PV System Equivalent Availability Factor Performance Metric and Liquidated Damages Sample Clauses

PV System Equivalent Availability Factor Performance Metric and Liquidated Damages. For each LD Period, a PV System Equivalent Availability Factor shall be calculated as provided in accordance with Section 2.5(a) (Calculation of PV System Equivalent Availability Factor) of this Agreement. In the event the PV System Equivalent Availability Factor is less than 98% (the "PV System Equivalent Availability Factor Performance Metric") for any LD Period, Seller shall be subject to liquidated damages as set forth in this Section 2.5(b) (PV System Equivalent Availability Factor Performance Metric and Liquidated Damages). For avoidance of doubt, because the PV System Equivalent Availability Factor is calculated over an LD Period of 12 calendar months, the first month for which liquidated damages would be calculated under this Section 2.5(b) (PV System Equivalent Availability Factor Performance Metric and Liquidated Damages) would be the last calendar month of the initial Contract Year. If the PV System Equivalent Availability Factor for a LD Period is less than the PV System Equivalent Availability Factor Performance Metric, Seller shall pay, and Company shall accept, as liquidated damages for Seller's failure to achieve the PV System Equivalent Availability Factor Performance Metric for such LD Period, an amount calculated in accordance with the following formula:
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PV System Equivalent Availability Factor Performance Metric and Liquidated Damages. For each LD Period, a PV System Equivalent Availability Factor shall be calculated as provided in accordance with Section 2.5(a) (Calculation of PV System Equivalent Availability Factor) of this Agreement. In the event the PV System Equivalent Availability Factor is less than 98% (the "PV System Equivalent Availability Factor Performance Metric") for any LD Period, Seller shall be subject to liquidated damages as set forth in this Section 2.5(b) (PV System Equivalent Availability Factor Performance Metric and Liquidated Damages). For avoidance of doubt, because the PV System Equivalent Availability Factor is calculated over an LD Period of 12 calendar months, the first month for which liquidated damages would be calculated under this Section 2.5(b) (PV System Equivalent Availability Factor Performance Metric and Liquidated Damages) would be the last calendar month of the initial Contract Year. If the PV System Equivalent Availability Factor for a LD Period is less than the PV System Equivalent Availability Factor Performance Metric, Seller shall pay, in accordance with Section 2.12 (Payment of Liquidated Damages for Failure to Achieve Performance Metrics; Limitation on Liquidated Damages), and Company shall accept, as liquidated damages for Seller's failure to achieve the PV System Equivalent Availability Factor Performance Metric for such LD Period, an amount calculated in accordance with the following formula: PV System Amount of Liquidated Damages Per Equivalent Calendar Month Availability Factor For each one-tenth of one percent 97.9% and below (0.001) by which the PV System Equivalent Availability Factor for such LD Period falls below the PV System Equivalent Availability Factor Performance Metric, an amount equal to 0.001917 of the Applicable Period Lump Sum Payment for the last calendar month of such LD Period. For purposes of determining liquidated damages under the preceding formula, the amount by which the PV System Equivalent Availability Factor for the LD Period in question falls below the applicable threshold shall be rounded to the nearest one-tenth of one percent (0.001). Each Party agrees and acknowledges that (i) the damages that Company would incur if the Seller fails to achieve the PV System Equivalent Availability Factor Performance Metric for a LD Period would be difficult or impossible to calculate with certainty and (ii) the aforesaid liquidated damages are an appropriate approximation of such damages.

Related to PV System Equivalent Availability Factor Performance Metric and Liquidated Damages

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