Common use of Payment Demands Under Surety Bonds Clause in Contracts

Payment Demands Under Surety Bonds. Upon the failure by the Seller to make the Termina­tion Payment in full in accordance with this Agreement, which unpaid amount of Termination Payment is not made by Enron in accordance with the Guaranty Agreement and within any applicable grace period provided for therein, in addition to drawing under the irrevocable performance letter of credit or the cash collateral provided for in Section 5.04(b), the Purchaser shall have the right, by providing written notice in the form attached hereto as Exhibit A, with appropriate insertions, to the Surety Companies specifying the unpaid amount of the Termination Payment then due, instructing the Surety Companies to pay the lesser of such unpaid amount of the Termination Payment or the current remaining payment obligation under and in accordance with the Surety Bond. Notwithstanding the foregoing, in no event shall the Purchaser have the right to demand or receive, collectively, from the Surety Companies and drawing under the irrevocable performance letter of credit or cash collateral, any amount in excess of such unpaid amount of the Termination Payment.

Payment Demands Under Surety Bonds. Upon the failure by the Seller to make the Termina­tion Termination Payment in full in accordance with this Agreement, which unpaid amount of Termination Payment is not made by Enron in accordance with the Guaranty Agreement and within any applicable grace period provided for therein, in addition to drawing under the irrevocable performance letter of credit or the cash collateral provided for in Section 5.04(b), the Purchaser shall have the right, by providing written notice in the form attached hereto as Exhibit A, with appropriate insertions, to the Surety Companies specifying the unpaid amount of the Termination Payment then due, instructing instructingto instruct the Surety Companies to pay the lesser of such unpaid amount of the Termination Payment or the current remaining payment obligation under and in accordance with the Surety Bond. Notwithstanding the foregoing, in no event shall the Purchaser have the right to demand or receive, collectively, from the Surety Companies and drawing under the irrevocable performance letter of credit or cash collateral, any amount in excess of such unpaid amount of the Termination Payment.

Payment Demands Under Surety Bonds. Upon the failure by the Seller to make the Termina­tion Termination Payment in full in accordance with this Agreement, which unpaid amount of Termination Payment is not made by Enron in accordance with the Guaranty Agreement and within any applicable grace period provided for therein, in addition to drawing under the irrevocable performance letter of credit or the cash collateral provided for in Section 5.04(b), the Purchaser shall have the right, by providing written notice in the form attached hereto as Exhibit A, with appropriate insertions, to the Surety Companies specifying the unpaid amount of the Termination Payment then due, instructing to instruct the Surety Companies to pay the lesser of such unpaid amount of the Termination Payment or the current remaining payment obligation under and in accordance with the Surety Bond. Notwithstanding the foregoing, in no event shall the Purchaser have the right to demand or receive, collectively, from the Surety Companies and drawing under the irrevocable performance letter of credit or cash collateral, any amount in excess of such unpaid amount of the Termination Payment.

Payment Demands Under Surety Bonds. Upon the failure by the Seller to make the Termina­tion Termination Payment in full in accordance with this Agreement, which unpaid amount of Termination Payment is not made by Enron Guarantor in accordance with the Guaranty Agreement and within any applicable grace period provided for therein, in addition to drawing under the irrevocable performance letter of credit or the cash collateral provided for in Section 5.04(b), the Purchaser shall have the right, by providing written notice in the form attached hereto as Exhibit AA-2, with appropriate insertions, to the Surety Companies specifying the unpaid amount of the Termination Payment then due, instructing to instruct the Surety Companies to pay the lesser of such unpaid amount of the Termination Payment or the current remaining payment obligation under and in accordance with the Surety Bond. Notwithstanding the foregoing, in no event shall the Purchaser have the right to demand or receive, collectively, from the Surety Companies and drawing under the irrevocable performance letter of credit or cash collateral, any amount in excess of such unpaid amount of the Termination Payment.