Securitized Utility Tariff definition
Examples of Securitized Utility Tariff in a sentence
Under the laws of the State of Kansas and the federal laws of the United States, no other approval, authorization, consent, order or other action of, or filing with any Governmental Authority is required in connection with the creation or transfer of the Seller’s rights and interests under the Financing Order and the Issuer’s purchase of the Securitized Utility Tariff Property from the Seller, except those that have been obtained or made.
Upon execution and delivery of this Agreement and the Bill of Sale and payment of the Purchase Price, the Seller will have no right, title or interest in, to or under the Securitized Utility Tariff Property; and that such Securitized Utility Tariff Property would not be a part of the estate of the Seller as debtor in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law.
The representations and warranties shall survive the sale of the Securitized Utility Tariff Property to the Issuer and the pledge thereof on the Closing Date to the Indenture Trustee pursuant to the Indenture.
In the event that the Seller receives collections in respect of the Securitized Utility Tariff Charges or the proceeds thereof other than in its capacity as the Servicer, the Seller agrees to pay to the Servicer, on behalf of the Issuer, all payments received by it in respect thereof as soon as practicable after receipt thereof.
As of the date hereof, the information describing the Seller under the captions “Review of Securitized Utility Tariff Property” and “The Depositor, Seller, Initial Servicer and Sponsor” in the Prospectus is true and correct in all material respects.
As of the Closing Date, the Seller makes the following representations and warranties on which the Issuer has relied and will rely in acquiring the Securitized Utility Tariff Property.
It is the intention of the parties hereto that (other than for United States federal income tax purposes and, to the extent consistent with applicable state tax laws, state income and franchise tax purposes) the sale, transfer, assignment, setting over and conveyance herein contemplated constitutes a sale or other absolute transfer of all right, title and interest of the Seller in and to the Securitized Utility Tariff Property from the Seller to the Issuer.
Such sale, transfer, assignment, setting over and conveyance of the Securitized Utility Tariff Property is hereby expressly stated to be a sale or other absolute transfer and, pursuant to K.S.A. §66-1,246(a) and other applicable law, is a true sale and is not a secured transaction and title and ownership has passed to the Issuer.
The Seller agrees and confirms that upon payment of the Purchase Price and the execution and delivery of this Agreement and the Bill of Sale, the sale, transfer and assignment hereunder shall be effective and the Seller shall have no right, title or interest in, to or under the Securitized Utility Tariff Property.
The Seller is not aware of any judgment or tax Lien filings against the Issuer or the Seller that would result in a Lien on the Securitized Utility Tariff Property.