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

Grant of Security Interest/Remedies. To secure its obligations under this Agreement, the XXXX Supplier hereby grants to the Companies 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 any Company or partially in the name of any Company or held for the benefit of any Company 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 any Company (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The XXXX Supplier agrees to take such action as reasonably required to create and perfect the Companies' 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 the XXXX Supplier is the Defaulting Party or an Early Termination Date (whether or not such XXXX Supplier was the Defaulting Party), the Companies may do any one or more of the following in any order: (i) exercise any of the rights and remedies of the Companies, including the right to set-off and liquidation, against any and all Margin Collateral or other collateral of such XXXX Supplier in the possession of the Companies, whether held in connection with this Agreement or any Other 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 XXXX Supplier; (ii) draw on any outstanding Letter of Credit provided by such XXXX Supplier and (iii) exercise any and all rights remedies available to it under and against any First Mortgage Bonds delivered or pledged in accordance with Section 6.9(c). The Companies will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such XXXX Supplier’s obligation under this Agreement and under any Other XXXX Supply Agreement, and such XXXX Supplier shall remain liable for any amounts owing to the Companies after such application, subject to the Companies’ obligation to return any surplus proceeds remaining after all such obligations are satisfied in full.

Grant of Security Interest/Remedies. To secure its obligations under this AgreementAgreement and to the extent either or both Parties deliver Performance Assurance hereunder, the XXXX Supplier each Party (a “Pledgor”) hereby grants to the Companies other Party (the “Secured Party”) a present and continuing security interest in, and lien on (and right of setoff against), its rightand assignment of, title all cash collateral and interestcash equivalent collateral and any and all proceeds resulting therefrom or the liquidation thereof, whether now owned or hereafter acquired held by, on behalf of, or arising, in (i) all deposit accounts in the name of any Company or partially in the name of any Company or held for the benefit of any Company of, such Secured Party, 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 any Company (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The XXXX Supplier Party agrees to take such action as the other Party reasonably required requires in order to create and perfect the Companies' first Secured Party’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 the XXXX Supplier is the Defaulting Party or an Early Termination Date (whether or not such XXXX Supplier was the Defaulting Party)Date, the Companies Non-Defaulting Party may do any one or more of the following in any orderfollowing: (i) exercise any of the rights and remedies of the Companies, including the right a Secured Party with respect to set-off and liquidation, against any and all Margin Collateral or other collateral of such XXXX Supplier in the possession of the Companies, whether held in connection with this Agreement or any Other XXXX Supply AgreementPerformance Assurance, including any such rights and remedies under law then in effect, ; (ii) exercise its rights of setoff against any and all property of the Defaulting Party in the possession of the Non-Defaulting Party or its agent; (iii) draw on any outstanding Letter of Credit issued for its benefit; and (iv) liquidate all Performance Assurance then held by or for the benefit of the Secured Party free from any claim or right of any nature whatsoever of such XXXX Supplier; (ii) draw on the Defaulting Party, including any outstanding Letter equity or right of Credit provided purchase or redemption by such XXXX Supplier and (iii) exercise any and all rights remedies available to it under and against any First Mortgage Bonds delivered or pledged in accordance with Section 6.9(c)the Defaulting Party. The Companies will Secured Party shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce such XXXX Supplierthe Pledgor’s obligation obligations under this the Agreement and under any Other XXXX Supply Agreement, and such XXXX Supplier shall remain (the Pledgor remaining liable for any amounts owing to the Companies Secured Party after such application), subject to the Companies’ Secured Party’s obligation to return any surplus proceeds remaining after all such obligations are satisfied in full.

Grant of Security Interest/Remedies. To secure its obligations under this Agreement, the XXXX Supplier hereby grants to the Companies DP&L 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 any Company DP&L or partially in the name of any Company DP&L or held for the benefit of any Company DP&L 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 any Company DP&L (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The XXXX Supplier agrees to take such action as reasonably required to create and perfect the Companies' DP&L’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 the XXXX Supplier is the Defaulting Party or an Early Termination Date (whether or not such XXXX Supplier was the Defaulting Party), the Companies DP&L may do any one or more of the following in any order: (i) exercise any of the rights and remedies of the CompaniesDP&L, including the right to set-off and liquidation, against any and all Margin Collateral or other collateral of such XXXX Supplier in the possession of the CompaniesDP&L, whether held in connection with this Agreement or any Other 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 XXXX Supplier; Supplier and (ii) draw on any outstanding Letter of Credit provided by such XXXX Supplier and (iii) exercise any and all rights remedies available to it under and against any First Mortgage Bonds delivered or pledged in accordance with Section 6.9(c)Supplier. The Companies DP&L will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such XXXX Supplier’s obligation under this Agreement and under any Other XXXX Supply Agreement, and such XXXX Supplier shall remain liable for any amounts owing to the Companies DP&L after such application, subject to the Companies’ DP&L’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 13.1.

Grant of Security Interest/Remedies. To secure its obligations under this AgreementAgreement and to the extent that the SSO Supplier delivered Margin/collateral hereunder, the XXXX SSO Supplier hereby grants to the Companies a present and continuing security interest in, and lien on (and right of setoff against), its rightand assignment of all property, title cash collateral and interestcash equivalent collateral and any and all proceeds resulting therefrom or the liquidation thereof, whether now owned or hereafter acquired held by, on behalf of, or arising, in (i) all deposit accounts in the name of any Company or partially in the name of any Company or held for the benefit of any Company of, the Companies, and all funds credited to any SSO Supplier 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 any Company (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The XXXX Supplier agrees Companies agree to take such action as reasonably required to create and perfect the Companies' secured Party’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 the XXXX Supplier is the Defaulting Party or an Early Termination Date (whether or not such XXXX Supplier was the Defaulting Party)Date, the Companies may do any one or more of the following in any order: (i) exercise any of the rights and remedies of the Companies, including the right Companies with respect to set-off and liquidation, against any and all Margin Collateral or other collateral of such XXXX Supplier in the possession of the Companies, whether held in connection with this Agreement or any Other XXXX Supply Agreementcollateral, including any such rights and remedies under law then in effect, free from any claim or right of any nature whatsoever of such XXXX Supplier; (ii) exercise their rights of setoff against any and all property of the SSO Supplier in the possession of the Companies whether held in connection with this Agreement or any other agreement(s) between the Companies and the SSO Supplier for the provision of SSO Supply; (iii) draw on any outstanding Letter letter of Credit provided by such XXXX Supplier and credit issued for their benefit; (iiiiv) exercise any and all rights remedies available to it under and against any First Mortgage Bonds delivered or pledged in accordance with Section 6.9(c); and (v) liquidate all security held by or for the benefit of the Companies free from any claim or right of any nature whatsoever of the SSO Supplier, including any equity or right of right of purchase or redemption by the SSO Supplier. The Companies will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such XXXX the SSO Supplier’s obligation under this Agreement or any other agreement(s) between the Companies and under any Other XXXX the SSO Supplier for the provision of SSO Supply Agreement, and such XXXX (the SSO Supplier shall remain remaining liable for any amounts owing to the Companies after such application), subject to the Companies’ obligation to the return of 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 in writing and shall be personally delivered or sent by overnight express mail, courier service or facsimile transmission (with the original transmitted by any of the other aforementioned delivery methods) addressed as follows: If to a SSO Supplier: Notification information for each SSO Supplier is set forth on Appendix A hereto. If to the Companies to: Xxxxxx X. Xxxx Senior Business Analyst FirstEnergy Corp. 00 Xxxxx Xxxx Xxxxxx, 00xx Xxxxx Xxxxx, XX 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 xxxxx@xxxxxxxxxxxxxxx.xxx Copy to: Xxxxx X. Xxxxx Vice President, Rates & Regulatory Affairs FirstEnergy Corp. 00 Xxxxx Xxxx Xxxxxx, 0xx Xxxxx Xxxxx, XX 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 xxxxxxx@xxxxxxxxxxxxxxx.xxx Copy to: Xxxx X. Xxxxxxx Director, Regulated Commodity Sourcing 0000 Xxxxxxxxxx Xxxx Xxxxxxx XX 00000-0000 Telephone: 000-000-0000 Facsimile: 000-000-0000 xxxxxxxx@xxxxxxxxxxxxxxx.xxx And: Xxxx X. Xxxxxx, Esq. FirstEnergy Corp. 00 Xxxxx Xxxx Xxxxxx Xxxxx, XX 00000 Telephone: 000-000-0000 Facsimile: 000-000-0000 xxxxxxx@xxxxxxxxxxxxxxx.xxx or to such other person at such other address as a Party may designate by like notice to the other Party. Notice received after the close of the Business Day will be deemed received on the next Business Day; provided that notice by facsimile transmission will be deemed to have been received by the recipient if the recipient confirms receipt telephonically or in writing.

Grant of Security Interest/Remedies. ‌ To secure its obligations under this Agreement, the XXXX Supplier hereby grants to the Companies DP&L 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 any Company DP&L or partially in the name of any Company DP&L or held for the benefit of any Company DP&L 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 any Company DP&L (or its agents or custodians) and (iii) all proceeds (as defined in the UCC) of any and all of the foregoing. The XXXX Supplier agrees to take such action as reasonably required to create and perfect the Companies' DP&L’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 the XXXX Supplier is the Defaulting Party or an Early Termination Date (whether or not such XXXX Supplier was the Defaulting Party), the Companies DP&L may do any one or more of the following in any order: (i) exercise any of the rights and remedies of the CompaniesDP&L, including the right to set-off and liquidation, against any and all Margin Collateral or other collateral of such XXXX Supplier in the possession of the CompaniesDP&L, whether held in connection with this Agreement or any Other 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 XXXX Supplier; Supplier and (ii) draw on any outstanding Letter of Credit provided by such XXXX Supplier and (iii) exercise any and all rights remedies available to it under and against any First Mortgage Bonds delivered or pledged in accordance with Section 6.9(c)Supplier. The Companies DP&L will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such XXXX Supplier’s obligation under this Agreement and under any Other XXXX Supply Agreement, and such XXXX Supplier shall remain liable for any amounts owing to the Companies DP&L after such application, subject to the Companies’ DP&L’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 13.1.

Grant of Security Interest/Remedies. To secure its obligations under this Agreement, the XXXX SSO Supplier hereby grants to the Companies 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 any Company or partially in the name of any Company or held for the benefit of any Company 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 any Company (or its agents or custodians) and (iii) all proceeds Deleted: and (as defined in the UCC) of any and all of the foregoing. The XXXX SSO Supplier agrees to take such action as reasonably required to create and perfect the Companies' 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 the XXXX an SSO Supplier is the Defaulting Party or an Early Termination Date (whether or not such XXXX SSO Supplier was the Defaulting Party), the Companies may do any one or more of the following in any order: (i) exercise any of the rights and remedies of the Companies, including the right to set-off and liquidation, against any and all ICR Collateral, Margin Collateral or other collateral of such XXXX SSO Supplier in the possession of the Companies, whether held in connection with this Agreement or any Other XXXX 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 XXXX SSO Supplier; (ii) draw on any outstanding Letter of Credit provided by such XXXX SSO Supplier and (iii) exercise any and all rights remedies available to it under and against any First Mortgage Bonds delivered or pledged in accordance with Section 6.9(c). The Companies will apply the proceeds of the collateral realized upon the exercise of such rights or remedies to reduce such XXXX SSO Supplier’s obligation under this Agreement and under any Other XXXX SSO Supply Agreement, and such XXXX SSO Supplier shall remain liable for any amounts owing to the Companies after such application, subject to the Companies’ 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 13.1.