Examples of Equipment Availability in a sentence
For avoidance of doubt, because the Modified Pooled OMC Equipment 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) (Modified Pooled OMC Equipment Availability Factor Performance Metric and Liquidated Damages) would be the last calendar month of the initial Contract Year.
Following the end of each LD Period, the Modified Pooled OMC Equipment Availability Factor shall be calculated for such LD Period as set forth in Section 1 (Modified Pooled OMC Equipment Availability Factor (“MPXEEAF”)) of Attachment Q (Calculation of Certain Metrics).
For purposes of determining liquidated damages under the preceding formula, the amount by which the Modified Pooled OMC Equipment 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).
In the event the Modified Pooled OMC Equipment Availability Factor is less than 97% (the "Modified Pooled OMC Equipment Availability Factor Performance Metric") for any LD Period, Seller shall be subject to liquidated damages as set forth in this Section 2.5(b) (Modified Pooled OMC Equipment Availability Factor Performance Metric and Liquidated Damages).
Each Party agrees and acknowledges that (i) the damages that Company would incur if the Seller fails to achieve the Modified Pooled OMC Equipment 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.