Common use of Exercise of Rights Against Performance Assurance Clause in Contracts

Exercise of Rights Against Performance Assurance. (a) If an Event of Default with respect to Seller has occurred and is continuing or an Early Termination Date has occurred or been designated as a result of an Event of Default with respect to Seller, Buyer may exercise any one or more of the rights and remedies provided under this Agreement, or as otherwise available under Applicable Law. Without limiting the foregoing, if at any time an Event of Default with respect to Seller has occurred and is continuing, or an Early Termination Date occurs or is deemed to occur as a result of an Event of Default with respect to Seller, then Buyer may, in its sole discretion, exercise any one or more of the following rights and remedies: (i) All rights and remedies available to a Buyer under the Uniform Commercial Code and any other applicable jurisdiction and other Applicable Laws with respect to the Performance Assurance held by or for the benefit of Buyer; (ii) The right to set off any Performance Assurance held by or for the benefit of Buyer against and in satisfaction of any amount payable by Seller in respect of any of its obligations; and (iii) The right to draw on any outstanding Letter of Credit issued for its benefit. (b) Buyer shall be under no obligation to prioritize the order with respect to which it exercises any one or more rights and remedies available hereunder. Seller shall in all events remain liable to Buyer for any amount payable by Seller in respect of any of its obligations remaining unpaid after any such liquidation, application and set off.

Exercise of Rights Against Performance Assurance. ‌ (a) If an Event of Default with respect to Seller has occurred and is continuing or an Early Termination Date has occurred or been designated as a result of an Event of Default with respect to Seller, Buyer may exercise any one or more of the rights and remedies provided under this Agreement, or as otherwise available under Applicable Law. Without limiting the foregoing, if at any time an Event of Default with respect to Seller has occurred and is continuing, or an Early Termination Date occurs or is deemed to occur as a result of an Event of Default with respect to Seller, then Buyer may, in its sole discretion, exercise any one or more of the following rights and remedies: (i) All rights and remedies available to a Buyer under the Uniform Commercial Code and any other applicable jurisdiction and other Applicable Laws with respect to the Performance Assurance held by or for the benefit of Buyer; (ii) The right to set off any Performance Assurance held by or for the benefit of Buyer against and in satisfaction of any amount payable by Seller in respect of any of its obligations; and (iii) The right to draw on any outstanding Letter of Credit issued for its benefit. (b) Buyer shall be under no obligation to prioritize the order with respect to which it exercises any one or more rights and remedies available hereunder. Seller shall in all events remain liable to Buyer for any amount payable by Seller in respect of any of its obligations remaining unpaid after any such liquidation, application and set off.

Exercise of Rights Against Performance Assurance. (a) If In the event that an Event of Default with respect to the Seller has occurred and is continuing or an Early Termination Date has occurred or been designated as a result of an Event of Default with respect to the Seller, Buyer SDG&E may exercise any one or more of the rights and remedies provided under this Agreement, or as otherwise available under Applicable applicable Law. Without limiting the foregoing, if at any time an Event of Default with respect to the Seller has occurred and is continuing, or an Early Termination Date occurs or is deemed to occur as a result of an Event of Default with respect to the Seller, then Buyer SDG&E may, in its sole discretion, exercise any one or more of the following rights and remedies: (i) All : all rights and remedies available to a Buyer SDG&E under the Uniform Commercial Code and any other applicable jurisdiction and other Applicable applicable Laws with respect to the Performance Assurance held by or for the benefit of Buyer; (ii) The SDG&E; the right to set off any Performance Assurance held by or for the benefit of Buyer SDG&E against and in satisfaction of any amount payable by the Seller in respect of any of its obligations; and (iii) The and the right to draw on any outstanding Letter of Credit issued for its benefit. (b) Buyer . SDG&E shall be under no obligation to prioritize the order with respect to which it exercises any one or more rights and remedies available hereunder. The Seller shall in all events remain liable to Buyer SDG&E for any amount payable by the Seller in respect of any of its obligations remaining unpaid after any such liquidation, application and set off. Subject to Section 5.2 above, in the event that SDG&E draws or otherwise sets off any portion of the Performance Assurance, Seller shall replenish such drawn or set off amount so as to maintain the full amount of the Performance Assurance as required under Section 5.1 above.