Common use of Termination for Material Reason Clause in Contracts

Termination for Material Reason. The Agreement may be terminated for one or more of the following reasons (each, a "Material Reason"): (a) In case of failure to pay, provided that such failure is not cured within two (2) Business Days of a written demand; (b) In case of failure to deliver Credit Support or Performance Assurance, provided that such failure is not cured within three (3) Business Days of a written demand; (c) The failure of a Party to comply with its obligation to deliver or accept electricity under an Individual Contract for more than seven (7) consecutive days or for more than seven (7) days in aggregate within a period of sixty (60) days; (d) representation or warranty when made or repeated or deemed to have been made or repeated by a Party or by its Credit Support Provider in a Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated.

Termination for Material Reason. The Agreement may be terminated for one or more of the following reasons (each, a "Material Reason"): (a) In case of failure to pay, provided that such failure is not cured within two (2) Business Days of a written demand; (b) In case of failure to deliver Credit Support or Performance Assurance, provided that such failure is not cured within three (3) Business Days of a written demand; (c) The failure of a Party to comply with its obligation to deliver or accept electricity under an Individual Contract for more than seven (7) consecutive days or for more than seven (7) days in aggregate within a period of sixty (60) days; (d) representation Representation or warranty when made or repeated or deemed to have been made or repeated by a Party or by its Credit Support Provider in a Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated.