Common use of Technology Refresh Program Clause in Contracts

Technology Refresh Program. A. In the event that HP-OMS fails to comply with the Technology Refresh Program by upgrading or replacing the Refreshed Assets in accordance with Appendix A, Section 2.11 (Technology Refresh Program) on or before the Maximum Asset Age (defined in APPENDIX A, SECTION 2.11), such failure shall be deemed a Critical Service Level Failure and HP-OMS shall provide Customer credits as defined below: In the event of a Critical Service Level Failure in connection with the Technology Refresh Program which continues for a period in excess of sixty (60) calendar days, HP-OMS shall pay to Customer (or apply against Monthly Target Charges) five percent (5%) per month of the fair market value of the asset that should have been replaced or upgraded. B. In the event HP-OMS fails to purchase the relevant Refreshed Assets in accordance with the Technology Refresh Program by more than one hundred and eighty (180) calendar days, such delay shall be deemed to be a material breach of the Agreement.