Common use of Performance Default Clause in Contracts

Performance Default. If either party fails to comply with any of the terms, conditions and covenants of this Agreement (and such failure does not constitute a Payment Default by the Member), the non-defaulting party shall give the defaulting party written notice of the default (a "Performance Default"). The defaulting party shall have a period of thirty (30) days after receipt of such notice to commence reasonable efforts to cure such Performance Default, and it shall have an additional thirty (30) days to cure such Performance Default. Thereafter, if such Performance Default is continuing, the non-defaulting party, subject to the provisions of Section 10.4.1, shall have all of the rights and remedies provided at law and in equity, other than termination of this Agreement.

Appears in 1 contract

Samples: Wholesale Power Contract (Oglethorpe Power Corp)

AutoNDA by SimpleDocs

Performance Default. If either party fails to comply with any of the terms, conditions and covenants of this Agreement (and such failure does not constitute a Payment Default by the MemberPurchaser), the non-defaulting party shall give the defaulting party written notice of the default (a "β€œPerformance Default"”). The defaulting party shall have a period of thirty (30) days after receipt of such notice to commence reasonable efforts to cure such Performance Default, and it shall have an additional thirty (30) days to cure such Performance Default. Thereafter, if such Performance Default is continuing, the non-defaulting party, subject to the provisions of Section 10.4.1, shall have all of the rights and remedies provided at law and in equity, other than termination of this Agreement.

Appears in 1 contract

Samples: Wholesale Power Contract (Oglethorpe Power Corp)

Performance Default. If either party fails to comply with any of the terms, conditions and covenants of this Agreement (and such failure does not constitute a Payment Default by the MemberPurchaser), the non-defaulting party shall give the defaulting party written notice of the default (a "Performance Default"). The defaulting party shall have a period of thirty (30) days after receipt of such notice to commence reasonable efforts to cure such Performance Default, and it shall have an additional thirty (30) days to cure such Performance Default. Thereafter, if such Performance Default is continuing, the non-defaulting party, subject to the provisions of Section 10.4.1, shall have all of the rights and remedies provided at law and in equity, other than termination of this Agreement.

Appears in 1 contract

Samples: Wholesale Power Contract (Oglethorpe Power Corp)

AutoNDA by SimpleDocs

Performance Default. If either party Party fails to comply with any of the other terms, conditions and covenants of this Agreement (and such failure does not constitute a Payment Default by the MemberTransmission Customer), the non-defaulting party Party shall give the defaulting party Party written notice of the default (a "Performance Default"). The , the defaulting party Party shall have a period of thirty (30) days after receipt of such notice to commence reasonable efforts to cure such Performance Default, and it shall have an additional thirty (30) days to cure such Performance Default. Thereafter, if such the Performance Default is continuing, the non-defaulting partyParty, subject to the provisions of Section 10.4.16.1.7, shall have all of the rights and remedies provided at law and in equity, other than termination of this Agreement.

Appears in 1 contract

Samples: Member Transmission Service Agreement (Oglethorpe Power Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!