Availability Event definition

Availability Event means the failure of the Borrowers to maintain Availability at least equal to the greater of (a) twelve and one half percent (12.50%) of the Loan Cap or (b) $35,000,000 and such failure shall continue for a period of five (5) or more consecutive Business Days.

Availability Event means each period commencing on the date on which Availability shall have been less than the Availability Event Trigger Amount for three consecutive days and ending on the date that Availability has remained greater than the Availability Event Trigger Amount for 60 consecutive days; it being understood and agreed that there shall be no limit to the number of Availability Events that may occur during the Availability Period.

Availability Event has the meaning provided in the definition of Trigger Event.

Examples of Availability Event in a sentence

• The provision of Ancillary Services, other than Mandatory Ancillary Services, by Seller as directed by the Transmission Company of Nigeria or its designee which reduces Net Electrical Output will constitute an Availability Event under Clause 0 and result in the payment of Availability Event Energy Payments in accordance with Schedule 0 to this Agreement.

• During the Delivery Term, Buyer shall pay Seller for each Month during which an Availability Event occurs or continues, in arrears, the Availability Energy Payment, if any, calculated in accordance with Schedule 0 for the relevant Billing Period.

• Equipment shall be correctly maintained to enable its continued availability and integrity and faults and corrective actions recorded in accordance with service management processes for Availability, Event and Incident Management.

• Such notice must contain all the information required by such form and must be sent within 30 days following the end of the calendar month in which the Availability Event occurred for Customer to be eligible to receive a Fee Credit.

• In the event that an Availability Event prevents the satisfactory execution or completion of any Capacity Test or Capacity Demonstration, the Capacity Test or Capacity Demonstration shall be repeated and Buyer shall pay any reasonable additional costs incurred in connection with the repetition of such Capacity Test.

More Definitions of Availability Event

Availability Event means that the difference between (i) the lesser of (A) the Borrowing Base and (B) the Maximum Amount of the Facility less the aggregate outstanding principal amount of the CapEx Loans and (ii) the aggregate outstanding amount of the Revolving Loans and the Agent Loans, is less than $5,000,000.

Availability Event the occurrence of any date if, on such date, average daily Availability for the preceding 30-day period was less than (x) if the Guarantee Date has not yet occurred, US$17,000,000, or (y) on and after the Guarantee Date, US$25,000,000; provided that such Availability Event shall be deemed to be continuing until average daily Availability for any 90-day period thereafter (calculated as of any date during such period to reflect average Availability for the preceding 30 days) was no less than (x) if the Guarantee Date has not yet occurred, US$20,000,000, or (y) on and after the Guarantee Date, US$30,000,000.

Availability Event has the meaning given to that term in Clause 0.

Availability Event means an event listed below or combination of events listed below that is beyond the reasonable control of Seller and that reduces the Net Electrical Output of the Plant to less than the Projected NEO for any Settlement Period:

Availability Event has the meaning given to that term in Clause 8.1.2.

Availability Event means an event listed below or combination of events listed below which occurs after the occurrence of the Commercial Operations Date, that is beyond the reasonable control of Seller and that reduces the Actual Capacity of the Plant or delivery of Net Electrical Output except to the extent caused by (i) Seller Default or an action or inaction of Seller in breach of any Project Document or Authorisation; or (ii) the Gross Negligence or Wilful Misconduct of Seller:

Availability Event the occurrence of any date if, on such date the average sum of the daily Suppressed Availability and the daily Availability was less than US$25,000,000 for the preceding 30-day period."