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

Grant of Security Interest/Remedies. To the extent a Party requires Performance Assurance and/or has received a credit support document under this Agreement, then the Posting Party hereby grants to the Secured Party a present and continuing security interest in same. Upon or at any time after the designation or deemed designation of an Early Termination Date, the Defaulting Party must return all remaining Performance Assurance transferred to it pursuant to this Agreement, as applicable, and all proceeds resulting therefrom or the liquidation thereof.

Grant of Security Interest/Remedies. To the extent a Party requires Performance Assurance and/or has received a credit support document Credit Support Document under this Agreement, then the Posting Party hereby grants to the Secured Party a present and continuing security interest in samesame (excluding, for the avoidance of doubt, a letter of credit or a guaranty). Upon or at any time after the designation or deemed designation of an Early Termination Date, the Defaulting Party must return all remaining Performance Assurance transferred to it pursuant to this Agreement, as applicable, Agreement and all proceeds resulting therefrom or the liquidation thereof.