Common use of Grant of Security Interest/Remedies Clause in Contracts

Grant of Security Interest/Remedies. To secure its obligations under this Agreement, the SSO Supplier hereby grants to Duke Energy Ohio a present and continuing security interest in, and lien on (and right of setoff against), its right, title and interest, whether now owned or hereafter acquired or arising, in (i) all deposit accounts in the name of Duke Energy Ohio or partially in the name of Duke Energy Ohio or held for the benefit of Duke Energy Ohio and all funds credited to any and all of the foregoing, (ii) all securities, instruments (including promissory notes), money (each of the foregoing terms as defined in the UCC), cash and other tangible property delivered to and held by Duke Energy Ohio (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The SSO Supplier agrees to take such action as reasonably required to create and perfect Duke Energy Ohio’s first priority security interest in, and lien on (and right of setoff against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or at any time after the occurrence or deemed occurrence and during the continuation of an Event of Default where an SSO Supplier is the Defaulting Party or an Early Termination Date (whether or not such SSO Supplier was the Defaulting Party), Duke Energy Ohio may do any one or more of the following in any order: (i) exercise any of the rights and remedies of Duke Energy Ohio, including the right to set-off and liquidation, against any and all ICR Collateral, Margin Collateral or other collateral of such SSO Supplier in the possession of Duke Energy Ohio, whether held in connection with this Agreement or any Other SSO Supply Agreement, including any such rights and remedies under law then in effect, free from any claim or right of any nature whatsoever of such SSO Supplier; and (ii) draw on any outstanding Letter of Credit provided by such SSO Supplier. Duke Energy Ohio will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such SSO Supplier’s obligations under this Agreement and under any Other SSO Supplier Agreement, and such SSO Supplier shall remain liable for any amounts owing to Duke Energy Ohio after such application, subject to Duke Energy Ohio’s obligation to return any surplus proceeds remaining after all such obligations are satisfied in full. All notices, demands or requests regarding credit requirements and credit-related security or deposit transfers shall be sent in accordance with Section 12.2.

Grant of Security Interest/Remedies. To secure its obligations under this Agreement, the SSO Supplier hereby grants to Duke Energy AEP Ohio a present and continuing security interest in, and lien on (and right of setoff against), its right, title and interest, whether now owned or hereafter acquired or arising, in (i) all deposit accounts in the name of Duke Energy AEP Ohio or partially in the name of Duke Energy AEP Ohio or held for the benefit of Duke Energy AEP Ohio and all funds credited to any and all of the foregoing, (ii) all securities, instruments (including promissory notes), money (each of the foregoing terms as defined in the UCC), cash and other tangible property delivered to and held by Duke Energy AEP Ohio (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The SSO Supplier agrees to take such action as reasonably required to create and perfect Duke Energy AEP Ohio’s first priority security interest in, and lien on (and right of setoff against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or at any time after the occurrence or deemed occurrence and during the continuation of an Event of Default where an SSO Supplier is the Defaulting Party or an Early Termination Date (whether or not such SSO Supplier was the Defaulting Party), Duke Energy AEP Ohio may do any one or more of the following in any order: (i) exercise any of the rights and remedies of Duke Energy AEP Ohio, including the right to set-off and liquidation, against any and all ICR Collateral, Margin Collateral or other collateral of such SSO Supplier in the possession of Duke Energy AEP Ohio, whether held in connection with this Agreement or any Other SSO Energy Supply Agreement, including any such rights and remedies under law then in effect, free from any claim or right of any nature whatsoever of such SSO Supplier; and (ii) draw on any outstanding Letter of Credit provided by such SSO Supplier. Duke Energy AEP Ohio will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such SSO Supplier’s obligations under this Agreement and under any Other SSO Supplier Energy Supply Agreement, and such SSO Supplier shall remain liable for any amounts owing to Duke Energy AEP Ohio after such application, subject to Duke Energy AEP Ohio’s obligation to return any surplus proceeds remaining after all such obligations are satisfied in full. All notices, demands or requests regarding credit requirements and credit-related security or deposit transfers shall be sent in accordance with Section 12.2.

Grant of Security Interest/Remedies. To secure its obligations under this Agreement, the SSO XXXX Supplier hereby grants to Duke Energy Ohio a present and continuing security interest in, and lien on (and right of setoff against), its right, title and interest, whether now owned or hereafter acquired or arising, in (i) all deposit accounts in the name of Duke Energy Ohio or partially in the name of Duke Energy Ohio or held for the benefit of Duke Energy Ohio and all funds credited to any and all of the foregoing, (ii) all securities, instruments (including promissory notes), money (each of the foregoing terms as defined in the UCC), cash and other tangible property delivered to and held by Duke Energy Ohio (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The SSO XXXX Supplier agrees to take such action as reasonably required to create and perfect Duke Energy Ohio’s first priority security interest in, and lien on (and right of setoff against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or at any time after the occurrence or deemed occurrence and during the continuation of an Event of Default where an SSO the XXXX Supplier is the Defaulting Party or an Early Termination Date (whether or not such SSO the XXXX Supplier was the Defaulting Party), Duke Energy Ohio may do any one or more of the following in any order: (i) exercise any of the rights and remedies of Duke Energy Ohio, including the right to set-off and liquidation, against any and all ICR Collateral, Margin Collateral or other collateral of such SSO the XXXX Supplier in the possession of Duke Energy Ohio, whether held in connection with this Agreement or any Other SSO XXXX Supply Agreement, including any such rights and remedies under law then in effect, free from any claim or right of any nature whatsoever of such SSO the XXXX Supplier; and (ii) draw on any outstanding Letter of Credit provided by such SSO the XXXX Supplier. Duke Energy Ohio will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such SSO the XXXX Supplier’s obligations under this Agreement and under any Other SSO XXXX Supplier Agreement, and such SSO the XXXX Supplier shall remain liable for any amounts owing to Duke Energy Ohio after such application, subject to Duke Energy Ohio’s obligation to return any surplus proceeds remaining after all such obligations are satisfied in full. All notices, demands or requests regarding credit requirements and credit-related security or deposit transfers shall be sent in accordance with Section 12.2.

Grant of Security Interest/Remedies. To secure its obligations under this Agreement, the SSO XXXX Supplier hereby grants to Duke Energy AEP Ohio a present and continuing security interest in, and lien on (and right of setoff against), its right, title and interest, whether now owned or hereafter acquired or arising, in (i) all deposit accounts in the name of Duke Energy AEP Ohio or partially in the name of Duke Energy AEP Ohio or held for the benefit of Duke Energy AEP Ohio and all funds credited to any and all of the foregoing, (ii) all securities, instruments (including promissory notes), money (each of the foregoing terms as defined in the UCC), cash and other tangible property delivered to and held by Duke Energy AEP Ohio (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The SSO XXXX Supplier agrees to take such action as reasonably required to create and perfect Duke Energy AEP Ohio’s first priority security interest in, and lien on (and right of setoff against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or at any time after the occurrence or deemed occurrence and during the continuation of an Event of Default where an SSO the XXXX Supplier is the Defaulting Party or an Early Termination Date (whether or not such SSO the XXXX Supplier was the Defaulting Party), Duke Energy AEP Ohio may do any one or more of the following in any order: (i) exercise any of the rights and remedies of Duke Energy AEP Ohio, including the right to set-off and liquidation, against any and all ICR Collateral, Margin Collateral or other collateral of such SSO the XXXX Supplier in the possession of Duke Energy AEP Ohio, whether held in connection with this Agreement or any Other SSO Energy Supply Agreement, including any such rights and remedies under law then in effect, free from any claim or right of any nature whatsoever of such SSO the XXXX Supplier; and (ii) draw on any outstanding Letter of Credit provided by such SSO the XXXX Supplier. Duke Energy AEP Ohio will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such SSO the XXXX Supplier’s obligations under this Agreement and under any Other SSO Supplier Energy Supply Agreement, and such SSO the XXXX Supplier shall remain liable for any amounts owing to Duke Energy AEP Ohio after such application, subject to Duke Energy AEP Ohio’s obligation to return any surplus proceeds remaining after all such obligations are satisfied in full. All notices, demands or requests regarding credit requirements and credit-related security or deposit transfers shall be sent in accordance with Section 12.2.

Grant of Security Interest/Remedies. ‌ To secure its obligations under this Agreement, the SSO Supplier hereby grants to Duke Energy AES Ohio a present and continuing security interest in, and lien on (and right of setoff against), its right, title and interest, whether now owned or hereafter acquired or arising, in (i) all deposit accounts in the name of Duke Energy AES Ohio or partially in the name of Duke Energy AES Ohio or held for the benefit of Duke Energy AES Ohio and all funds credited to any and all of the foregoing, (ii) all securities, instruments (including promissory notes), money (each of the foregoing terms as defined in the UCC), cash and other tangible property delivered to and held by Duke Energy AES Ohio (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The SSO Supplier agrees to take such action as reasonably required to create and perfect Duke Energy AES Ohio’s first priority security interest in, and lien on (and right of setoff against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or at any time after the occurrence or deemed occurrence and during the continuation of an Event of Default where an SSO Supplier is the Defaulting Party or an Early Termination Date (whether or not such SSO Supplier was the Defaulting Party), Duke Energy AES Ohio may do any one or more of the following in any order: (i) exercise any of the rights and remedies of Duke Energy AES Ohio, including the right to set-off and liquidation, against any and all ICR Collateral, Margin Collateral or other collateral of such SSO Supplier in the possession of Duke Energy AES Ohio, whether held in connection with this Agreement or any Other SSO Supply Agreement, including any such rights and remedies under law then in effect, free from any claim or right of any nature whatsoever of such SSO Supplier; and (ii) draw on any outstanding Letter of Credit provided by such SSO Supplier. Duke Energy AES Ohio will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such SSO Supplier’s obligations obligation under this Agreement and under any Other SSO Supplier Supply Agreement, and such SSO Supplier shall remain liable for any amounts owing to Duke Energy AES Ohio after such application, subject to Duke Energy AES Ohio’s obligation to return any surplus proceeds remaining after all such obligations are satisfied in full. All notices, demands or requests regarding credit requirements and credit-related security or deposit transfers shall be sent in accordance with Section 12.213.1.

Grant of Security Interest/Remedies. To secure its obligations under this Agreement, the SSO Supplier hereby grants to Duke Energy AES Ohio a present and continuing security interest in, and lien on (and right of setoff against), its right, title and interest, whether now owned or hereafter acquired or arising, in (i) all deposit accounts in the name of Duke Energy AES Ohio or partially in the name of Duke Energy AES Ohio or held for the benefit of Duke Energy AES Ohio and all funds credited to any and all of the foregoing, (ii) all securities, instruments (including promissory notes), money (each of the foregoing terms as defined in the UCC), cash and other tangible property delivered to and held by Duke Energy AES Ohio (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The SSO Supplier agrees to take such action as reasonably required to create and perfect Duke Energy AES Ohio’s first priority security interest in, and lien on (and right of setoff against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or at any time after the occurrence or deemed occurrence and during the continuation of an Event of Default where an SSO Supplier is the Defaulting Party or an Early Termination Date (whether or not such SSO Supplier was the Defaulting Party), Duke Energy AES Ohio may do any one or more of the following in any order: (i) exercise any of the rights and remedies of Duke Energy AES Ohio, including the right to set-off and liquidation, against any and all ICR Collateral, Margin Collateral or other collateral of such SSO Supplier in the possession of Duke Energy AES Ohio, whether held in connection with this Agreement or any Other SSO Supply Agreement, including any such rights and remedies under law then in effect, free from any claim or right of any nature whatsoever of such SSO Supplier; and (ii) draw on any outstanding Letter of Credit provided by such SSO Supplier. Duke Energy AES Ohio will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such SSO Supplier’s obligations obligation under this Agreement and under any Other SSO Supplier Supply Agreement, and such SSO Supplier shall remain liable for any amounts owing to Duke Energy AES Ohio after such application, subject to Duke Energy AES Ohio’s obligation to return any surplus proceeds remaining after all such obligations are satisfied in full. All notices, demands or requests regarding credit requirements and credit-related security or deposit transfers shall be sent in accordance with Section 12.213.1.