Common use of Irrevocable; Process Valid; No Litigation; Etc Clause in Contracts

Irrevocable; Process Valid; No Litigation; Etc. (i) Each Qualified Rate Order has been issued by the PUC in accordance with the Statute, such order and the process by which it was issued comply with all applicable laws, rules and regulations, and each such order is in full force and effect. (ii) As of the date of issuance of any Series of Transition Bonds, such Transition Bonds are entitled to the protections provided by the Statute and, accordingly, the provisions of each Qualified Rate Order relating to Intangible Transition Property and Intangible Transition Charges are not revocable by the PUC. (iii) (a) Under the Statute, neither the Commonwealth of Pennsylvania nor the PUC may limit, alter or in any way impair or reduce the value of Intangible Transition Property or Intangible Transition Charges approved by the Qualified Rate Orders or any rights thereunder, except such a limitation or alteration may be made by the Commonwealth of Pennsylvania or the PUC if adequate compensation is made by law for the full protection of the Intangible Transition Charges and of Transition Bondholders; and (b) under the Contract Clauses of the Constitutions of the Commonwealth of Pennsylvania and the United States, the Commonwealth of Pennsylvania and the PUC cannot take any action that

Irrevocable; Process Valid; No Litigation; Etc. (i) Each The Qualified Rate Order has been issued by the PUC in accordance with the Statute, such order and the process by which it was issued comply with all applicable laws, rules and regulations, and each such order is in full force and effect. (ii) As of the date of issuance of any Series of Transition Bonds, such Transition Bonds are entitled to the protections provided by the Statute and, accordingly, the provisions of each the Qualified Rate Order relating to Intangible Transition Property and Intangible Transition Charges are not revocable by the PUC. (iii) (a) Under the Statute, neither the Commonwealth of Pennsylvania nor the PUC may limit, alter or in any way impair or reduce the value of Intangible Transition Property or Intangible Transition Charges approved by the Qualified Rate Orders Order or any rights thereunder, except such a limitation or alteration may be made by the Commonwealth of Pennsylvania or the PUC if adequate compensation is made by law for the full protection of the Intangible Transition Charges and of Transition Bondholders; and (b) under the Contract Clauses of the Constitutions of the Commonwealth of Pennsylvania and the United States, the Commonwealth of Pennsylvania and the PUC cannot take any action thatthat substantially impairs the rights of the Transition Bondholders unless such action is a reasonable exercise of the Commonwealth of Pennsylvania's sovereign powers and appropriate to further a legitimate public purpose, and, under the Takings Clauses of the Pennsylvania and United States Constitutions, in the event such action constitutes a permanent appropriation of the property interest of Transition Bondholders in the Intangible Transition Property and deprives the Transition Bondholders of their reasonable expectations arising from their investments in Transition Bonds, unless just compensation, as determined by a court of

Irrevocable; Process Valid; No Litigation; Etc. (i) Each The Qualified Rate Order has been issued by the PUC in accordance with the Statute, such order and the process by which it was issued comply with all applicable laws, rules and regulations, and each such order is in full force and effect. (ii) As of the date of issuance of any Series of Transition Bonds, such Transition Bonds are entitled to the protections provided by the Statute and, accordingly, the provisions of each the Qualified Rate Order relating to Intangible Transition Property and Intangible Transition Charges are not revocable by the PUC. (iii) (a) Under the Statute, neither the Commonwealth of Pennsylvania nor the PUC may limit, alter or in any way impair or reduce the value of Intangible Transition Property or Intangible Transition Charges approved by the Qualified Rate Orders Order or any rights thereunder, except such a limitation or alteration may be made by the Commonwealth of Pennsylvania or the PUC if adequate compensation is made by law for the full protection of the Intangible Transition Charges and of Transition Bondholders; and (b) under the Contract Clauses of the Constitutions of the Commonwealth of Pennsylvania and the United States, the Commonwealth of Pennsylvania and the PUC cannot take any action thatof

Irrevocable; Process Valid; No Litigation; Etc. (i) Each The Qualified Rate Order has been issued by the PUC in accordance with the Statute, such order and the process by which it was issued comply with all applicable laws, rules and regulations, and each such order is in full force and effect. (ii) As of the date of issuance of any Series of Transition Bonds, such Transition Bonds are entitled to the protections provided by the Statute and, accordingly, the provisions of each the Qualified Rate Order relating to Intangible Transition Property and Intangible Transition Charges are not revocable by the PUC. (iii) (a) Under the Statute, neither the Commonwealth of Pennsylvania nor the PUC may limit, alter or in any way impair or reduce the value of Intangible Transition Property or Intangible Transition Charges approved by the Qualified Rate Orders Order or any rights thereunder, except such a limitation or alteration may be made by the Commonwealth of Pennsylvania or the PUC if adequate compensation is made by law for the full protection of the Intangible Transition Charges and of Transition Bondholders; and (b) under the Contract Clauses of the Constitutions of the Commonwealth of Pennsylvania and the United States, the Commonwealth of Pennsylvania and the PUC cannot take any action thatthat substantially impairs the rights of the Transition Bondholders unless such action is a reasonable exercise of the Commonwealth of Pennsylvania's sovereign powers and appropriate to further a legitimate public purpose, and, under the Takings Clauses of the Pennsylvania and United States Constitutions, in the event such action constitutes a permanent appropriation of the property interest of Transition Bondholders in the Intangible Transition Property and deprives the Transition Bondholders of their reasonable expectations arising from their investments in Transition Bonds, unless just compensation, as determined by a court of competent jurisdiction, is provided to Transition Bondholders.

Irrevocable; Process Valid; No Litigation; Etc. (i) Each The Qualified Rate Order has been issued by the PUC in accordance with the Statute, such order and the process by which it was issued comply with all applicable laws, rules and regulations, and each such order is in full force and effect. (ii) As of the date of issuance of any Series of Transition Bonds, such Transition Bonds are entitled to the protections provided by the Statute and, accordingly, the provisions of each the Qualified Rate Order relating to Intangible Transition Property and Intangible Transition Charges are not revocable by the PUC. (iii) (a) Under the Statute, neither the Commonwealth of Pennsylvania nor the PUC may limit, alter or in any way impair or reduce the value of Intangible Transition Property or Intangible Transition Charges approved by the Qualified Rate Orders Order or any rights thereunder, except such a limitation or alteration may be made by the Commonwealth of Pennsylvania or the PUC if adequate compensation is made by law for the full protection of the Intangible Transition Charges and of Transition Bondholders; and (b) under the Contract Clauses of the Constitutions of the Commonwealth of Pennsylvania and the United States, the Commonwealth of Pennsylvania and the PUC cannot take any action thatthat substantially impairs the rights of the Transition Bondholders unless such action is a reasonable exercise of the Commonwealth of Pennsylvania's sovereign powers and appropriate to further a legitimate 146