Common use of Creation of Phase-In-Recovery Property Clause in Contracts

Creation of Phase-In-Recovery Property. Upon the sale by the Seller to the Bond Issuer of all of its right, title and interest in the Phase-In-Recovery Property (i) there will arise and constitute an existing present property right and interest in such Phase-In-Recovery Property which shall continue to exist until such time as the Bonds, together with interest thereon, and all other approved Financing Costs are paid in full; (ii) the creation of the Seller’s Phase-In-Recovery Property is confirmed and is simultaneous with the sale by the Seller to the Bond Issuer of such Phase-In-Recovery Property; (iii) the Phase-In-Recovery Property includes the right, title and interest in and to all revenues, collections, claims, payments, money, or proceeds of or arising from the Phase-In-Recovery Charge, as adjusted from time to time pursuant to the Financing Order, and all rights to obtain adjustments to the Phase-In-Recovery Charge pursuant to the Financing Order; and (iv) the owner of the Phase-In-Recovery Property is legally entitled to collect payments in respect of the Phase-In-Recovery Charge in the aggregate sufficient, subject to the Cap to the extent applicable, to pay the interest on and principal of the Bonds, to pay the fees and expenses incurred by or allocable to the Bond Issuer in connection with servicing the Bonds and an allocable portion of the Certificates, and to replenish the Capital Subaccount to the Required Capital Level until the Bonds, together with interest thereon, and all other approved Financing Costs are paid in full. Notwithstanding the foregoing, the Seller makes no representation or warranty that any amounts actually collected in respect of the Phase-In-Recovery Charge will in fact be sufficient to meet payment obligations with respect to the Bonds and, hence, the Bond Issuer’s allocable portion of the Certificates.

Creation of Phase-In-Recovery Property. Upon the sale by effectiveness of the Seller to Financing Order, the Bond Issuer Issuance Advice Letter and the transfer of all of its right, title and interest in the Phase-In-Recovery Property pursuant to this Agreement: (i) there will arise the rights and constitute an existing present property interests of the Seller under the Financing Order, including the right of OPCo and interest any Successor to impose, charge and collect the Phase-In-Recovery Charges authorized in such the Financing Order, become “phase-in-recovery property” as defined in Section 4928.23(K) of the Securitization Law; (ii) the Phase-In-Recovery Property which shall continue to exist until such time as constitutes a present property right vested in the Bonds, together with interest thereon, and all other approved Financing Costs are paid in full; (ii) the creation of the Seller’s Phase-In-Recovery Property is confirmed and is simultaneous with the sale by the Seller to the Bond Issuer of such Phase-In-Recovery PropertyIssuer; (iii) the Phase-In-Recovery Property includes (A) the right, title and interest of the Seller in the Financing Order and the Phase-In-Recovery Charges and (B) the right of OPCo and any Successor to impose, charge and collect periodic adjustments (with respect to adjustments, in the manner and with the effect provided in Section 4.01(b) of the Servicing Agreement) of such Phase-In-Recovery Charges, and the rates and other charges authorized by the Financing Order and all revenues, collections, claims, payments, money, money or proceeds of or arising from the Phase-In-Recovery Charge, as adjusted from time to time pursuant to the Financing Order, and all rights to obtain adjustments to the Phase-In-Recovery Charge pursuant to the Financing OrderCharges; and (iv) the owner of the Phase-In-Recovery Property is legally entitled to xxxx Phase-In-Recovery Charges and collect payments in respect of the Phase-In-Recovery Charge Charges in the aggregate sufficient, subject to the Cap to the extent applicable, sufficient to pay the interest on and principal of the BondsPhase-In-Recovery Bonds in accordance with the Indenture, to pay Upfront Financing Costs, the fees and expenses incurred by or allocable to the Bond Issuer in connection with of servicing the Bonds and an allocable portion of the CertificatesPhase-In-Recovery Bonds, and other Ongoing Financing Costs, to replenish the Capital Subaccount to the Required Capital Level until the Bonds, together with interest thereon, and all other approved Financing Costs Phase-In-Recovery Bonds are paid in full. Notwithstanding the foregoing, the Seller makes no representation or warranty that any amounts actually collected in respect of ; and (v) the Phase-In-Recovery Charge will Property is not subject to any Lien other than any Lien created in fact be sufficient to meet payment obligations with respect favor of the Indenture Trustee for the benefit of the Holders pursuant to the Bonds and, hence, the Bond Issuer’s allocable portion Indenture and perfected pursuant to Section 4928.2312(C)(2) of the CertificatesSecuritization Law.