Novamont Underperformance Event definition
Novamont Underperformance Event shall be deemed to occur if: (i) at the first testing to determine whether the Commissioning Date has occurred, the Commissioning Performance Targets of the retrofitted Facility as set forth under Section II of Schedule 1.5 are not totally or partially achieved due to facts or circumstances solely or primarily ascribable to non-compliance by Novamont (or Newco) with operating guidelines provided by Genomatica for performance of the Bioprocess at the Facility in the context of the retrofitting caused by evident negligence, and the related issues are not resolved within sixty (60) days thereafter; and (ii) in case of partial achievement, Novamont notifies in writing Genomatica of its acceptance of performance targets lower than the Commissioning Performance Targets.
Examples of Novamont Underperformance Event in a sentence
If, however, any Novamont Underperformance Event is later resolved so that the Commissioning Performance Targets set forth under Section II of Schedule 1.5 are achieved, then the Credit Amount shall be reduced by a portion of the Novamont Underperformance Amount proportionally corresponding to the time reduction in delay due to the resolution of such Novamont Underperformance Event, as determined in accordance with Schedule A-1.
The Credit Amount shall be increased by the Novamont Underperformance Amount should a Novamont Underperformance Event occur.