Common use of Creation of Transition Property Clause in Contracts

Creation of Transition Property. Upon the effectiveness of the Financing Order and the Issuance Advice Letter: (i) all of the Transition Property constitutes an existing property right; (ii) the Transition Property includes the right, title and interest in and to all revenues, collections, claims, payments, money, or proceeds of or arising from the RTC Charge, as adjusted from time to time pursuant to the Financing Order, and all rights to obtain adjustments to the RTC Charge pursuant to the Financing Order; and (iii) the owner of the Transition Property is legally entitled to collect payments in respect of the RTC Charge in the aggregate sufficient to pay the interest on and principal of the Notes, to pay the fees and expenses incurred by or allocable to the Note Issuer in connection with servicing the Notes and an allocable portion of the Certificates, to replenish the Capital Subaccount to the Required Capital Level and to fund the Overcollateralization Subaccount to the Required Overcollateralization Level until the Notes are paid in full. Notwithstanding the foregoing, the Seller makes no representation or warranty that any amounts actually collected in respect of the RTC Charge will in fact be sufficient to meet payment obligations with respect to the Notes and, hence, the Note Issuer’s allocable portion of the Certificates.

Creation of Transition Property. Upon the effectiveness of the Financing Order and the Issuance Advice Letter: (i) all of the Transition Property constitutes an existing property right; (ii) the Transition Property includes the right, title and interest in and to all revenues, collections, claims, payments, money, or proceeds of or arising from the RTC Charge, as adjusted from time to time pursuant to the Financing Order, and all rights to obtain adjustments to the RTC Charge pursuant to the Financing Order; and (iii) the owner of the Transition Property is legally entitled to collect payments in respect of the RTC Charge in the aggregate sufficient to pay the interest on and principal of the Notes, to pay the fees and expenses incurred by or allocable to the Note Issuer in connection with of servicing the Notes and an allocable portion of the Certificates, to replenish the Capital Subaccount to the Required Capital Level and to fund the Overcollateralization Subaccount to the Required Overcollateralization Level until the Notes and the Certificates are paid in full. Notwithstanding the foregoing, the Seller makes no representation or warranty that any amounts actually collected in respect of the RTC Charge will in fact be sufficient to meet payment obligations with respect to the Notes and, hence, the Note Issuer’s allocable portion of and the Certificates.