Common use of Creation of Series A Storm-Recovery Property Clause in Contracts

Creation of Series A Storm-Recovery Property. (i) For purposes of the Statute, the Series A Storm-Recovery Property constitutes a present property right that will continue to exist until the Bonds issued pursuant to the Financing Order are paid in full and all Financing Costs of the Bonds have been recovered in full; and (ii) the Series A Storm-Recovery Property consists of (A) the irrevocable right of the Seller under the Financing Order to impose, collect and receive Series A Storm-Recovery Charges in the amount necessary to provide for full recovery of Principal of and Interest on the Bonds, together with other Financing Costs related to the Bonds; (B) the right under the Financing Order to obtain Periodic Adjustments of the Series A Storm-Recovery Charges; and (C) all revenues, collections, payments, money and proceeds arising out of the rights and interests described in (A) and (B); and the Series A Storm-Recovery Property does not include any right to any revenues, collections, claims, rights, payments, money or proceeds of or arising from the Tax Charges.