Financing Order; Other Approvals Clause Samples
The "Financing Order; Other Approvals" clause establishes the requirement for obtaining necessary authorizations and approvals related to financing arrangements and other regulatory or third-party consents. In practice, this clause typically obligates one or both parties to secure a formal financing order from a relevant authority, such as a public utilities commission, and to obtain any additional approvals needed to proceed with the transaction or project. Its core function is to ensure that all legal and regulatory prerequisites are satisfied before financial commitments are made, thereby reducing the risk of delays or invalid agreements due to missing approvals.
Financing Order; Other Approvals. On the Closing Date, under the laws of the State of South Carolina (including the Storm Recovery Law) and the United States in effect on the Closing Date: (i) The Financing Order has been issued by the Commission in accordance with the Storm Recovery Law, and such order and the process by which it was issued comply with all applicable laws, rules and regulations. The Financing Order has become effective pursuant to the Storm Recovery Law and is, and as of the date of issuance of the Storm Recovery Bonds will be, in full force and effect and final and non-appealable; (ii) the Storm Recovery Bonds will be entitled to the protections provided by the Storm Recovery Law and, accordingly, the Financing Order and the Storm Recovery Charges are irrevocable and not subject to reduction by the Commission, except for the True-Up Adjustments to the Storm Recovery Charges provided for in the Financing Order; (iii) revisions to Duke Energy Progress’s electric tariff to implement the Storm Recovery Charges have been filed and are in full force and effect, such revisions are consistent with the Financing Order, and any electric tariff implemented consistent with a Financing Order issued by the Commission is not subject to modification by the Commission except for True-Up Adjustments made in accordance with the Storm Recovery Law; (iv) the process by which the Financing Order was adopted and approved complies with all applicable laws, rules and regulations; and (vi) no Governmental Approvals, authorizations, consents, orders or other actions or filings, other than filings under the Storm Recovery Law or the UCC of South Carolina or Delaware, are required for the Seller to executed, deliver and perform its obligations under this Sale Agreement except those which have previously been obtained or made or are required to be made by the Servicer in the future pursuant to the Servicing Agreement.
Financing Order; Other Approvals. On the Closing Date, under the laws of the State of Michigan and the United States in effect on the Closing Date: (i) the Financing Order pursuant to which the rights and interests of the Seller, including the right to impose, collect and receive the Securitization Charges and the interest in and to the Securitization Property transferred on such date have been created, is Final and in full force and effect; (ii) as of the issuance of the Securitization Bonds, the Securitization Bonds are entitled to the protection provided by the Statute and, accordingly, the Financing Order and the Securitization Charges are not revocable by the Commission; (iii) as of the Closing Date, revisions to the Seller’s electric tariff to implement the Securitization Charges have been filed and are in full force and effect, and such revisions are consistent with the Financing Order and have been implemented consistent with the Financing Order; (iv) the process by which the Financing Order creating the Securitization Property was adopted and approved complies with all applicable laws, rules and regulations; (v) the Financing Order is not subject to appeal and is legally enforceable, and the process by which it was issued complied with all applicable laws, rules and regulations; and (vi) no other approval, authorization, consent, order or other action of, or filing with, any Governmental Authority is required in connection with the creation of the Securitization Property transferred on such date, except those that have been obtained or made.
Financing Order; Other Approvals. On the Series Closing Date, under the laws of the State of New Mexico (including the Energy Transition Act) and the United States in effect on the Series Closing Date: (i) the Financing Order pursuant to which the Series Property has been created is in full force and effect and is Final; (ii) as of the issuance of the Series A Bonds, the Series A Bonds are entitled to the protections provided by the Energy Transition Act and, accordingly, the Financing Order and the Series Charges are not revocable by the Commission; (iii) revisions to Public Service Company of New Mexico’s electric tariff to implement the Series Charges shall be filed not later than 15 days after the Series Closing Date and, in accordance with the Energy Transition Act, the Series Charges will become effective 15 days after such filing, such revisions shall be consistent with the Financing Order, and, pursuant to the Energy Transition Act, any electric tariff implemented consistent with a Financing Order issued by the Commission is not subject to modification by the Commission except for True-Up Adjustments made in accordance with the Energy Transition Act; (iv) the process by which the Financing Order creating the Series Property was adopted and approved complies with all applicable laws, rules and regulations; (v) the Financing Order is not subject to appeal and is legally enforceable, and the process by which it was issued complied with all applicable laws, rules and regulations and (vi) no Governmental Approvals, authorizations, consents, orders or other actions or filings, other than filings under the Energy Transition Act or the UCC of New Mexico or Delaware, are required for the Seller to executed, deliver and perform its obligations under this Sale Agreement except those which have previously been obtained or made or are required to be made by the Servicer in the future pursuant to the Servicing Agreement.
Financing Order; Other Approvals. On the Closing Date, under the laws of the State of Wisconsin and the United States in effect on the Closing Date: (i) the Financing Order pursuant to which the rights and interests of the Seller, including the right to impose, collect and receive the Environmental Control Charges and, in and to the Environmental Control Property transferred on such date have been created, is Final and in full force and effect; (ii) as of the issuance of the Environmental Trust Bonds, the Environmental Trust Bonds are entitled to the protections provided by the Statute and, accordingly, the Financing Order and the Environmental Control Charges are not revocable by the PSCW; (iii) under the terms of the Financing Order, the initial Environmental Control Charges shall become effective the first day of the first full month following the issuance of the Environmental Trust Bonds; (iv) the process by which the Financing Order creating the Environmental Control Property was adopted and approved, and the Financing Order and the Tariff themselves, comply with all applicable laws, rules and regulations; and (v) no other approval, authorization, consent, order or other action of, or filing with any Governmental Authority is required in connection with the creation of the Environmental Control Property transferred on such date, except those that have been obtained or made.
Financing Order; Other Approvals. On the Closing Date, under the laws of the Commonwealth of Virginia (including the Deferred Fuel Cost Statute) and the United States in effect on the Closing Date: (i) the Financing Order has been issued by the Commission in accordance with the Deferred Fuel Cost Statute, and such order and the process by which it was issued comply with all applicable laws, rules and regulations; (ii) the Financing Order has become effective pursuant to the Deferred Fuel Cost Statute and is and, subsequent to the earlier of the transfer of the Deferred Fuel Cost Property to the Issuer or the issuance of the Deferred Fuel Cost Bonds will be, in full force and effect and final and non-appealable; (iii) the Deferred Fuel Cost Bonds will, upon issuance, be entitled to the protections provided by the Deferred Fuel Cost Statute and, accordingly, the Financing Order and the Deferred Fuel Cost Charge are irrevocable and the Deferred Fuel Cost Charge is not subject to reduction by the Commission, except for the True-Up Adjustments to the Deferred Fuel Cost Charge provided for in the Financing Order; (iv) revisions to the Seller’s electric tariff to implement the Deferred Fuel Cost Charge have been filed and are in full force and effect, such revisions are consistent with the Financing Order, and any electric tariff implemented consistent with the Financing Order issued by the Commission is not subject to modification by the Commission except for True-Up Adjustments made in accordance with the Deferred Fuel Cost Statute; and (v) no Governmental Approvals, authorizations, consents, orders or other actions or filings, other than filings under the Deferred Fuel Cost Statute or the UCC of Virginia or Delaware, are required for the Seller to execute, deliver and perform its obligations under this Sale Agreement except those which have previously been obtained or made or are required to be made by the Servicer in the future pursuant to the Servicing Agreement.