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 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.

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.

• If at any time after Availability is less than the Availability Event Trigger Amount, the Borrowers shall not permit the Fixed Charge Coverage Ratio as of the last day of any fiscal quarter, commencing with the fiscal quarter most recently ended prior to the first date on which Availability was less than the Availability Event Trigger Amount, for the four consecutive fiscal quarter period then most recently ended to be less than 1.00:1.00.

• 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.

• Where the same Unplanned Availability Event extends over two (or more) Quarters, an Unplanned Availability Event will be deemed to have occurred in each Quarter over which the Unplanned Availability Event extends (other than for the purposes of clause 31.6(c)(viii) of this deed, where the Unplanned Availability Event will be deemed to have occurred only in the first of the two (or more) Quarters).

More Definitions of Availability Event

Availability Event has the meaning provided in the definition of Trigger 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 means each period commencing on the date on which Covenant Availability is less than $50,000,000 and ending on the date that Covenant Availability has remained greater than $70,000,000 for 90 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 given to that term in Clause 8.1.2.