Common use of RECITALS OF THE ISSUER Clause in Contracts

RECITALS OF THE ISSUER. The Issuer has duly authorized the execution and delivery of this Indenture and the creation and issuance of the Securitization Bonds issuable hereunder, which will be of substantially the tenor set forth herein and in the Series Supplement. The Securitization Bonds shall be non-recourse obligations and shall be secured by and payable solely out of the proceeds of the Securitization Property and the other Securitization Bond Collateral as provided herein. If and to the extent that such proceeds of the Securitization Property and the other Securitization Bond Collateral are insufficient to pay all amounts owing with respect to the Securitization Bonds, then, except as otherwise expressly provided hereunder, the Holders shall have no Claim in respect of such insufficiency against the Issuer or the Indenture Trustee, and the Holders, by their acceptance of the Securitization Bonds, waive any such Claim. All things necessary to (a) make the Securitization Bonds, when executed by the Issuer and authenticated and delivered by the Indenture Trustee hereunder and duly issued by the Issuer, valid obligations, and (b) make this Indenture a valid agreement of the Issuer, in each case, in accordance with their respective terms, have been done.

RECITALS OF THE ISSUER. The Issuer has duly authorized the execution and delivery of this Indenture and the creation and issuance of the Securitization System Restoration Bonds issuable hereunder, which will be of substantially the tenor set forth herein and in the Series Supplement. The Securitization System Restoration Bonds shall be non-recourse obligations and shall be secured by and payable solely out of the proceeds of the Securitization Transition Property and the other Securitization System Restoration Bond Collateral as provided hereinCollateral. If and to the extent that such proceeds of the Securitization Transition Property and the other Securitization System Restoration Bond Collateral are insufficient to pay all amounts owing with respect to the Securitization System Restoration Bonds, then, except as otherwise expressly provided hereunder, the Holders shall have no Claim in respect of such insufficiency against the Issuer or the Indenture Trustee, and the Holders, by their acceptance of the Securitization System Restoration Bonds, waive any such Claim. All things necessary to (a) make the Securitization System Restoration Bonds, when executed by the Issuer and authenticated and delivered by the Indenture Trustee hereunder and duly issued by the Issuer, valid obligations, and (b) make this Indenture a valid agreement of the Issuer, in each case, in accordance with their respective terms, have been done.

RECITALS OF THE ISSUER. The Issuer has duly authorized the execution and delivery of this Indenture and the creation and issuance of the Securitization one or more Series of Nuclear Asset-Recovery Bonds issuable hereunder, which will be of substantially the tenor set forth herein in a Series Supplement for each Series. Each such Series of Nuclear Asset-Recovery Bonds will be issued only under a separate Series Supplement to this Indenture duly executed and in delivered by the Issuer and the Indenture Trustee. Each Series Supplement. The Securitization of Nuclear Asset-Recovery Bonds shall be non-recourse obligations and shall be secured by and payable solely out of the proceeds of the Securitization Series Property and the other Securitization Bond Series Collateral as provided herein. If and to the extent that such proceeds of the Securitization Series Property and the other Securitization Bond Series Collateral are insufficient to pay all amounts owing with respect to the Securitization a Series of Nuclear Asset-Recovery Bonds, then, except as otherwise expressly provided hereunder, the Holders shall have no Claim in respect of such insufficiency against the Issuer or the Indenture Trustee, and the Holders, by their acceptance of the Securitization Nuclear Asset-Recovery Bonds, waive any such Claim. All things necessary to (a) make the Securitization Nuclear Asset-Recovery Bonds, when executed by the Issuer and authenticated and delivered by the Indenture Trustee hereunder and duly issued by the Issuer, valid obligations, and (b) make this Indenture a valid agreement of the Issuer, in each case, in accordance with their respective terms, have been done.