§ 39-1-44 - Definitions.
SECTION 39-1-44
§ 39-1-44 Definitions. – For the purpose of this chapter, the following terms shall have the followingmeanings:
(1) "Assignee" shall mean any party to whom an electricdistribution company shall have assigned or transferred all or a portion of itsinterest, other than as security, in intangible transition property (including,without limitation, affiliates of the electric distribution company or theelectric distribution company's wholesale supplier or its affiliates), and anyother party to whom all or a portion of such interest shall subsequently be soassigned or transferred.
(2) "Contract termination fees" shall mean the fees owed bythe electric distribution company to its wholesale supplier, authorized by§ 39-1-27.4, and determined and approved by the federal energy regulatorycommission (FERC), which would include, if applicable, the contract terminationfees provided in a settlement (approved by the FERC) that may be entered intobetween (i) an electric distribution company's wholesale power supplier and(ii) the division or the commission, which settlement arises out of thecontract termination proceedings at the FERC referred to in § 39-1-27.1(b).
(3) "Financing Party" shall mean a holder of transitionbonds, including trustees, collateral agents and other such parties acting forthe benefit of such a holder.
(4) "Intangible transition charges" shall mean the amountsauthorized to be imposed and collected from customers of the electricdistribution company to recover qualified transition expenditures pursuant to asecuritization order, whether such charges are fixed, contingent orunliquidated.
(5) "Intangible transition property" shall mean the right,title and interest of an electric distribution company or assignee in asecuritization order, including all rights in, to, under and pursuant to suchorder, which rights shall include all rights to revenues, collections, claims,payments, money or other property and amounts arising from the imposition ofintangible transition charges pursuant to such order. The foregoing rightsshall include, without limitation, the right to require the electricdistribution company to provide electric services, as contemplated in thesecuritization order, but shall not include the right or duty to provide suchservices. Property or amounts collected or recovered in respect of theforegoing rights or the disposition thereof, including amounts arising from thetemporary investment or reinvestment of such amounts, are proceeds of theintangible transition property, whenever realized.
(6) "Securitization order" shall mean an order of thecommission, adopted in accordance with the provisions of this chapter,approving an application of an electric distribution company for the recoveryof qualified transition expenditures incurred by or on behalf of an electricdistribution company or assignee, including any compliance orders associatedtherewith.
(7) "Transition bonds" shall mean bonds, debentures, notes,certificates of participation or beneficial interest, and other evidences ofindebtedness or ownership, issued pursuant to an executed trust indenture orother agreement of an electric distribution company or assignee, and which aresecured by or payable from intangible transition property.
(8) "Qualified transition expenditures" shall mean (i) all ofthe contract termination fees owed by an electric distribution company to itswholesale power supplier, whether payable in money or through the transfer ofother property or rights, and (ii) any reasonable transaction costs incurred toobtain, carry, or administer the financing and transactions of an electricdistribution company or assignee, whether or not an electric distributioncompany has proposed such financing in an application for a securitizationorder, including without limitation, (A) interest and premium, if any, or withrespect to certificates of participation, beneficial interest, or ownership,amounts corresponding thereto, (B) other transaction fees, and (C) any federal,state or local tax expenses arising from the transactions.