Dominion and Control Over the Transition Property Sample Clauses
The "Dominion and Control Over the Transition Property" clause establishes which party has the authority to manage, use, and make decisions regarding the transition property, typically in the context of asset transfers or securitizations. In practice, this clause clarifies whether the seller, buyer, or a third-party trustee retains the right to direct the use, collection, or disposition of the transition property, such as receivables or other financial assets. By clearly assigning control, the clause ensures that all parties understand who is responsible for the property during and after the transition, thereby reducing disputes and facilitating smooth asset management.
Dominion and Control Over the Transition Property. Notwithstanding any other provision herein, the Servicer and the Note Issuer agree that the Note Issuer shall have dominion and control over the Transition Property, and the Servicer, in accordance with the terms hereof, is acting solely as the servicing agent and custodian for the Note Issuer with respect to the Transition Property and the Transition Property Records. The Servicer hereby agrees that it shall not take any action that is not authorized by this Agreement, that is not consistent with its customary procedures and practices, or that shall impair the rights of the Note Issuer in the Transition Property, in each case unless such action is required by law or court or regulatory order.
Dominion and Control Over the Transition Property. Notwithstanding any other provision herein, the Issuer shall have dominion and control over the Transition Property, and the Servicer, in accordance with the terms hereof, is acting solely as the servicing agent and custodian for the Issuer with respect to the Transition Property and the Transition Property Records. The Servicer shall not take any action that is not authorized by this Agreement, that would contravene the Utilities Code, the PUCT Regulations or the Financing Order, that is not consistent with its customary procedures and practices, or that shall impair the rights of the Issuer in the Transition Property, in each case unless such action is required by applicable law or court or regulatory order.
Dominion and Control Over the Transition Property. Notwithstanding any other provision herein, the Servicer and the Issuer agree that the Issuer shall have dominion and control over the Transition Property, and the Servicer, in accordance with the terms hereof, is acting solely as the servicing agent and custodian for the Issuer with respect to the Transition Property and the Transition Property Records. The Servicer hereby agrees that it shall not take any action that is not authorized by this Agreement, that is not consistent with its customary procedures and practices, or that shall impair the rights of the Issuer in the Transition Property, in each case unless such action is required by law or court or regulatory order. ARTICLE III