EEDC definition
Examples of EEDC in a sentence
PHI, Exelon and EEDC have caused to be filed with the Secretary of State of Delaware the Certificate of Conversion and the Certificate of Formation required by Section 18-214(b) of the Act, and the Conversion has become effective.
Concurrently with the Contribution described in Section 1 above, EEDC hereby agrees to be bound by the terms and conditions of the Operating Agreement and to be admitted as the Class A Member of RF HoldCo. RF HoldCo, pursuant to Sections 2.6 and 2.8 of the Operating Agreement, hereby admits EEDC as the Class A Member.
Effective as of immediately following the effective time of the Distribution and Assignment Agreement on the date hereof, and on the terms and subject to the conditions set forth herein, EEDC does hereby accept all of Exelon’s right, title and interest in and to the Class A Membership Interests.
Concurrently with the admission of EEDC as the Class A Member of RF HoldCo, Exelon shall and does hereby cease to be a member of RF HoldCo.
EEDC further agrees to keep and save harmless and to indemnify the City against any and all such claims, liabilities, demands, damages or rights, or causes of action, made or asserted by any Person arising out of or incidental to this Agreement and the performance of its terms.
Interest accrues on all draw downs, beginning on the date that the draw down is paid by the City to EEDC.
Effective as of immediately following the effective time of the Distribution and Assignment Agreement on the date hereof, and on the terms and subject to the conditions set forth herein, Exelon hereby contributes, assigns, transfers and conveys to EEDC all of Exelon’s right, title and interest in and to all of the Class A Membership Interests.
Following the admission of EEDC as the Class A Member of RF HoldCo, each of EEDC and RF HoldCo hereby acknowledge and agree that the terms and conditions of the Operating Agreement remain in full force and effect.
Exelon may Transfer all of its interest to EEDC, and EEDC may Transfer all of its Interest to PH Holdco LLC, as provided in Section 2.6. A Member may otherwise Transfer all or any portion of the Interest to one or more Successors in accordance with Section 7.2.
Immediately following the formation of the Company and the Transfer of Unregulated Businesses to EEDC as contemplated by Section 5.1.3(c), EEDC will Transfer its entire Interest as a Member to PH Holdco LLC as an absolute conveyance with the intention of removing the Company and its utility Subsidiaries from the bankruptcy estate of Exelon and EEDC.