CREATION OF 1998 TRANSITION PROPERTY Clause Samples

The 'Creation of 1998 Transition Property' clause establishes the legal existence of a specific type of property right, known as transition property, which was created in 1998. This clause typically outlines the process by which this property right is defined, recorded, and recognized, often in the context of utility regulation or securitization transactions. For example, it may specify that certain rights to receive future revenues or charges are designated as transition property and can be pledged or transferred. The core function of this clause is to ensure that these property rights are clearly established and legally enforceable, thereby facilitating financial transactions or regulatory compliance involving such assets.
CREATION OF 1998 TRANSITION PROPERTY. Upon the effectiveness of the 1998 Initial Tariff: (i) all of the 1998 Transition Property constitutes a current property right vested in the Grantee; (ii) the 1998 Transition Property includes, without limitation, (A) the right, title and interest in the IFCs authorized under the 1998 Funding Order, as adjusted from time to time, (B) the right, title and interest in all revenues, collections, claims, payments, money or proceeds of or arising from the IFCs set forth in the 1998 Initial Tariff, and (C) all rights to compel Illinois Power, as Servicer (or any successor), to file for and obtain adjustments to the IFCs pursuant to the 1998 Funding Order; and (iii) the Grantee is entitled to impose and collect the IFCs described in the 1998 Funding Order and the 1998 Initial Tariff in an aggregate amount equal to the principal amount of the Notes, all interest thereon, all amounts required to be deposited in the Reserve Subaccount, the Over-collateralization Subaccount and the Capital Subaccount, and all related fees, costs and expenses in respect of the Notes until they have been paid in full, subject only to the $1.634 billion limitation set forth in the 1998 Funding Order as to the maximum dollar amount of 1998 Transition Property created thereunder.
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CREATION OF 1998 TRANSITION PROPERTY. Upon the effectiveness of the 1998 Initial Tariff: (i) all of the 1998 Transition Property constitutes a current property right vested in the Grantee; (ii) the 1998 Transition Property includes, without limitation, (A) the right, title and interest in the IFCs authorized under the 1998 Funding Order, as adjusted from time to time, (B) the right, title and interest in all revenues, collections, claims, payments, money or proceeds of or arising from the IFCs set forth in the 1998 Initial Tariff, and (C) all rights to obtain adjustments to the IFCs pursuant to the 1998 Funding Order; and (iii) the Grantee is entitled to impose and collect the IFCs described in the 1998 Funding Order and the 1998 Initial Tariff in an aggregate amount equal to the principal amount of the Notes, all interest thereon, all amounts required to be deposited in the Reserve Subaccount, the Overcollateralization Subaccount and (to the extent payable from the proceeds of the IFCs) the Capital Subaccount, and all related fees, costs and expenses in respect of the Notes until they have been paid in full, subject only to the $6.323 billion limitation set forth in the 1998 Funding Order as to the maximum dollar amount of 1998 Transition Property created thereunder.
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Related to CREATION OF 1998 TRANSITION PROPERTY

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