Common use of Failure to Provide Performance Assurance Clause in Contracts

Failure to Provide Performance Assurance. In the event of any Performance Assurance Deficiency arising under section 7.5 above: (a) If Company does not fully remedy the Performance Assurance Deficiency by the date falling ten (10) days after the date when TVA gives a notice of such deficiency under section 7.5 above (or such later date as may be agreed upon), TVA shall have the right, upon five (5) days’ notice, to discontinue the supply of power to Company, and may refuse to resume delivery as long as Performance Assurance has not been provided to fully remedy the deficiency. Discontinuance of supply of power under this subsection 7.6(a) will not relieve Company of any contractual obligations, including but not limited to its liability for minimum monthly charges or for payment of past due amounts. (b) If Company does not fully remedy the Performance Assurance Deficiency by the date falling 30 days after the date when TVA gives notice of such deficiency under section 7.5 above, TVA shall have the right to consider this Agreement breached and to cancel this Agreement upon written notice that if full Performance Assurance is not received within five (5) days (or such longer period as may be specified by TVA) after the date of said notice, this Agreement shall be deemed irreparably breached and canceled and such cancellation by TVA shall be without waiver of any amounts that may be due or of any rights including the right to damages for such breach that may have accrued up to and including the date of such cancellation.

Failure to Provide Performance Assurance. In the event of any Performance Assurance Deficiency arising under section 7.5 4.5 above: (a) If Company does not fully remedy the Performance Assurance Deficiency by the date falling ten (10) 10 days after the date when TVA gives a notice of such deficiency under section 7.5 4.5 above (or such later date as may be agreed upon), TVA shall have the right, upon five (5) 5 days’ notice, to discontinue the supply of power to Companypower, and may refuse to resume delivery as long as Performance Assurance has not been provided to fully remedy the deficiency. Discontinuance of supply of power under this subsection 7.6(aparagraph (a) will shall not relieve Company of any contractual obligations, including but not limited to its liability for minimum monthly charges or for payment of past due amounts. (b) If Company does not fully remedy the Performance Assurance Deficiency by the date falling 30 days after the date when TVA gives a notice of such deficiency under section 7.5 4.5 above, TVA shall have the right to consider this Agreement the contract breached and to cancel this Agreement the contract upon written notice that if full Performance Assurance is not received within five (5) 5 days (or such longer period as may be specified by TVAspecified) after the date of said notice, this Agreement the contract shall be deemed irreparably permanently breached and canceled canceled; and such cancellation by TVA shall be without waiver of any amounts that which may be due or of any rights rights, including the right to damages for such breach that breach, which may have accrued up to and including the date of such cancellation.