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05 Finance
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Last modified
8/23/2012 9:27:47 AM
Creation date
12/12/2008 1:42:53 PM
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Template:
AGENDA
Item Number
05
AGENDA - Type
MISCELLANEOUS
Description
Electric power contract with CAPP
AGENDA - Date
12/15/2008
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(c) Suspend performance of CAPP's obligations to Member under this <br />Contract until the earlier of (i) the Day the Default has been cured in accordance <br />with the terms of this Contract, except for Member's obligations to make Monthly <br />Capacity payments under Article 7 hereof which shall not be affected by any such <br />action; <br />(d) Exercise any other remedy available to CAPP at law or in equity. <br />In addition to all of the rights and remedies provided to CAPP by the laws of the <br />State of Texas, and in addition to the rernedies set forth above, the Member covenants <br />and agrees that in the event of its default under this Contract, including failure to pay <br />Monthly Capacity Payments and payments under Section 7.5 when due or Energy <br />Payments when due after the Member has Appropriated for such payments, or, in the <br />event it fails to make the payments required to be made into the Interest and Sinking <br />Fund or defaults in the observance or performance of any other of the contracts, <br />covenants, conditions or obligations set forth in this Contract, the following remedies <br />shall also be available: <br />(e) CAPP, the trustee if CAPP has assigned all or part of this Contract <br />to a trustee for the benefit of bond owners, shall be entitled to a writ of mandamus <br />issued by a court of competent jurisdiction compelling and requiring Member and <br />the officials thereof to observe and perform all agreements, covenants, obligations <br />and conditions prescribed in this Contract; <br />(f) Any delay or omission to exercise any right ar power accruing <br />upon any default shall not impair any such right or power nor be construed to be a <br />waiver of any such default or acquiescence therein, and every such right and <br />power may be exercised from time to time and as often as may be deemed <br />expedient; and <br />(g) Any other remedies available to CAPP at law or in equity. <br />11.5 Remedies of Member in the Event of Default by CAPP. Unless otherwise <br />limited by the terms of this Contract, in the event that CAPP shall default in the <br />performance of its obligations under this C'ontract, Member may: <br />(a) Then and in every case, Member may proceed against CAPP, or <br />any official, officer or employee of CAPP in their official capacity, Sue for the purpose <br />of protecting and enforcing the rights of Member under this Contract, by mandamus or <br />other suit, action or special proceeding in equity or at law, in any court of competent <br />jurisdiction, for any relief permitted by law, including the specific performance of any <br />covenant or agreement contained herein, or thereby to enjoin any act or thing that may be <br />unlawful or in violation of any right of Member hereunder or any combination of such <br />remedies; <br />29 <br />, (J 0 Pi 1,5~~ <br />
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