effecting allocations to the System Restoration Transition Charges in order to collect payments of such amounts; and (v) the Transferred Transition Property is not subject to any Lien other than any Lien the lien created in favor of by the Indenture Trustee for the benefit of the Holders pursuant to Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act or any Lien that may be granted under the Basic DocumentsIndenture.

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transition Property and the transfer of the Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Transition Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing ActSecuritization Law; (ii) the Transition Property constitutes a present property right vested in the Issuer; (iii) the Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Transition Charges and (B) the right to impose, collect and 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 System Restoration Transition Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Transition Charges; (iv) the owner of the Transition Property is legally entitled to xxxx System Restoration bxxx Transition Charges and collect payments in respect of the System Restoration Transition Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Transition Bonds in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration Transition Bonds, to replenish the Capital Subaccount to the Required Capital Level until the System Restoration Transition Bonds are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges Transition Charge under the Financing Order, whichever is earlier, and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transition Property from obtaining adjustments and effecting allocations to the System Restoration Transition Charges in order to collect payments of such amounts; and (v) the Transition 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 Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act Securitization Law or any Lien that may be granted under the Basic Documents.

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transition Property and the transfer of the Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Transition Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing ActSecuritization Law; (ii) the Transition Property constitutes a present property right vested in the Issuer; (iii) the Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Transition Charges and (B) the right to impose, collect and 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 System Restoration Transition Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Transition Charges; (iv) the owner of the Transition Property is legally entitled to xxxx System Restoration Transition Charges and collect payments in respect of the System Restoration Transition Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Transition Bonds in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration Transition Bonds, to replenish the Capital Subaccount to the Required Capital Level until the System Restoration Transition Bonds are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges Transition Charge under the Financing Order, whichever is earlier, and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transition Property from obtaining adjustments and effecting allocations to the System Restoration Transition Charges in order to collect payments of such amounts; and (v) the Transition 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 Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act Securitization Law or any Lien that may be granted under the Basic Documents.

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transferred Transition Property and the transfer of the such Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Transition Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing ActTransition Property; (ii) the Transferred Transition Property constitutes a present property right vested in the Note Issuer; (iii) the Transferred Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Transition Charges and (B) the right to impose, collect and 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 System Restoration Transition Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Transition Charges; (iv) the owner of the Transferred Transition Property is legally entitled to xxxx System Restoration Charges transition charges and collect payments in respect of the System Restoration Transition Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Bonds Notes of such Series in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration BondsNotes of such Series, to replenish the Capital Subaccount to the Required Capital Level and to fund the Overcollateralization Subaccount to the Required Overcollateralization Level until the System Restoration Bonds Notes of such Series are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges Transition Charge under the Financing Order, whichever is earlier, earlier and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transferred Transition Property from obtaining adjustments and effecting allocations to the System Restoration Transition Charges in order to collect payments of such amounts; and (v) the Transferred Transition Property is not subject to any Lien other than any Lien the lien created in favor of by the Indenture Trustee for the benefit of the Holders pursuant to Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act or any Lien that may be granted under the Basic DocumentsIndenture.

Creation of Transition Property. Upon the effectiveness of the Financing Order, the Issuance Advice Letter and the Tariff with respect to the Transition Property and the transfer of the Transition Property pursuant to this Agreement: (i) the rights and interests of the Seller under the Financing Order, including the right to impose, collect and receive the System Restoration Transition Charges authorized in the Financing Order, become “transition property” as defined in Section 39.302(8) (as incorporated through Section 36.403(a)) of the Financing ActTransition Property; (ii) the Transition Property constitutes a present property right vested in the Issuer; (iii) the Transition Property includes (A) the right, title and interest of the Seller in the Financing Order and the System Restoration Transition Charges and (B) the right to impose, collect and 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 System Restoration Transition Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money or proceeds of or arising from the System Restoration Transition Charges; (iv) the owner of the Transition Property is legally entitled to xxxx System Restoration bxxx Transition Charges and collect payments in respect of the System Restoration Transition Charges in the aggregate sufficient to pay the interest on and principal of the System Restoration Transition Bonds in accordance with the Indenture, to pay the fees and expenses of servicing the System Restoration Transition Bonds, to replenish the Capital Subaccount to the Required Capital Level until the System Restoration Transition Bonds are paid in full or until the last date permitted for the collection of payments in respect of the System Restoration Charges Transition Charge under the Financing Order, whichever is earlier, and the Customer class allocation percentages in the Financing Order do not prohibit the owner of the Transition Property from obtaining adjustments and effecting allocations to the System Restoration Transition Charges in order to collect payments of such amounts; and (v) the Transition Property is not subject to any Lien other than any the Lien created in favor of the Indenture Trustee for the benefit of the Holders pursuant to Section 39.309 (as incorporated through Section 36.403(a)) of the Financing Act or any Lien that may be granted under by the Basic Documents.