Securitization Statute definition

Securitization Statute means any Law, including the Louisiana Electric Utility Storm Recovery Securitization Act and the Louisiana Electric Utility Investment Recovery Securitization Act, that (a) is enacted to facilitate the recovery of certain specified costs incurred by OpCo; (b) authorizes OpCo to apply for, and authorizes the applicable regulatory Governmental Authority to issue, a financing order determining the amount of specified costs OpCo will be allowed to recover; (c) provides that pursuant to the financing order, OpCo acquires an intangible property right to charge, collect, and receive amounts necessary to provide for the full recovery of the specified costs determined to be recoverable, and assures that the charges are non‑bypassable; (d) guarantees that the applicable regulatory Governmental Authority will not rescind or amend the financing order, revise the amount of specified costs, or in any way reduce or impair the value of the intangible property right, except as may be contemplated by periodic adjustments authorized by such legislation; (e) provides procedures assuring that the sale of the intangible property right from OpCo to any special purpose bankruptcy remote Person that is a wholly owned (directly or indirectly) Subsidiary of OpCo organized solely for the purpose of engaging in any securitization financing pursuant to any order of the applicable regulatory Governmental Authority will be perfected under applicable law as an absolute transfer of OpCo’s right, title, and interest in the property, and (f) authorizes the securitization of the intangible property right to recover the fixed amount of specified costs through the issuance of bonds, other evidences of Indebtedness, or certificates of participation or beneficial interest that are issued pursuant to an indenture, contract or other agreement of the OpCo or a such special bankruptcy remote Person.
Sample 1Sample 2
Securitization Statute means any Law, including the Louisiana Electric Utility Storm Recovery Securitization Act and the Louisiana Electric Utility Investment Recovery Securitization Act, that (a) is enacted to facilitate the recovery of certain specified costs incurred by the Borrower; (b) authorizes the Borrower to apply for, and authorizes the applicable regulatory Governmental Authority to issue, a financing order determining the amount of specified costs the Borrower will be allowed to recover; (c) provides that pursuant to the financing order, the Borrower acquires an intangible property right to charge, collect, and receive amounts necessary to provide for the full recovery of the specified costs determined to be recoverable, and assures that the charges are non‑bypassable; (d) guarantees that the applicable regulatory Governmental Authority will not rescind or amend the financing order, revise the amount of specified costs, or in any way reduce or impair the value of the intangible property right, except as may be contemplated by periodic adjustments authorized by such legislation; 34 Cleco Power LLC Credit Agreement
Sample 1
Securitization Statute means any Law, including the Louisiana Electric Utility Storm Recovery Securitization Act, the Louisiana Electric Utility Investment Recovery Securitization Act and the Louisiana Utilities Restoration Corporation Act, that (a) is enacted to facilitate the recovery of certain specified costs incurred by the Company; (b) authorizes the Company to apply for, and authorizes the applicable regulatory Governmental Authority to issue, a financing order determining the amount of specified costs the Company will be allowed to recover; (c) provides that pursuant to the financing order, the Company acquires or the Securitization SPE acquires an intangible property right to charge, collect, and receive amounts necessary to provide for the full recovery of the specified costs determined to be recoverable, and assures that the charges are non-bypassable; (d) guarantees that the applicable regulatory Governmental Authority will not rescind or amend the financing order, revise the amount of specified costs, or in any way reduce or impair the value of the intangible property right, except as may be contemplated by periodic adjustments authorized by such legislation; (e) provides (if applicable) procedures assuring that the sale, if any, of the intangible property right from the Company to a Securitization SPE will be perfected under applicable law as an absolute transfer of the Company’s right, title, and interest in the property, and (f) authorizes the securitization of the intangible property right to recover the fixed amount of specified costs through the issuance of bonds, other evidences of Indebtedness, or certificates of participation or beneficial interest that are issued pursuant to an indenture, contract or other agreement of the Company or a Securitization SPE.
Sample 1

Examples of Securitization Statute in a sentence

  • This Joint Petition by the Companies is the first petition by a public utility pursuant to the Securitization Statute.

  • The special purpose trust, which, like the SPE, will constitute a "financing entity" under the Securitization Statute, will sell interests in the SPE Debt Securities by issuing and selling RRBs, the proceeds of which, net of transaction expenses, will be remitted to such SPE and ultimately to CL&P.

  • The certifications of DEP, primary underwriter(s), and the Qualified Independent Third-Party shall certify whether the sale of Storm Recovery Bonds complies with the requirements of the Storm Securitization Statute and this Financing Order, and whether the structuring, marketing, and pricing of the Storm Recovery Bonds will in fact result in the lowest Storm Recovery Charge consistent with market conditions at the time the Storm Recovery Bonds were priced and the terms set forth in this Financing Order.

  • In carrying out any strategy relating to the use of proceeds, CL&P shall remain in compliance with its charter, loan agreement(s), bond indenture(s), this Financing Order and the Securitization Statute.

  • The Issuance Advice Letter shall include a certification from DEP, the primary underwriter(s), and ORS as the QITP designated by this Commission (provided one business day after the Issuance Advice Letter is filed), certifying whether the sale of Storm Recovery Bonds complies with the requirements of the Storm Securitization Statute and the Financing Order.

  • The Commission finds that DEP’s proposed up-front Financing Costs fall within this definition, and that these issuance costs are therefore Financing Costs eligible for recovery pursuant to the Storm Securitization Statute.

  • DEC’s proposed financing structure adheres to the requirements of the Securitization Statute.

  • This flexibility will ensure that DEP can achieve quantifiable net benefits for customers as required by the Storm Securitization Statute and ensure that DEP achieves the Statutory Cost Objective of lowest storm recovery charges consistent with market conditions at the time the storm recovery bonds are priced.

  • This Financing Order adheres to the statutory requirements outlined by the Storm Securitization Statute necessary to issue a financing order authorizing an electrical utility to finance storm recovery costs.

  • This evidence includes the testimony of Company witness Heath that DEP will not proceed with pricing the Storm Recovery Bonds without certifications from DEP, the primary underwriter(s) and the QITP, required by the Storm Securitization Statute.


More Definitions of Securitization Statute

Securitization Statute means any Law, including the Louisiana Electric Utility Storm Recovery Securitization Act and the Louisiana Electric Utility Investment Recovery Securitization Act, that (a) is enacted to facilitate the recovery of certain specified costs incurred by OpCo; (b) authorizes OpCo to apply for, and authorizes the applicable regulatory Governmental Authority to issue, a financing order determining the amount of specified costs OpCo will be allowed to recover; (c) provides that pursuant to the financing order, OpCo acquires an intangible property right to charge, collect, and receive amounts necessary to provide for the full recovery of the specified costs determined to be recoverable, and assures that the charges are non‑bypassable; (d) guarantees that the applicable regulatory Governmental Authority will not rescind or amend the financing order, revise the amount of specified costs, or in any way reduce or impair the value of the intangible property right, except as may be contemplated by periodic adjustments authorized by such legislation; (e) provides procedures assuring that the sale of the intangible property right from OpCo to any special purpose bankruptcy remote Person that is a wholly owned (directly or indirectly) Subsidiary of OpCo organized solely for the purpose of engaging in any securitization financing pursuant to any order of the applicable regulatory Governmental Authority will be perfected under applicable Cleco Corporate Holdings LLC Term Loan Credit Agreement law as an absolute transfer of OpCo’s right, title, and interest in the property, and (f) authorizes the securitization of the intangible property right to recover the fixed amount of specified costs through the issuance of bonds, other evidences of Indebtedness, or certificates of participation or beneficial interest that are issued pursuant to an indenture, contract or other agreement of the OpCo or a such special bankruptcy remote Person.
Sample 1

Related to Securitization Statute

  • Securitization Transaction Any transaction involving either (1) a sale or other transfer of some or all of the Mortgage Loans directly or indirectly to an issuing entity in connection with an issuance of publicly offered or privately placed, rated or unrated mortgage-backed securities or (2) an issuance of publicly offered or privately placed, rated or unrated securities, the payments on which are determined primarily by reference to one or more portfolios of residential mortgage loans consisting, in whole or in part, of some or all of the Mortgage Loans.

  • Securitization Financing means any transaction or series of transactions that may be entered into by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Company or any of its Subsidiaries) and (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets (whether now existing or arising in the future) of the Company or any of its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such Securitization Assets, proceeds of such Securitization Assets and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Securitization Assets and any Hedging Obligations entered into by the Company or any such Subsidiary in connection with such Securitization Assets.

  • EU Securitization Regulation means Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017.

  • UK Securitization Regulation means Regulation (EU) 2017/2402 as it forms part of UK domestic law as “retained EU law” by operation of the EUWA, and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019, and as further amended.

  • Permitted Securitization Financing means one or more transactions pursuant to which (i) Securitization Assets or interests therein are sold to or financed by one or more Special Purpose Securitization Subsidiaries, and (ii) such Special Purpose Securitization Subsidiaries finance their acquisition of such Securitization Assets or interests therein, or the financing thereof, by selling or borrowing against Securitization Assets and any Hedging Agreements entered into in connection with such Securitization Assets; provided, that recourse to the Borrower or any Subsidiary (other than the Special Purpose Securitization Subsidiaries) in connection with such transactions shall be limited to the extent customary (as determined by the Borrower in good faith in consultation with the Administrative Agent) for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a “true sale”/“absolute transfer” opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Special Purpose Securitization Subsidiary)).

  • Permitted Securitization Documents means all documents and agreements evidencing, relating to or otherwise governing a Permitted Securitization Financing.

  • Special Purpose Securitization Subsidiary means (i) a direct or indirect Subsidiary of the Borrower established in connection with a Permitted Securitization Financing for the acquisition of Securitization Assets or interests therein, and which is organized in a manner (as determined by the Borrower in good faith) intended to reduce the likelihood that it would be substantively consolidated with Holdings (prior to a Qualified IPO), the Borrower or any of the Subsidiaries (other than Special Purpose Securitization Subsidiaries) in the event Holdings (prior to a Qualified IPO), the Borrower or any such Subsidiary becomes subject to a proceeding under the U.S. Bankruptcy Code (or other insolvency law) and (ii) any subsidiary of a Special Purpose Securitization Subsidiary.

  • Securitization Rate means, with respect to a 2016-A Lease, an annualized rate that is equal to 7.00%.