Common use of Financing Order; Other Approvals Clause in Contracts

Financing Order; Other Approvals. On the Series Closing Date, under the laws of the State of New Mexico (including the Energy Transition Act) and the United States in effect on the Series Closing Date: (i) the Financing Order pursuant to which the Series Property has been created is in full force and effect and is Final; (ii) as of the issuance of the Series A Bonds, the Series A Bonds are entitled to the protections provided by the Energy Transition Act and, accordingly, the Financing Order and the Series Charges are not revocable by the Commission; (iii) revisions to Public Service Company of New Mexico’s electric tariff to implement the Series Charges shall be filed not later than 15 days after the Series Closing Date and, in accordance with the Energy Transition Act, the Series Charges will become effective 15 days after such filing, such revisions shall be consistent with the Financing Order, and, pursuant to the Energy Transition Act, any electric tariff implemented consistent with a Financing Order issued by the Commission is not subject to modification by the Commission except for True-Up Adjustments made in accordance with the Energy Transition Act; (iv) the process by which the Financing Order creating the Series Property was adopted and approved complies with all applicable laws, rules and regulations; (v) the Financing Order is not subject to appeal and is legally enforceable, and the process by which it was issued complied with all applicable laws, rules and regulations and (vi) no Governmental Approvals, authorizations, consents, orders or other actions or filings, other than filings under the Energy Transition Act or the UCC of New Mexico or Delaware, are required for the Seller to executed, deliver and perform its obligations under this Sale Agreement except those which have previously been obtained or made or are required to be made by the Servicer in the future pursuant to the Servicing Agreement.

Financing Order; Other Approvals. On the Series Closing Date, under the laws of the State of New Mexico Florida (including the Energy Transition ActNuclear Asset-Recovery Law) and the United States in effect on the Series Closing Date: (i) the The Financing Order has been issued by the Commission in accordance with the Nuclear Asset-Recovery Law, and such order and the process by which it was issued comply with all applicable laws, rules and regulations. The Financing Order has become effective pursuant to which the Nuclear Asset-Recovery Law and is, and as of the date of issuance of the Series Property has been created is A Bonds will be, in full force and effect and is Finalfinal and non-appealable; (ii) as of the issuance of the Series A Bonds, the Series A Bonds are will be entitled to the protections provided by the Energy Transition Act Nuclear Asset-Recovery Law and, accordingly, the Financing Order and the Series Charges are irrevocable and not revocable subject to reduction by the Commission, except for the True-Up Adjustments to the Series Charges provided for in the Financing Order; (iii) revisions to Public Service Company of New MexicoDuke Energy Florida’s electric tariff to implement the Series Charges shall be have been filed not later than 15 days after the Series Closing Date and, and are in accordance with the Energy Transition Act, the Series Charges will become effective 15 days after such filingfull force and effect, such revisions shall be are consistent with the Financing Order, and, pursuant to the Energy Transition Act, and any electric tariff implemented consistent with a Financing Order issued by the Commission is not subject to modification by the Commission except for True-Up Adjustments made in accordance with the Energy Transition ActNuclear Asset-Recovery Law; (iv) the process by which the Financing Order creating the Series Property was adopted and approved complies with all applicable laws, rules and regulations; (v) the Financing Order is not subject to appeal and is legally enforceable, and the process by which it was issued complied with all applicable laws, rules and regulations and (vi) no Governmental Approvals, authorizations, consents, orders or other actions or filings, other than filings under the Energy Transition Act Nuclear Asset-Recovery Law or the UCC of New Mexico Florida or Delaware, are required for the Seller to executed, deliver and perform its obligations under this Sale Agreement except those which have previously been obtained or made or are required to be made by the Servicer in the future pursuant to the Servicing Agreement.