Transferred Environmental Control Property definition
Examples of Transferred Environmental Control Property in a sentence
The Servicer hereby agrees that it shall not take any action that is not authorized by this Agreement or applicable Requirements of Law, that is not consistent with its customary procedures and practices, or that shall impair the rights of the Issuer in the Transferred Environmental Control Property, in each case unless such action is required by applicable Requirements of Law.
The Servicer makes the following representations and warranties as of the Transfer Date, on which the Issuer and the PSCWV (on behalf of the Customers) has relied and will rely in acquiring the Transferred Environmental Control Property.
The representations and warranties shall survive the sale of any of the Transferred Environmental Control Property to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture.
With respect to all or any portion of the Transferred Environmental Control Property, the Servicer shall be, and hereby is, authorized and empowered by the Issuer to (a) execute and deliver, on behalf of itself or the Issuer, as the case may be, any and all instruments, documents or notices, and (b) on behalf of itself or the Issuer, as the case may be, make any filing and participate in proceedings of any kind with any Governmental Authorities, including with the PSCWV.
The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty) other than Transferred Environmental Control Property purchased from the Seller pursuant to, and in accordance with, the Sale Agreement or any expenditure made in connection with any Additional Issuance.
Except for continuation filings with the Secretary of State of the State of West Virginia, all filings, including filings with the PSCWV and the Secretary of State of the State of West Virginia pursuant to the Statute, that are necessary to fully preserve and protect the interests of the Seller in the Environmental Control Property and the Issuer in the Transferred Environmental Control Property have been executed and filed.
The Servicer shall conduct, or cause to be conducted, periodic audits of the Transferred Environmental Control Property Documentation held by it under this Agreement and of the related accounts, records and computer systems, in such a manner as shall enable the Issuer and the Indenture Trustee, as pledgee of the Issuer, to verify the accuracy of the Servicer’s record keeping.
In addition, the Servicer shall institute any action or proceeding necessary to compel performance by the PSCWV or the State of West Virginia, or any political subdivision, agency or other instrumentality of the State of West Virginia, of any of their respective obligations or duties under applicable Requirements of Law with respect to the Transferred Environmental Control Property.
The Servicer, on behalf of the Environmental Control Bondholders, shall institute any action or proceeding necessary to compel performance by the PSCWV or the State of West Virginia of any of their obligations or duties under the Statute or the Financing Order with respect to the Transferred Environmental Control Property.
Notwithstanding any other provision herein, the Servicer and the Issuer agree that the Issuer shall have dominion and control over the Transferred Environmental Control Property.