Common use of PROPERTY OF GRANTEE Clause in Contracts

PROPERTY OF GRANTEE. To the fullest extent permitted by the Funding Law and all other applicable law, the 1998 Transition Property and the right to impose and collect IFCs contemplated thereunder constitute property rights of the Grantee and its assigns, including the Note Issuer and its assigns (including the Indenture Trustee on behalf of the Holders), which property has been placed beyond the reach of Illinois Power and its creditors, as in a true sale, and which property rights may not be limited, altered, impaired, reduced or otherwise terminated by any subsequent actions of Illinois Power or any third party and which shall, to the full extent permitted by law, be enforceable against Illinois Power, its successors and assigns, and all other third parties (including judicial lien creditors) claiming an interest therein by or through Illinois Power or its successors and assigns.

PROPERTY OF GRANTEE. To the fullest extent permitted by the Funding Law and all other applicable law, the 1998 Transition Property and the right to impose and collect IFCs contemplated thereunder constitute current property rights of the Grantee and its assigns, including the Note Issuer and its assigns (including the Indenture Trustee on behalf of the Holders), which property has been placed beyond the reach of Illinois Power and its creditors, as in a true sale, and which property rights may not be limited, altered, impaired, reduced or otherwise terminated by any subsequent actions of Illinois Power or any third party and which shall, to the full extent permitted by law, be enforceable against Illinois Power, its successors and assigns, and all other third parties (including judicial lien creditors) claiming an interest therein by or through Illinois Power or its successors and assigns.