Common use of Conveyance of Storm Recovery Property Clause in Contracts

Conveyance of Storm Recovery Property. (a) In consideration of the Issuer's payment to or upon the order of the Seller of the Series A Purchase Price by wire transfer of funds immediately available on the date hereof, subject to the conditions specified in Section 2.02, the Seller does hereby irrevocably sell, transfer, assign and otherwise convey to the Issuer, without recourse (subject to the obligations of the Seller herein), all right, title and interest of the Seller in, to and under the Series A Storm-Recovery Property identified in the Bill of Sale delivered pursuant to Section 2.02(a) on the Closing ▇▇▇▇ (such sale, transfer, assignment and conveyance of the Series A Storm-Recovery Property to include, to the fullest extent permitted by the Statute and the UCC, the assignment of all revenues, collections, claims, rights, payments, money or proceeds of or arising from the Series A Storm-Recovery Charges related to the Series A Storm-Recovery Property, as the same may be adjusted from time to time, it being understood that such Series A Storm-Recovery Property does not include the right to any revenues, collections, claims, rights, payments, money or proceeds of or arising from the Tax Charges). Such sale, transfer, assignment and conveyance of the Series A Storm-Recovery Property is hereby expressly stated to be a sale or other absolute transfer and, pursuant to Section 366.8260(5)(c) of the Statute and the Financing Order, shall constitute a sale and absolute transfer of all of the Seller's right, title and interest, in, to and under, and not a borrowing secured by, the Series A Storm-Recovery Property. The preceding sentence is the statement referred to in Section 366.8260(5)(c) of the Statute. The Seller agrees and confirms that upon payment of the Series A Purchase Price and the execution and delivery of this Agreement and the related Bill of Sale, the Seller shall have no right, title or interest in, ▇▇ or under the Series A Storm-Recovery Property.