Use of Encumbrances Sample Clauses

Use of Encumbrances. Background Since inception, the ISO has honored Existing Contracts.8 Existing Contracts are either Encumbrances9 on the ISO Controlled Grid or are Entitlement rights that a Participating TO has on transmission facilities in a balancing authority area other than the ISO. To the extent that the existing rights are not used by the existing rightsholder, then these rights are available for use in the ISO market. The ISO holds the existing rightsholder harmless from the cost of transmission and congestion because they have already paid for the transmission service through the Existing Contract. In addition, Existing Contracts have priority rights on the transmission path they have under contract. Providing this treatment for subscriber rights would be much the same, except the legacy arrangements of existing Participating TOs were established at an earlier point in time. It is not uncommon for transmission owners to have legacy arrangements, which the ISO would honor if they decided to turn operational control of their facilities and entitlements to the ISO. Here the ISO proposes to honor subscriber rights as an Encumbrance essential to development of transmission facilities and that pre-dates the transmission owner becoming a Participating TO.10 The ISO has concluded that affording Encumbrance treatment to subscriber rights under the Subscriber PTO model is appropriate and necessary because FERC’s subscriber-funded transmission approach relies on long-term contractual transmission rights to subscribers to allow the project to be funded and built in the first place. If subscriber rights are not recognized through Encumbrances, it is likely that subscriber-funded transmission projects benefiting California load-serving entities would not be built. 8 The contracts which grant transmission service rights in existence on the ISO Operations Date (including any contracts entered into pursuant to such contracts) as may be amended in accordance with their terms or by agreement between the parties thereto from time to time. Section 16 of the ISO tariff provides for treatment of Existing Contracts. There are over 40 different Encumbrances on the ISO controlled grid today.
Sample 1
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Related to Use of Encumbrances

  • Permitted Encumbrances The term “Permitted Encumbrances” shall mean:

  • Liens and Encumbrances The Company shall not directly or indirectly make, create, incur, assume or permit to exist any assignment, transfer, pledge, mortgage, security interest or other lien or encumbrance of any nature in, to or against any part of the Pledged Property or of the Company's capital stock, or offer or agree to do so, or own or acquire or agree to acquire any asset or property of any character subject to any of the foregoing encumbrances (including any conditional sale contract or other title retention agreement), or assign, pledge or in any way transfer or encumber its right to receive any income or other distribution or proceeds from any part of the Pledged Property or the Company's capital stock; or enter into any sale-leaseback financing respecting any part of the Pledged Property as lessee, or cause or assist the inception or continuation of any of the foregoing.

  • No Encumbrances Borrower has good and indefeasible title to the Collateral, free and clear of Liens except for Permitted Liens.

  • Encumbrances Create, incur, assume or suffer to exist any Lien with respect to any of its property, or assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens.

  • No Encumbrance No Work, materials or equipment covered by an approved Application for Payment will have been acquired by the Contractor, or any other person performing work at the Site or furnishing materials or equipment for the Project, subject to an agreement under which an interest therein or an encumbrance thereon is retained by the seller or otherwise imposed by the Contractor or such other person.

  • Title Encumbrances Is the Property sold subject to any Encumbrances? No Yes, listed below: ■ WARNING TO SELLER: You are required to disclose all Title Encumbrances which will remain after settlement (for example, easements on your title and statutory easements for sewerage and drainage which may not appear on a title search). Failure to disclose these may entitle the Buyer to terminate the contract or to compensation. It is NOT sufficient to state "refer to title", "search will reveal", or similar. Tenancies: TENANTS NAME: ■ If the property is sold with vacant possession from settlement, insert 'Nil'. Otherwise complete details from Residential Tenancy Agreement. TERM AND OPTIONS: STARTING DATE OF TERM: ENDING DATE OF TERM: RENT: BOND: $ $ Managing Agent: AGENCY NAME: PROPERTY MANAGER: ADDRESS: SUBURB: STATE: POSTCODE: PHONE: FAX: MOBILE: EMAIL: POOL SAFETY

  • Warranty Against Encumbrances Seller warrants that the goods are now free, and at the time of delivery shall be free, from any security interest or other lien or encumbrance.

  • ENCUMBRANCES/LIENS The Contractor shall not cause or permit any lien, attachment or other encumbrance by any person to be placed on file or to remain on file in any public office or on file with the UNDP against any monies due or to become due for any work done or materials furnished under this Contract, or by reason of any other claim or demand against the Contractor.

  • ENCUMBRANCES AND LIENS The Contractor shall not cause or permit any lien, attachment or other encumbrance by any person to be placed on file or to remain on file in any public office or on file with UNDP against any monies due to the Contractor or that may become due for any work done or against any goods supplied or materials furnished under the Contract, or by reason of any other claim or demand against the Contractor or UNDP.

  • LIENS, CLAIMS AND ENCUMBRANCES The Contractor warrants and represents that all materials, equipment or services delivered herein are free and clear of all liens, claims, or encumbrances of any kind.

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