Common use of Collection of Indebtedness and Suits for Enforcement by Bond Trustee Clause in Contracts

Collection of Indebtedness and Suits for Enforcement by Bond Trustee. (a) The Issuer covenants that if (i) Default is made in the payment of any interest on any Transition Bond when such interest becomes due and payable and such Default continues for a period of five days, (ii) Default is made in the payment of the then unpaid principal of any Transition Bond on the Series Termination Date or Class Termination Date, as applicable, therefor or (iii) Default is made in the payment of the Redemption Price or for any Transition Bond on the Redemption Date therefor, the Issuer will, upon demand of the Bond Trustee, pay to it, for the benefit of the Holders of the Transition Bonds of such Series, such amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Bond Trustee and its agents and counsel and the whole amount then due and payable on such Transition Bonds for principal, premium, if any, and interest, with interest upon the overdue principal and premium, if any, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue instalments of interest, at the respective Bond Rate of such Series or the applicable Class of such Series.

Collection of Indebtedness and Suits for Enforcement by Bond Trustee. (a) The Issuer covenants that if (i) Default is made in the payment of any interest on any Transition Bond when such interest becomes due and payable and such Default continues for a period of five days, (ii) Default is made in the payment of the then unpaid principal of any Transition Bond of any Series on the Rated Final Payment Date for such Series Termination Date or Class Termination Dateor, as if applicable, therefor any Class on the Rated Final Payment Date for such Class or (iii) Default is made in the payment of the Redemption Price or for any Transition Bond on the Redemption Date therefor, the Issuer will, upon demand of the Bond Trustee, pay to it, for the benefit of the Holders of the Transition Bonds of such Series, such amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Bond Trustee and its agents and counsel and the whole amount then due and payable on such Transition Bonds for principal, premium, if any, and interest, with interest upon the overdue principal and premium, if any, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue instalments of interest, at the respective Bond Rate of such Series or the applicable Class of such Series.

Collection of Indebtedness and Suits for Enforcement by Bond Trustee. (a) The Issuer covenants that if (i) Default is made in the payment of any interest on any Transition Bond when such interest becomes due and payable and such Default continues for a period of five days, (ii) Default is made in the payment of the then unpaid principal of any Transition Bond on the Series Termination Date or Class Termination Date, as applicable, therefor or (iii) Default is made in the payment of the Redemption Price or for any Transition Bond on the Redemption Date therefor, the Issuer will, upon demand of the Bond Trustee, pay to it, for the benefit of the Holders of the Transition Bonds of such Series, such amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Bond Trustee and its agents and counsel and the whole amount then due and payable on such Transition Bonds for principal, premium, if any, and interest, with interest upon the overdue principal and premium, if any, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue instalments of interest, at the respective Bond Rate of such Series or the applicable Class of such Series.