Common use of Buyer’s Rights and Remedies Clause in Contracts

Buyer’s Rights and Remedies. If at any time an Event of Default with respect to Seller has occurred and is continuing, then, unless Seller has paid in full all of its obligations hereunder that are then due, without limiting any other rights and remedies Buyer may have under this Agreement or otherwise at law or in equity, Buyer may exercise one or more of the following rights and remedies: (a) all rights and remedies available to a secured party under applicable Law with respect to Credit Support held by Buyer and the Seller Guaranty, and (b) the right to liquidate any Credit Support held by Buyer or draw on the Seller Guaranty up to the aggregate amount payable to Buyer with respect to Seller’s obligations hereunder at the time of such liquidation or drawing and to apply the proceeds of such liquidation or draw to any such amounts payable to Buyer in such order as Buyer may elect. For the purpose of this Section 6.4, Buyer may draw on the undrawn portion of any Letter of Credit provided as Credit Support and the Seller Guaranty up to the aggregate amount payable to Buyer with respect to Seller’s obligations hereunder at the time of such liquidation or drawing. Seller shall remain liable for amounts due and owed to Buyer that remain unpaid after the application of Credit Support and draws on the Seller Guaranty pursuant to this Section 6.4.

Buyer’s Rights and Remedies. If at any time an Event of Default with respect to Seller has occurred and is continuing, then, unless Seller has paid in full all of its obligations hereunder that are then due, without limiting any other rights and remedies Buyer may have under this Agreement or otherwise at law or in equity, Buyer may exercise one or more of the following rights and remedies: (i (a) all rights and remedies available to a secured party under applicable Law with respect to Credit Support held by Buyer Buyer, and the (iithe Seller Guaranty, and (b) the right to liquidate any and all Credit Support held by Buyer or draw on the Seller Guaranty up to the aggregate amount payable to Buyer with respect to Seller’s obligations hereunder at the time of such liquidation or drawing and to apply the proceeds of such liquidation or draw to any such amounts payable to Buyer with respect to Seller’s obligations hereunder in such order as Buyer may elect. For the purpose of this Section 6.46.4,6.4, Buyer may draw on the undrawn portion of any Letter letterLetter of Credit creditCredit provided as Credit Support and the Seller Guaranty up to the aggregate amount payable ofpayable to Buyer with respect to Seller’s outstanding obligations hereunder at the time of such liquidation or drawing. Seller shall remain liable for amounts due and owed to Buyer that remain unpaid after the application of Credit Support and draws on the Seller Guaranty pursuant to this Section 6.46.4.6.