Operational Tolerance definition

Operational Tolerance as defined in Section 5.6.3;
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Operational Tolerance means an annual delivery shortfall of not greater than an amount of LNG (in MMBtus) equal to *** of the AACQ for such Commercial Operations Period; provided that if Seller claims an Operational Tolerance during any Commercial Operations Period, (a) Seller shall not have the right to claim any Operational Tolerance in the immediately following Commercial Operations Period, (b) the ACQ in the immediately following Commercial Operations Period shall be increased by the amount of Seller’s shortfall during such Commercial Operations Period, not to exceed the maximum Operational Tolerance, and (c) Seller shall credit Buyer the Operational Tolerance Credit (as defined and calculated in accordance with paragraph VIII of Exhibit A (Pricing)).
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Operational Tolerance is as defined in Clause 7.9. EXECUTION VERSION
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Examples of Operational Tolerance in a sentence

  • Buyer shall always use commercially reasonable efforts to offtake Product volume in line with the Monthly Operational Tolerance, however, a monthly product offtake volume tolerance for Product supplies under this Contract of up to [*****] is permissible for as long as this higher monthly tolerance occurs only on an occasional basis, and under no circumstances for more than three (3) consecutive months.

  • In the event there is a deviation of Buyer from the Monthly Operational Tolerance for three (3) consecutive months, then the Parties will meet within ten (10) working days following the last day of the relevant month to discuss such consecutive deviation, with the aim to prevent a near-term reoccurrence of that deviation.

  • In the event there is a deviation of Buyer from the Monthly Operational Tolerance [*****], then the Parties will meet within ten (10) working days following the last day of the relevant month to discuss such consecutive deviation, with the aim to prevent a near-term reoccurrence of that deviation.

  • If the Quantity Delivered is less than [***] of the Scheduled Loading Quantity for a Cargo, the Scheduled Loading Quantity (excluding the Operational Tolerance) shall be used for the purpose of calculating amounts due in accordance with the provisions of Clauses 7.4 or 7.6, as applicable.

Related to Operational Tolerance

  • Zero tolerance means that any behavior, implied or actual that violates the policy will not be tolerated.

  • Tolerance means a state of adaptation in which exposure to a drug induces changes that result in a diminution of one or more of the drug’s effects over time.

  • Generator Planned Outage means the scheduled removal from service, in whole or in part, of a generating unit for inspection, maintenance or repair with the approval of the Office of the Interconnection in accordance with the PJM Manuals.

  • Operational Acceptance Tests means the tests specified in the Technical Requirements and Agreed Project Plan to be carried out to ascertain whether the System, or a specified Sub system, is able to attain the functional and performance requirements specified in the Technical Requirements and Agreed Project Plan, in accordance with the provisions of GCC Clause 27.2 (Operational Acceptance Test).

  • Operating System refers to the software that manages Hardware for Programs and other software.

  • operating site means a site, other than an aerodrome, selected by the operator or pilot-in-command or commander for landing, take-off and/or external load operations;

  • Operational means that the system or sensor, at the time of the event, is active or can be activated/deactivated by the driver.

  • cogeneration means the simultaneous generation in one process of thermal energy and electrical or mechanical energy;

  • Quality system means documented organizational procedures and policies: internal audits of those policies and procedures: management review and recommendation for quality improvement.”

  • Production Operations means all operations conducted for the purpose of producing Petroleum from the Development Area after the commencement of production from the Development Area including the operation and maintenance of all necessary facilities therefor.

  • Gasification means the substoichiometric oxidation or steam reformation of a substance to produce a gaseous mixture containing two or more of the following: (i) oxides of carbon; (ii) methane; and (iii) hydrogen;

  • generating plant means the generating facility described in Schedule 1 as amended from time to time;

  • operational area means a work unit providing a distinct service that may include one of the following areas: domestic services, food services, laundry/linen services and the work of aides and orderlies and similar operational work

  • Operational Manual means the manual referred to in Section 3.03 of this Agreement;

  • Commissioning means the process for determining the need for and for obtaining the supply of healthcare and related services by the Trust within available resources.