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ROBERT L. EHRLICH, JR., Governor S.B. 1
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(2) THE COMMISSION MAY ORDER THAT AMOUNTS ARISING FROM
QUALIFIED RATE STABILIZATION CHARGES BE TRANSFERRED TO A SEPARATE
ACCOUNT FOR THE FINANCING PARTIES' BENEFIT, TO WHICH THEIR LIEN AND
SECURITY INTEREST SHALL APPLY; AND
(3) ON APPLICATION BY OR ON BEHALF OF THE FINANCING PARTIES,
THE CIRCUIT COURT FOR BALTIMORE CITY, BUSINESS AND TECHNOLOGY CASE
MANAGEMENT PROGRAM, SHALL ORDER THE SEQUESTRATION AND PAYMENT TO
THE FINANCING PARTIES OF REVENUES ARISING FROM THE QUALIFIED RATE
STABILIZATION CHARGES.
(G) THE COURT ORDER UNDER SUBSECTION (F) OF THIS SECTION SHALL
REMAIN IN FULL FORCE AND EFFECT NOTWITHSTANDING ANY REORGANIZATION,
BANKRUPTCY, OR OTHER INSOLVENCY PROCEEDINGS WITH RESPECT TO THE
ELECTRIC COMPANY OR ITS SUCCESSORS OR ASSIGNEES.
(H) THIS SECTION DOES NOT LIMIT ANY OTHER REMEDIES AVAILABLE TO THE
APPLYING PARTY.
7-543.
(A) THIS SECTION APPLIES TO A PERSON THAT IS A SUCCESSOR TO AN
ELECTRIC COMPANY, WHETHER THROUGH:
(1) A REORGANIZATION, BANKRUPTCY, OR OTHER INSOLVENCY
PROCEEDING;
(2) A MERGER OR ACQUISITION, SALE, OR OTHER BUSINESS
COMBINATION; OR
(3) A TRANSFER BY OPERATION OF LAW.
(B) A SUCCESSOR TO AN ELECTRIC COMPANY SHALL PERFORM AND SATISFY
ALL OBLIGATIONS OF, AND HAVE THE SAME RIGHTS UNDER A QUALIFIED RATE
ORDER AS, THE ELECTRIC COMPANY UNDER THE QUALIFIED RATE ORDER IN THE
SAME MANNER AND TO THE SAME EXTENT AS THE ELECTRIC COMPANY, INCLUDING:
(1) COLLECTING THE REVENUES, COLLECTIONS, PAYMENTS, OR
PROCEEDS OF THE RATE STABILIZATION PROPERTY; AND
(2) PAYING THEM TO THE PERSON ENTITLED TO RECEIVE THEM.
7-544.
AN ASSIGNEE OR FINANCING PARTY MAY NOT BE CONSIDERED TO BE A PUBLIC
SERVICE COMPANY OR AN ELECTRICITY SUPPLIER SOLELY BY VIRTUE OF THE
TRANSACTIONS DESCRIBED IN THIS PART.
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- 159 -
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