Common use of Performance Security Failure Clause in Contracts

Performance Security Failure. (A) The failure of Seller to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration unless alternative Performance Security in the form of a letter of credit that complies with the requirements of Section 5.4 or in the form of an Escrow Account, at Seller’s discretion, has been provided within thirty (30) days after notice from Buyer of any such failure; provided however that Buyer may draw on the entire amount of the Performance Security at any time, notwithstanding any cure period in this Agreement, if Seller fails to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration and if so drawn by Buyer, Buyer shall deposit the amounts so drawn in an Escrow Account as permitted by Section 5.4. and such failure shall be deemed to be cured, or (B) with respect to any obligor providing the Performance Security for the benefit of Buyer the occurrence of any ofthe following events which is not cured within j thirty (30) days after notice from Buyer by (i) either the obligor curing the applicable failure set forth below; or (ii) Seller delivering replacement Performance Security that complies with the requirements of Section 5.4 to Buyer:

Performance Security Failure. (A) The failure of Seller to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration unless alternative Performance Security in the form of a ofa letter of credit that complies with the requirements of Section 5.4 or in the form of an I Escrow Account, at Seller’s discretion, has been provided within thirty (30) days after notice from Buyer of any ofany such failure; provided however failure;providedhowever that Buyer may draw on the entire amount of the Performance Security at any time, notwithstanding any cure period in this Agreement, if Seller fails to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration and if so drawn by Buyer, Buyer shall deposit the amounts so drawn in an Escrow Account as permitted by bv Section 5.4. and such failure shall be deemed to be cured, or (B) with respect to any obligor providing the Performance Security for the benefit of Buyer ofBuyer the occurrence of any ofthe following events which is not cured within j thirty (30) days after notice from Buyer by (i) either the obligor curing the applicable failure set forth below; or (ii) Seller delivering replacement Performance Security that complies with the requirements of Section 5.4 to Buyer:

Performance Security Failure. (A) The failure of Seller to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration unless alternative Performance Security in the form of a letter of credit that complies with the requirements of Section 5.4 or in the form of an Escrow Account, at Seller’s discretion, has been provided within thirty (30) days after notice from Buyer of any such failure; provided however that Buyer may draw on the entire amount of the Performance Security at any time, notwithstanding any cure period in this Agreement, if Seller fails to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration and if so drawn by BuyerXxxxx, Buyer shall deposit the amounts so drawn in an Escrow Account as permitted by Section 5.4. and such failure shall be deemed to be cured, or (B) with respect to any obligor providing the Performance Security for the benefit of Buyer the occurrence of any ofthe following events which is not cured within j thirty (30) days after notice from Buyer by (i) either the obligor curing the applicable failure set forth below; or (ii) Seller delivering replacement Performance Security that complies with the requirements of Section 5.4 to Buyer:

Performance Security Failure. (A) The failure of Seller to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration unless alternative Performance Security in the form of a letter of credit that complies with the requirements of Section 5.4 or in the form of an Escrow Account, at Seller’s discretion, has been provided within thirty (30) days after notice from Buyer of any such failure; provided however that Buyer may draw on the entire amount of the Performance Security at any time, notwithstanding any cure period in this Agreement, if Seller fails to renew, replace or extend the Performance Security at least fifteen (15) Business Days prior to its expiration and if so drawn by Buyer, Buyer shall deposit the amounts so drawn in an Escrow Account as permitted by Section 5.4. and such failure shall be deemed to be cured, or (B) with respect to any obligor providing the Performance Security for the benefit of Buyer the occurrence of any ofthe of the following events which is not cured within j thirty (30) days after notice from Buyer by (i) either the obligor curing the applicable failure set forth below; or (ii) Seller delivering replacement Performance Security that complies with the requirements of Section 5.4 to Buyer:5.4