Storage Availability; Storage Efficiency Clause Samples
Storage Availability; Storage Efficiency. (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”). If the Annual Storage Availability for any Contract Year is less than the Guaranteed Storage Availability, Seller shall pay to Buyer the Storage Availability Liquidated Damages, as calculated pursuant to Schedule 6.3. During each Contract Year of the Delivery Term, Seller shall maintain a Storage Efficiency of not less than the applicable guaranteed storage efficiency set forth on Schedule 6.3 (the “Guaranteed Storage Efficiency”). If the Storage Efficiency for any Contract Year is less than the applicable Guaranteed Storage Efficiency, Seller shall pay to Buyer the Storage Efficiency Liquidated Damages, as calculated pursuant to Schedule 6.3.
(b) Except as otherwise expressly provided for in Section 15.1(k) and Section
Storage Availability; Storage Efficiency. (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”). If the Annual Storage Availability for any Contract Year is less than the Guaranteed Storage Availability, Seller shall pay to Buyer the Storage Availability Liquidated Damages, as calculated pursuant to Schedule 6.3. During each Contract Year of the Delivery Term, Seller shall maintain a Storage Efficiency of not less than the applicable guaranteed storage efficiency set forth on Schedule 6.3 (the “Guaranteed Storage Efficiency”). If the Storage Efficiency for any Contract Year is less than the applicable Guaranteed Storage Efficiency, Seller shall pay to Buyer the Storage Efficiency Liquidated Damages, as calculated pursuant to Schedule 6.3.
(b) Except as otherwise expressly provided for in Section 15.1(k) and Section 15.2 in respect of a Seller Event of Default under Section 15.1(k), the Storage Availability Liquidated Damages shall be Buyer’s sole and exclusive remedy for any failure of the Storage Facility to meet the Guaranteed Storage Availability. The Storage Efficiency Liquidated Damages shall be Buyer’s sole and exclusive remedy for any failure of the Storage Facility to meet the Guaranteed Storage Efficiency. The Parties agree that the damages Buyer would incur due to Seller’s failure to meet the Guaranteed Storage Availability or the Guaranteed Storage Efficiency would be difficult or impossible to predict with certainty and or the Guaranteed Storage Efficiency, the Storage Availability Liquidated Damages amount and the Storage Efficiency Liquidated Damages amount is a reasonable approximation of such respective 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, and the Storage Efficiency and associated Storage Efficiency 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, and the Storage Efficiency and associated Storage Efficiency Liquidated Damages, if any, shall be reflected as a credit to Buyer on the Monthly Invoice issued with ...