Commission Condition Sample Clauses

Commission Condition. Notwithstanding anything to the contrary in this Section 9.01 or 9.02, no supplemental indenture, shall be effective except upon satisfaction of the conditions precedent in this Section 9.03. (a) At least 15 days prior to the effectiveness of any such Supplemental Indenture or other action and after obtaining the other necessary approvals set forth in Section 9.02 (except that the consent of the Indenture Trustee may be subject to the consent of the Holders if such consent is required or sought by the Indenture Trustee in connection with such Supplemental Indenture) or prior to the effectiveness of any waiver of a default approved by the Holders of a majority of the Outstanding Amount of Storm Recovery Bonds as provided in Section 5.12, the Servicer shall have filed in Commission docket E-7, Sub 1325 written notification of any proposed amendment, with a copy delivered to the Director of the Commission and the Executive Director of the Public Staff – North Carolina Utilities Commission, which notification shall contain: (i) a reference to Docket No. E-7, Sub 1325; (ii) an Officer’s Certificate stating that the proposed Supplemental Indenture has been approved by all parties to this Indenture or alternatively, the waiver of default has been approved by the Holders of a majority of the Outstanding Amount of Storm Recovery Bonds; and (iii) a statement identifying the person to whom the Commission is to address any response to the proposed Supplemental Indenture or to request additional time. (b) If the Commission, within 15 days (subject to extension as provided in Section 9.02(c)) of receiving a notification complying with Section 9.03(a), shall have issued an order that the Commission might object to the proposed Supplemental Indenture, or to the waiver of default, then, subject to clause (c) below, such proposed amendment or modification, or the waiver of default, shall not be effective unless and until the Commission subsequently issues an order that it does not object to such proposed Supplemental Indenture. (c) If the Commission takes no action within 60 days of the filing of the notice, then such amendment or modification or waiver of default, as the case may be, may subsequently become effective upon satisfaction of the other conditions specified in Section 9.01 or 9.02. (d) Following the delivery of an order from the Commission to the Servicer under subparagraph (iii), the Servicer and the Issuer shall have the right at any time to withdraw from the ...