Common use of State Pledge Clause in Contracts

State Pledge. Under the laws of the State of West Virginia in effect on the Closing Date, the State of West Virginia (including the PSCWV) has pledged and agreed with the Holders, pursuant to Section (q) of the Statute, as follows: “that the state will not take or permit any action that impairs the value of environmental control property or, except as allowed under subsection (e) of this section reduce, alter or impair environmental control charges that are imposed, collected and remitted for the benefit of the bondholders, any assignee, and any financing parties, until any principal, interest and redemption premium in respect of environmental control bonds, all financing costs and all amounts to be paid to an assignee or financing party under ancillary agreement are paid or performed in full.” The Issuer hereby acknowledges that the purchase of any Bond by a Holder is made in reliance on such agreement and pledge by the State of West Virginia.