Additional Recovery Bonds Clause Samples

The 'Additional Recovery Bonds' clause allows for the issuance of extra bonds specifically designated for the purpose of funding recovery efforts, such as repairs or restoration following damage or loss. In practice, this clause enables an issuer to raise additional capital beyond the original bond issuance, often in response to unforeseen events like natural disasters or significant operational disruptions. By providing a mechanism for securing extra funds when needed, the clause ensures that sufficient resources are available for recovery, thereby protecting stakeholders and supporting the continuity of operations.
Additional Recovery Bonds. (a) Following the issuance by the CPUC of any Subsequent Financing Order, the Issuer may, in its sole discretion but subject to the terms contained in this Section 3.23, acquire additional and separate Series Collateral and issue Additional Recovery Bonds under any such Subsequent Indenture that are backed by such separate additional Series Collateral. Any Additional Recovery Bonds may include terms and provisions unique to such Additional Recovery Bonds. (b) The Issuer shall not issue any Additional Recovery Bonds if such Additional Recovery Bonds would result in the then-current ratings on any Outstanding Recovery Bonds or Additional Recovery Bonds being reduced or withdrawn. (c) SCE shall serve as the initial servicer and administrator for all Additional Recovery Bonds, and SCE as initial servicer and administrator cannot be removed or replaced without the requisite approval of all series of Additional Recovery Bonds, in each case in accordance with the terms of the related Subsequent Indenture and the related servicing agreement and administration agreement entered into pursuant to such Subsequent Indenture. (d) In addition to all applicable requirements set forth in any Subsequent Indenture for any Additional Recovery Bonds, the following conditions must be satisfied in connection with any issuance of Additional Recovery Bonds: (i) satisfaction of the Rating Agency Condition; (ii) Additional Recovery Bonds under any Subsequent Indenture shall have recourse only to the recovery property created by such Subsequent Indenture and funds on deposit in the trust accounts held by the indenture trustee with respect to such Additional Recovery Bonds, shall be nonrecourse to the Recovery Property securing the Recovery Bonds and shall not constitute a claim against the Issuer if revenue from the fixed recovery charges is insufficient to pay such Additional Recovery Bonds in full; (iii) the Issuer has delivered to the Indenture Trustee and each Rating Agency then rating any Series of Outstanding recovery bonds (including without limitation, the Recovery Bonds) an Opinion of Counsel of a nationally recognized firm experienced in such matters to the effect that after such issuance, in the opinion of such counsel, if the Seller were to become a debtor in a case under the United States Bankruptcy Code (Title 11, U.S.C.), a federal court exercising bankruptcy jurisdiction and exercising reasonable judgment after full consideration of all relevant factors would not orde...
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Related to Additional Recovery Bonds

  • Monthly Servicer’s Certificate On or before the Determination Date immediately preceding each Distribution Date, the Servicer shall deliver to the Depositor, the Seller, the Owner Trustee, the Indenture Trustee and each Paying Agent, with a copy to the Rating Agencies, a certificate of a Servicing Officer substantially in the form of Exhibit A (a “Servicer’s Certificate”) and attached to a Servicer’s report containing all information necessary to make the transfers and distributions pursuant to Sections 4.5, 4.6 and 4.7, together with the written statements to be furnished by the Indenture Trustee to the Certificateholders pursuant to Section 4.9 and by the Indenture Trustee to the Noteholders pursuant to Section 4.9 and pursuant to Section 6.6 of the Indenture. The Servicer shall separately identify (by account number) in a written notice to the Depositor, the Owner Trustee and the Indenture Trustee the Receivables to be repurchased by the Depositor or to be purchased by the Servicer, as the case may be, on the Business Day preceding such Distribution Date, and, upon request of one of the foregoing parties, each Receivable which became a Defaulted Receivable during the related Collection Period. The Servicer shall deliver to the Rating Agencies any information, to the extent it is available to the Servicer, that the Rating Agencies reasonably request (and the initial Servicer shall specify in writing to the successor Servicer any such requests that remain unsatisfied during the servicing transition to the successor Servicer) in order to monitor the Trust.