Common use of Creation of Securitization Property Clause in Contracts

Creation of Securitization Property. (i) For purposes of the Statute and the Michigan UCC, the Securitization Property constitutes a present property right; (ii) the Securitization Property consists of (A) the irrevocable right of the Seller to impose, collect and receive SB Charges in the amount necessary to provide for full recovery of principal of and interest on the Securitization Bonds, together with Ongoing Other Qualified Costs; (B) the right under the Financing Order to obtain Periodic Adjustments of the SB Charges; and (C) all revenues, collections, payments, money and proceeds arising out of the rights and interests described in (A) and (B); and (iii) the Financing Order, including the right to collect the SB Charge, has become irrevocable and not subject to reduction, impairment or adjustment by further action of the MPSC, except for Periodic Adjustments.

Creation of Securitization Property. (i) For purposes of the Statute and the Michigan UCC, the Securitization Property constitutes a present property right; (ii) the Securitization Property consists of (A) the irrevocable right of the Seller to impose, collect and receive SB Charges in the amount necessary to provide for full recovery of principal of and interest on the Securitization Bonds, together with Ongoing Other Qualified Costs; (B) the right under the Financing Order to obtain Periodic Adjustments of the SB Charges; and (C) all revenues, collections, payments, money and proceeds arising out of the rights and interests described in (A) and (B); and (iii) the Financing Order, including the right to collect the SB Charge, has become irrevocable and not subject to reduction, impairment or adjustment by further action of the MPSC, except for Periodic Period Adjustments.