Storage Availability. (a) During each Contract Year of the Delivery Term, Seller shall maintain an Annual Storage Availability of not less than ninety-five percent (95%) (“Guaranteed Storage Availability”). In the event that, at the end of any such Contract Year, the Annual Storage Availability is less than the Guaranteed Storage Availability, Seller shall pay to Buyer the Storage Availability Liquidated Damages, as calculated pursuant to Schedule 6.3. (b) Except as otherwise expressly provided for in Section 15.1(l) and Section 15.2 in respect of a Seller Event of Default under Section 15.1(l), the Storage Availability Liquidated Damages due Buyer pursuant to Section 6.3(a) shall be Buyer’s sole and exclusive remedy for any failure of the Storage Facility to meet the Guaranteed Storage Availability. The Parties agree that the damages Buyer would incur due to Seller’s failure to meet the Guaranteed Storage Availability would be difficult or impossible to predict with certainty and the Storage Availability Liquidated Damages amount is a reasonable approximation of such damages. (c) On or before the tenth (10th) Day after the end of each Contract Year, Seller shall provide to Buyer the calculation of the Annual Storage Availability and associated Storage Availability Liquidated Damages, if any, for such Contract Year, including all data used by Seller to arrive at its calculations. Seller shall, upon written request, provide to Buyer any supplemental information reasonably required by Buyer to evaluate the calculations. The Storage Availability Liquidated Damages, if any, shall be reflected as a credit to Buyer on the Monthly Invoice issued with respect to the last month of the applicable Contract Year. Any disputes regarding the calculation of the Annual Storage Availability or Storage Availability Liquidated Damages shall be resolved pursuant to Article 18.
Appears in 5 contracts
Samples: Power Purchase Agreement, Power Purchase Agreement, Power Purchase Agreement
Storage Availability. (a) During each Contract Year of the Delivery Term, Seller shall maintain an Annual Storage Availability of not less than ninety-five percent (95%) (“Guaranteed Storage Availability”). In the event that, at the end of any such Contract Year, the Annual Storage Availability is less than the Guaranteed Storage Availability, Seller shall pay to Buyer the Storage Availability Liquidated Damages, as calculated pursuant to Schedule 6.3.
(b) Except as otherwise expressly provided for in Section 15.1(l) and Section 15.2 in respect of a Seller Event of Default under Section 15.1(l), the Storage Availability Liquidated Damages due Buyer pursuant to Section 6.3(a) shall be Buyer’s sole and exclusive remedy for any failure of the Storage Facility to meet the Guaranteed Storage Availability. The Parties agree that the damages Buyer would incur due to Seller’s failure to meet the Guaranteed Storage Availability would be difficult or impossible to predict with certainty and the Storage Availability Liquidated Damages amount is a reasonable approximation of such damages.
(c) On or before the tenth (10th) Day after the end of each Contract Year, Seller shall provide to Buyer the calculation of the Annual Storage Availability and associated Storage Availability Liquidated Damages, Damages if any, for such Contract Year, including all data used by Seller to arrive at its calculations. Seller shall, upon written request, provide to Buyer any supplemental information reasonably required by Buyer to evaluate the calculations. The Storage Availability Liquidated Damages, Damages if any, shall be reflected as a credit to Buyer on the Monthly Invoice issued with respect to the last month of the applicable Contract Year. Any disputes regarding the calculation of the Annual Storage Availability or Storage Availability Liquidated Damages shall be resolved pursuant to Article 18.
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