A Concise Dictionary of Middle English (Gutenberg) confirms this spelling:

Purveyaunce, sb. providence, provision, plan, means of getting, equipment, W; purveiance, S2, C3; purueance, S2.—AF. purveaunce ...

There are lots of quotations for purueaunce/purveiaunce/porveaunce in the Middle English Compendium having many variants of the same spelling:

purveiaunce n. Also purveianse, -veaunce, -veans, -viaunce, -viauns, -vianch, -vieaunce & perveaunce, -viaunce & porveionce, -veaunce, -viaunce, pourveiaunce, -veaunce, -viaunce, -viauns & proviaunce & preveance & (errors) poueyonce, pureance.

Here's a quote from Sebastian Brant's The Ship of Fools (vol.2) where the same spelling of purveyance can be found:

The second word is utility (as pointed out by Kate Bunting). There were identical minims for u and v. Some sources such as OED claim that they were not exactly the same but were graphic variants of the same letter. v was used at the beginning of a word and u elsewhere. The first letter is therefore a v.

A Concise Dictionary of Middle English (Gutenberg) confirms purveaunce and also lists some other variants including purveyaunce, purveiance and purueance.

There are lots of quotations for purueaunce/purveiaunce/porveaunce in the Middle English Compendium having many variants of the same spelling such as purveiaunce, purveianse, purveaunce, perveaunce, perviaunce pourveiaunce etc.

Here's a quote from Sebastian Brant's The Ship of Fools (vol.2) where purueaunce can be found:

The second word is utility (as pointed out by Kate Bunting). There were identical minims for u and v. Some sources such as the Oxford English Dictionary claim that they were not exactly the same but were graphic variants of the same letter. The Oxford English Dictionary says that v was used at the beginning of a word and u elsewhere. 

The first letter in the second word is therefore a v.

In Middle English, several letters such as u ~ v, i, w, m, n etc., were all written using a sequence of a particular short downstroke of the pen/quill, called a minim. A dotless i was a single minim:  

In Middle English, several letters such as u ~ v, i, w, m, n etc., were written using a sequence of a particular short downstroke of the pen/quill, called a minim. A dotless i was a single minim: 

These texts are composed of minims.
The letters u, i, v, w, m, and n were all written using a sequence of a particular short downstroke of the quill, called a minim (in Medieval texts).

This is how a minim looked like:

The word 'minim' itself would've been written using only minims:

The first word that looks like 'putueaunce' is purueaunce, which was a variant spelling for purveyance. There were identical minims for u and v, so they've been used interchangeably.

From A Concise Dictionary of Middle English (Gutenberg):

Purveyaunce, sb. providence, provision, plan, means of getting, equipment, W; purveiance, S2, C3; purueance, S2.—AF. purveaunce, OF. pörveänce; Lat. providentia.

Or it could be porveaunce which was the Anglo-Norman spelling for purveyance (as pointed out by Andrew Leach and Greybeard in the comments).

There are 132 quotations for purueaunce/purveiaunce/porveaunce in the Middle English Compendium. And many different spellings of the same word:

From the Dictionary of the Scots Language:

Purvyance, Purviance, Purveance, n. Also: purwi-, pwrvi-, purwy-, powrvi-, pourwi-, purwe-, purveii-, purvey-, purvoy- and -aunce, -ans; Pervians. [ME and e.m.E. purueance (1297), purueianse (a1330), purvyaunce (Rolle), purveyaunce (1465); also, porveance (1297), -ueyonce (1340), -vyawns (c1485), pourveance (Gower), -ueaunce (Caxton), foreknowledge, providence, a statute, act of providing, requisition of provisions, provisions, OF por- (1180 in Greimas), pourveance, porvaience (L. prōvidēntia Providence n.).]

The same spelling (purueaunce) is also used in Sebastian Brant's The Ship of Fools (vol.2) and I think its meaning is clear from the surrounding context:

The second word is utility (as pointed out by Kate Bunting). There were identical symbols (minims) for u and v, and y was used for i.

From The National Archives:

Use of y for i, for example myne = mine.
 Interchangeable i and j. Iohn = John. Maiestie = Majesty.
 Interchangeable u and v, such as euer = ever. vnto = unto

A single minim looks like:

 

Several minims can make up a single letter, or even a group of letters. In particular, minims are usually used for the following letters:

 One minim: "i", "j"
 Two minims: "n", "u", "v"
 Three minims: "m", "w"

[How to read Medieval texts - Harvard University Website]

There are 23 citations for utility/utilité/vtylyte in the Middle English Compendium. There are a few spellings used for utility including vtylyte. One of the quotations is:

p.39 : Next folowith the vtilite of the helthe of a kyng.

From the Dictionary of the Scots Language:

Utilité, -ie, n. Also: -ee, -ey, utilyte, utillitte, -itie, -atie, wtilit(i)e, wtilletie, utelit(i)e, -ete. [ME and e.m.E. vtilite (Chaucer), vtylyte (1514), vtilitie (1528), OF utilitet, -tei, utelite, L. ūtilitāt-.]

I found Sebastian Brant's The Ship of Fools (vol. 2) on Google Books where utility is indeed written as vtylyte:

These texts are from Middle English and most of the letters are composed of ııııııııııs.

In Middle English, several letters such as u ~ v, i, w, m, n etc., were all written using a sequence of a particular short downstroke of the pen/quill, called a minim. A dotless i was a single minim: 

• i would be one minim: ı
• u, v and n would be two: ıı
• m and w would be three: ııı

So the word 'minim' itself would've been written:

ıııııııııı

It would be ten undifferentiated minims and would've been extremely confusing.

Purveyance

The first word in the question that looks like 'putueaunce' is purueaunce, which was a variant spelling for purveyance. There were identical minims for u and v, so they've been used interchangeably.

A Concise Dictionary of Middle English (Gutenberg) confirms this spelling:

Purveyaunce, sb. providence, provision, plan, means of getting, equipment, W; purveiance, S2, C3; purueance, S2.—AF. purveaunce  ...

Or it could be porveaunce which was the Anglo-Norman spelling for purveyance (as pointed out by Andrew Leach and Greybeard in the comments beneath the question).

There are lots of quotations for purueaunce/purveiaunce/porveaunce in the Middle English Compendium having many variants of the same spelling:

Dictionary of the Scots Language also has some quotes using different spellings for purveyance, some of which are purveance, purueianse, purueance, purvyaunce, pourveance, pourueaunce etc.

Here's a quote from Sebastian Brant's The Ship of Fools (vol.2) where the same spelling of purveyance can be found:

Who that maketh for hymselfe no purueaunce
Of fruyt and corne in somer ...

Utility

The second word is utility (as pointed out by Kate Bunting). There were identical minims for u and v. Some sources such as OED claim that they were not exactly the same but were graphic variants of the same letter. v was used at the beginning of a word and u elsewhere. The first letter is therefore a v.

Furthermore, Middle English scribes adopted a practice of replacing an i with a y. Take for example the word mine, it was min in Middle English, so it would've been written ıııııı and would've been indistinguishable from other combinations of relevant letters such as win, nim, nun etc. It was therefore replaced by a y (e.g. myn for 'mine').

The National Archive concurs that y was used for i, and u and v were interchangeable:

Use of y for i, for example myne = mine 
Interchangeable i and j. Iohn = John. Maiestie = Majesty 
Interchangeable u and v, such as euer = ever. vnto = unto

A single minim looks like: 

Several minims can make up a single letter, or even a group of letters. In particular, minims are usually used for the following letters: 
One minim: "i", "j" 
Two minims: "n", "u", "v" 
Three minims: "m", "w"

[How to read Medieval texts - Harvard University Website]

There are many citations for utility/utilité/vtylyte in the Middle English Compendium. Some of the spelling variants they've used for utility are vtylyte, vtilite, utilite etc.

The spelling vtylyte can also be found in the Dictionary of the Scots Language

Here's a quote from Sebastian Brant's The Ship of Fools (vol. 2) where utility is indeed written as vtylyte:

In respect of the wele of a hole comonte
Conioynynge thynge honest with his vtylyte