Common use of Additional Representation Clause in Contracts

Additional Representation. Counterparty continuously represents and warrants to ENA that (a) it has the power and authority under the law of the jurisdiction of its organization or incorporation and under its organizational and constituent documents to grant to ENA a valid, enforceable, first-priority security interest in, and lien on, all Performance Assurance (other than Letters of Credit) that it provides to ENA hereunder and has taken all necessary actions to authorize the granting of that security interest and lien; (b) as of each date on which it delivers Performance Assurance to ENA or to any agent of ENA for the benefit of ENA (or, in the case of after-acquired Cash, at the time ENA or its agent acquires rights therein), it will have title to and will be the sole owner of such Performance Assurance, free and clear of any security interest, lien, pledge, charge, encumbrance, or other interests or restrictions other than the security interest granted to ENA hereby; (c) ENA will have a valid and perfected first-priority security interest in, and lien on, all Performance Assurance (other than Letters of Credit) upon receipt thereof; (d) the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any property other than the security interest and lien granted pursuant to this Annex; and (e) on each occasion that it causes the issuance, renewal, substitution, or increase (as the case may be) of a Letter of Credit, such Letter of Credit will be the legal, valid, and binding obligation of the Issuer thereof, enforceable in accordance with its terms.

Additional Representation. Counterparty Each party continuously represents and warrants to ENA the other party that (a) it has the power and authority under the law of the jurisdiction of its organization or incorporation and under its organizational and constituent documents to grant to ENA the other party, a valid, enforceable, first-priority security interest in, and lien on, all Performance Assurance (other than Letters of Credit) that it provides as the Non-Exposed Party to ENA the other party hereunder and has taken all necessary actions to authorize the granting of that security interest and lien; (b) as of each date on which it it, as the Non-Exposed Party, delivers Performance Assurance to ENA the Exposed Party or to any agent of ENA the Exposed Party for the benefit of ENA the Exposed Party (or, in the case of after-acquired Cash, at the time ENA the Exposed Party or its agent acquires rights therein), it will have title to and will be the sole owner of such Performance Assurance, free and clear of any security interest, lien, pledge, charge, encumbrance, or other interests or restrictions other than the security interest granted to ENA the Exposed Party hereby; (c) ENA the Exposed Party will have a valid and perfected first-priority security interest in, and lien on, all Performance Assurance (other than Letters of Credit) upon receipt thereof; (d) the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any property other than the security interest and lien granted pursuant to this Annex; and (e) on each occasion that it it, as the Non-Exposed Party, causes the issuance, renewal, substitution, or increase (as the case may be) of a Letter of Credit, such Letter of Credit will be the legal, valid, and binding obligation of the Issuer thereof, enforceable in accordance with its terms.

Additional Representation. Counterparty Each party continuously represents and warrants to ENA the other party that (a) it has the power and authority under the law of the jurisdiction of its organization or incorporation and under its organizational and constituent documents to grant to ENA the other party, a valid, enforceable, first-priority security interest in, and lien on, all Performance Assurance (other than Letters of Credit) that it provides as the Non-Exposed Party to ENA the other party hereunder and has taken all necessary actions to authorize the granting of that security interest and lien; (b) as of each date on which it it, as the Non-Exposed Party, delivers Performance Assurance to ENA the Exposed Party or to any agent of ENA the Exposed Party for the benefit of ENA the Exposed Party (or, in the case of after-acquired Cash, at the time ENA the Exposed Party or its agent acquires rights therein), it will have title to and will be the sole owner of such Performance Assurance, free and clear of any security interest, lien, pledge, charge, encumbrance, or other interests or restrictions other than the security interest granted to ENA the Exposed Party hereby; (c) ENA the Exposed Party will have a valid and perfected first-priority security interest in, and lien on, all Performance Assurance (other than Letters of Credit) upon receipt thereof; (d) the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any property other than the security interest and lien granted pursuant to this Annex; and (e) on each occasion that it it, as the Non-Exposed Party, causes the issuance, renewal, substitution, or increase (as the case may be) of a Letter of Credit, such Letter of Credit will be the legal, valid, and binding obligation of the Issuer issuer thereof, enforceable in accordance with its terms.