Securitization Bonds Sample Clauses
The Securitization Bonds clause defines the terms and conditions under which bonds are issued as part of a securitization transaction. It typically outlines the structure of the bonds, the underlying assets that back them, and the rights and obligations of both the issuer and bondholders. For example, it may specify payment priorities, interest rates, and procedures in the event of default. The core function of this clause is to provide a clear legal framework for the issuance and management of securitization bonds, thereby facilitating the transfer of risk and ensuring investor confidence.
Securitization Bonds. Prior to the due presentment for registration of transfer of this Tranche A-1 Securitization Bond, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Tranche A-1 Securitization Bond is registered (as of the day of determination) as the owner hereof for the purpose of receiving payments of principal of and premium, if any, and interest on this Tranche A-1 Securitization Bond and for all other purposes whatsoever, whether or not this Tranche A-1 Securitization Bond be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Securitization Bonds under the Indenture at any time by the Issuer with the consent of the Holders representing not less than a majority of the Outstanding Amount of all Securitization Bonds at the time outstanding of each Tranche to be affected. The Indenture also contains provisions permitting the Holders representing specified percentages of the Outstanding Amount of the Securitization Bonds, on behalf of the Holders of all the Securitization Bonds, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Tranche A-1 Securitization Bond (or any one of more Predecessor Securitization Bonds) shall be conclusive and binding upon such Holder and upon all future Holders of this Tranche A-1 Securitization Bond and of any Tranche A-1 Securitization Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Tranche A-1 Securitization Bond. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Securitization Bonds issued thereunder. The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer on this Tranche A-1 Securitization Bond and (b) certain restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain conditions set forth in the Indenture, which provisions apply to this Tranche A-1 Securitizati...
Securitization Bonds. In order to secure the payment of principal of and interest on the Series 2001-1 Securitization Bonds issued and to be issued under the Indenture and/or any Series Supplement, the Issuer hereby confirms the Grant to the Trustee for the benefit of the Holders of the Series 2001-1 Securitization Bonds from time to time issued and Outstanding, of all of the Issuer's right, title and interest in, to and under the Collateral, including, without limitation, the Securitization Property transferred by the Seller to the Issuer as of the Initial Transfer Date pursuant to the Sale Agreement and all proceeds thereof. The Trustee, on behalf of the Holders of the Series 2001-1 Securitization Bonds, acknowledges the confirmation of such Grant, accepts the trusts hereunder in accordance with the provisions hereof and agrees to perform its duties required in the Indenture and this Supplement.
Securitization Bonds. The Trustee shall deliver the Series 2001-1 Securitization Bonds to the Issuer when authenticated in accordance with Section 2.02 of the Indenture. The Series 2001-1 Securitization Bonds of each Class shall be in the form of Exhibits A through D hereto.
Securitization Bonds theretofore canceled by the Securitization Bond Registrar or delivered to the Securitization Bond Registrar for cancella tion;
Securitization Bonds. Tranche A-1 ${__________}
Securitization Bonds. Certain regulatory assets held by the Company’s subsidiary, Consumers 2014 Securitization Funding LLC, collateralize the Company’s securitization bonds. The bondholders have no recourse to the Company’s assets except for those held by the subsidiary that issued the bonds. The Company collects securitization surcharges to cover the principal and interest on the bonds as well as certain other qualified costs. The surcharges collected are remitted to a trustee and are not available to creditors of the Company or creditors of the Company’s affiliates other than the subsidiary that issued the bonds.
Securitization Bonds. Certain regulatory assets held by the Company’s subsidiary, Consumers 2014 Securitization Funding LLC, collateralize the Company’s securitization bonds. The bondholders have no recourse to the Company’s assets except for those held by the subsidiary that issued the bonds. The Company collects securitization surcharges to cover the principal and interest on the bonds as well as certain other qualified costs. The surcharges collected are remitted to a trustee and are not available to creditors of the Company or creditors of the Company’s affiliates other than the subsidiary that issued the bonds. Revolving Credit Facilities: The following secured revolving credit facilities with banks were available at March 31, 2018. Obligations under each of these facilities are secured by first mortgage bonds, and all contain a financial covenant that requires the Company to maintain a certain total consolidated debt to consolidated capitalization ratio: Expiration Date Amount of Facility Amount Borrowed Letters of Credit Outstanding Amount Available May 27, 2022 $ 650 $ - $ 7 $ 643 November 23, 2019 250 - 15 235 September 9, 2019 30 - 30 - Short-term Borrowings: Under the Company’s commercial paper program, the Company may issue, in one or more placements, commercial paper notes with maturities of up to 365 days and that bear interest at fixed or floating rates. These issuances are supported by the Company’s revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million.