Powers as to Grant Clause Samples

Powers as to Grant. Conveyance and Transfer and as to Revenues of the System. (a) The Subsidiary is and will be authorized under the Act and all applicable laws to grant, convey and transfer the Revenues, and to pledge and assign the System Agreements and other moneys, securities and funds and the rights under contracts purported to be granted, conveyed and transferred by this Financing Agreement, in the manner and to the extent provided in this Financing Agreement and the Resolution. The Revenues, the System Agreements and other moneys, securities and funds and the rights under contracts so granted, conveyed, pledged and transferred are and will be free and clear of any pledge, lien, charge or encumbrance thereon or with respect thereto prior to, or of equal rank with, the pledge created or authorized by the Resolution, and all corporate action on the part of the Subsidiary to that end has been duly and validly taken. The Subsidiary shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of the Revenues, the System Agreements and other moneys, securities and funds and the rights under the contracts pledged under this Financing Agreement and the Resolution and all the rights of the Authority and the Bondholders under this Financing Agreement and the Resolution against all claims and demands of all persons whomsoever. (b) Subject to the provisions of Section 6.15 hereof, upon consummation of the merger of LIPA Acquisition Corp. with and into LILCO, the Subsidiary will be, and so long as any Authority Obligations remain outstanding will at all times continue to be, the owner of the System. Accordingly, all acts and things required to be done or performed by the Subsidiary with respect to the System hereunder shall be deemed to be acts and things which the Subsidiary will cause to be done or performed by the Subsidiary or any person acting on behalf of the Subsidiary. (c) The Subsidiary shall, so long as any Authority Obligations remain outstanding, perform all acts and duties required to be performed by it with respect to the System Agreements, and shall not permit any rescission or termination or amendment thereof, or otherwise take any action under or in connection with either, not expressly provided for by the terms thereof, which will in any manner impair or adversely affect the rights of the Subsidiary thereunder, or the rights or security of the holders of or parties to Authority Obligations under the provisions thereof or of the Resolu...