Common use of First Priority Security Interest Clause in Contracts

First Priority Security Interest. To secure its obligations under this Agreement, and until released as provided herein, Seller hereby grants to Anaheim a present and continuing first-priority security interest (“Security Interest”) in, and lien on (and right to net against), and assignment of the Development Security and Performance Assurance posted pursuant to Sections 3.06 and 8.02, and all interest thereon or proceeds resulting therefrom or from the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of Anaheim, and Seller agrees to take all action as Anaheim reasonably requires in order to perfect Anaheim’s Security Interest in, and lien on (and right to net against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or any time after the occurrence of, and during the continuation of, an Event of Default caused by Seller, an Early Termination Date resulting from an Event of Default caused by Seller, or an occasion provided for in this Agreement where Anaheim is authorized to retain all or a portion of the Development Security or Performance Assurance, Anaheim may do any one or more of the following: (a) Exercise any of its rights and remedies with respect to the Development Security and Performance Assurance, including any such rights and remedies under Applicable Laws then in effect; (b) Draw on any outstanding Letter of Credit issued for its benefit; and (c) Liquidate all Development Security and Performance Assurance then held by or for the benefit of Anaheim free from any claim or right of any nature whatsoever of Seller, including any equity or right of purchase or redemption by Seller. Anaheim shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce Seller’s obligations under this Agreement, subject to Anaheim’s obligation to return any surplus proceeds remaining after these obligations are satisfied in full. Notwithstanding the foregoing, Seller remains liable for any amounts owing to Anaheim after such application.

First Priority Security Interest. To secure Seller’s performance of its obligations under this Agreement, and until released as provided herein, Seller hereby grants to Anaheim SCE a present and continuing first-priority security interest (“Security Interest”) in, and lien on (and right to net of setoff against), and assignment of the Development Security and Performance Assurance posted pursuant to Sections 3.06 and 8.02Assurance, and any and all interest thereon or proceeds resulting therefrom or from the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of AnaheimSCE, and Seller agrees to take all such action as Anaheim SCE reasonably requires in order to perfect AnaheimSCE’s Security Interest in, and lien on (and right to net of setoff against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or any time after the occurrence of, or deemed occurrence and during the continuation of, of an Event of Default caused by Seller, or an Early Termination Date resulting from an Event of Default caused by SellerDate, or an occasion provided for in this Agreement where Anaheim is authorized to retain all or a portion of the Development Security or Performance Assurance, Anaheim SCE may do any one or more of the following: (a) Exercise : exercise any of its rights and remedies with respect to the Development Security and all Performance Assurance, including any such rights and remedies under Applicable Laws law then in effect; (b) Draw ; exercise any of its rights of setoff against any and all property of Seller in SCE’s possession; draw on any outstanding Letter of Credit issued for its benefit; and (c) Liquidate and liquidate all Development Security and Performance Assurance then held by or for the benefit of Anaheim SCE free from any claim or right of any nature whatsoever of Seller, including any equity or right of purchase or redemption by Seller. Anaheim SCE shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce Seller’s obligations under this AgreementAgreement (Seller remaining liable for any amounts owing to SCE after such application), subject to AnaheimSCE’s obligation to return any surplus proceeds remaining after these such obligations are satisfied in full. Notwithstanding Uniform Commercial Code Waiver. This Agreement sets forth the foregoingentirety of the agreement of the Parties regarding credit, Seller remains liable collateral, financial assurances and adequate assurances. Except as expressly set forth in this Agreement, including, but not limited to, those provisions set forth in Article Thirteen and Article Three, neither Party: has or will have any obligation to post margin, provide letters of credit, pay deposits, make any other prepayments or provide any other financial assurances, in any form whatsoever, or will have reasonable grounds for any amounts owing insecurity with respect to Anaheim after such applicationthe creditworthiness of a Party that is complying with the relevant provisions of Article Thirteen and Article Three of this Agreement; and all implied rights relating to financial assurances arising from Section 2-609 of the Uniform Commercial Code or case law applying similar doctrines, are hereby waived.

First Priority Security Interest. To secure Seller’s performance of its obligations under this Agreement, and until released as provided herein, Seller hereby grants to Anaheim SCE a present and continuing first-priority security interest (“Security Interest”) in, and lien on (and right to net of setoff against), and assignment of the Development Security and Performance Assurance posted pursuant to Sections 3.06 and 8.02Assurance, and any and all interest thereon or proceeds resulting therefrom or from the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of AnaheimSCE, and Seller agrees to take all such action as Anaheim SCE reasonably requires in order to perfect AnaheimSCE’s Security Interest in, and lien on (and right to net of setoff against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or any time after the occurrence of, or deemed occurrence and during the continuation of, of an Event of Default caused by Seller, or an Early Termination Date resulting from an Event of Default caused by SellerDate, or an occasion provided for in this Agreement where Anaheim is authorized to retain all or a portion of the Development Security or Performance Assurance, Anaheim SCE may do any one or more of the following: (a) Exercise : exercise any of its rights and remedies with respect to the Development Security and all Performance Assurance, including any such rights and remedies under Applicable Laws law then in effect; (b) Draw ; exercise any of its rights of setoff against any and all property of Seller in SCE’s possession; draw on any outstanding Letter of Credit issued for its benefit; and (c) Liquidate and liquidate all Development Security and Performance Assurance then held by or for the benefit of Anaheim SCE free from any claim or right of any nature whatsoever of Seller, including any equity or right of purchase or redemption by Seller. Anaheim SCE shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce Seller’s obligations under this AgreementAgreement (Seller remaining liable for any amounts owing to SCE after such application), subject to AnaheimSCE’s obligation to return any surplus proceeds remaining after these such obligations are satisfied in full. Notwithstanding the foregoing, Seller remains liable for any amounts owing to Anaheim after such application.

First Priority Security Interest. To secure its obligations under this Agreement, and until released as provided herein, Seller hereby grants to Anaheim a present and continuing first-priority security interest (“Security Interest”) in, and lien on (and right to net against), and assignment of the Development Security and Performance Assurance posted pursuant to Sections 3.06 and 8.02, and all interest thereon or proceeds resulting therefrom or from the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of Anaheim, and Seller Xxxxxx agrees to take all action as Anaheim reasonably requires in order to perfect Anaheim’s Security Interest in, and lien on (and right to net against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or any time after the occurrence of, and during the continuation of, an Event of Default caused by Seller, an Early Termination Date resulting from an Event of Default caused by Seller, or an occasion provided for in this Agreement where Anaheim is authorized to retain all or a portion of the Development Security or Performance Assurance, Anaheim may do any one or more of the following: (a) Exercise any of its rights and remedies with respect to the Development Security and Performance Assurance, including any such rights and remedies under Applicable Laws then in effect;effect;‌ (b) Draw on any outstanding Letter of Credit issued for its benefit; and (c) Liquidate all Development Security and Performance Assurance then held by or for the benefit of Anaheim free from any claim or right of any nature whatsoever of Seller, including any equity or right of purchase or redemption by Seller. Anaheim shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce Seller’s obligations under this Agreement, subject to Anaheim’s obligation to return any surplus proceeds remaining after these obligations are satisfied in full. Notwithstanding the foregoing, Seller remains liable for any amounts owing to Anaheim after such application.application.‌

First Priority Security Interest. To secure its obligations under this Agreement, and until released as provided herein, Seller hereby grants to Anaheim a present and continuing first-priority first‐priority security interest (“Security Interest”) in, and lien on (and right to net against), and assignment of the Development Security and Performance Assurance posted pursuant to Sections 3.06 and 8.02, and all interest thereon or proceeds resulting therefrom or from the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of Anaheim, and Seller agrees to take all action as Anaheim reasonably requires in order to perfect Anaheim’s Security Interest in, and lien on (and right to net against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or any time after the occurrence of, and during the continuation of, an Event of Default caused by Seller, an Early Termination Date resulting from an Event of Default caused by Seller, or an occasion provided for in this Agreement where Anaheim is authorized to retain all or a portion of the Development Security or Performance Assurance, Anaheim may do any one or more of the following: (a) Exercise any of its rights and remedies with respect to the Development Security and Performance Assurance, including any such rights and remedies under Applicable Laws then in effect; (b) Draw on any outstanding Letter of Credit issued for its benefit; and (c) Liquidate all Development Security and Performance Assurance then held by or for the benefit of Anaheim free from any claim or right of any nature whatsoever of Seller, including any equity or right of purchase or redemption by Seller. Anaheim shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce Seller’s obligations under this Agreement, subject to Anaheim’s obligation to return any surplus proceeds remaining after these obligations are satisfied in full. Notwithstanding the foregoing, Seller remains liable for any amounts owing to Anaheim after such application.

First Priority Security Interest. To secure its obligations under this Agreement, and until released as provided herein, Seller hereby grants to Anaheim a present and continuing first-priority security interest (“Security Interest”) in, and lien on (and right to net against), and assignment of the Development Security and Performance Assurance posted pursuant to Sections 3.06 3.05 and 8.02, 8.02 and any and all interest thereon or proceeds resulting therefrom or from the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of Anaheim, and Seller agrees to take all action as Anaheim reasonably requires in order to perfect Anaheim’s Security Interest in, and lien on (and right to net against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or any time after the occurrence of, and during the continuation of, an Event of Default caused by Seller, an Early Termination Date resulting from an Event of Default caused by Seller, or an occasion provided for in this Agreement where Anaheim is authorized to retain all or a portion of the Development Security or Performance Assurance, Anaheim may do any one or more of the following: (a) Exercise any of its rights and remedies with respect to the Development Security and Performance Assurance, including any such rights and remedies under Applicable Laws law then in effect; (b) Draw on any outstanding Letter of Credit issued for its benefit; and (c) Liquidate all Development Security and Performance Assurance then held by or for the benefit of Anaheim free from any claim or right of any nature whatsoever of Seller, including any equity or right of purchase or redemption by Seller. Anaheim shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce Seller’s obligations under this AgreementAgreement (Seller remains liable for any amounts owing to Anaheim after such application), subject to Anaheim’s obligation to return any surplus proceeds remaining after these obligations are satisfied in full. Notwithstanding the foregoing, Seller remains liable for any amounts owing to Anaheim after such application.

First Priority Security Interest. To secure its obligations under this Agreement, and until released as provided herein, Seller hereby grants to Anaheim a present and continuing first-priority security interest (“Security Interest”) in, and lien on (and right to net against), and assignment of the Development Security and Performance Assurance posted pursuant to Sections 3.06 Five.6 and 8.02Ten.2, and all interest thereon or proceeds resulting therefrom or from the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of Anaheim, and Seller agrees to take all action as Anaheim reasonably requires in order to perfect Anaheim’s Security Interest in, and lien on (and right to net against), such collateral and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or any time after the occurrence of, and during the continuation of, an Event of Default caused by Seller, an Early Termination Date resulting from an Event of Default caused by Seller, or an occasion provided for in this Agreement where Anaheim is authorized to retain all or a portion of the Development Security or Performance Assurance, Anaheim may do any one or more of the following: (a) : Exercise any of its rights and remedies with respect to the Development Security and Performance Assurance, including any such rights and remedies under Applicable Laws then in effect; (b) ; Draw on any outstanding Letter of Credit issued for its benefit; and (c) and Liquidate all Development Security and Performance Assurance then held by or for the benefit of Anaheim free from any claim or right of any nature whatsoever of Seller, including any equity or right of purchase or redemption by Seller. Anaheim shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce Seller’s obligations under this Agreement, subject to Anaheim’s obligation to return any surplus proceeds remaining after these obligations are satisfied in full. Notwithstanding the foregoing, Seller remains liable for any amounts owing to Anaheim after such application.