Common use of State Pledge Clause in Contracts

State Pledge. Section 4928.2315 of the Statute (the “State Pledge”) provides as follows: “The state pledges to and agrees with the bondholders, any assignee, and any financing parties under a final financing order that the state will not take or permit any action that impairs the value of phase-in-recovery property under the final financing order or revises the phase-in costs for which recovery is authorized under the final financing order or, except as allowed under section 4928.238 of the Revised Code, reduce, alter, or impair phase-in-recovery charges that are imposed, charged, collected, or remitted for the benefit of the bondholders, any assignee, and any financing parties, until any principal, interest, and redemption premium in respect of phase-in-recovery bonds, all financing costs, and all amounts to be paid to an assignee or financing party under an ancillary agreement are paid or performed in full.” The Bond Issuer hereby acknowledges that the purchase of any Bond by a Holder or the purchase of any beneficial interest in a Bond by any Person and the Bond Trustee’s obligations to perform hereunder are made in reliance on such agreement and pledge by the State of Ohio. The Bond Issuer hereby represents and warrants to the Bond Trustee, for the benefit of the Bondholders that it constitutes an “assignee” under Section 4928.23(B) of the Statute, that the Bonds constitute “bonds” under Section 4928.23(C) of the Statute, that the Bonds are entitled to the protections provided in Sections 4928.235 and 4928.2315 of the Statute, and that the Certificate Trustee, in its own name and as trustee of an express trust, as Holder of the Bonds shall be, to the extent permitted by state and federal law, entitled to enforce such sections of the Statute.