Substation Equipment Operating Agreement Sample Clauses

Substation Equipment Operating Agreement. Prior to the Closing, Buyer and Seller shall exercise Commercially Reasonable Efforts to negotiate an agreement, to be entered into at Closing, pursuant to which Seller will permit Buyer to utilize Substation #9 and the two distribution circuits heading north from Substation #9 from immediately after the Closing until the earlier of (a) the date that Buyer completes construction of its substation to serve Indian River Shores Customers, and (b) the date that is two calendar years after the Closing Date (such agreement, the “Substation Equipment Operating Agreement”). The Substation Equipment Operating Agreement will include, among other things, provisions regarding the sharing of maintenance, repair, and replacement costs, and a requirement for Buyer to construct conduit from the northern circuits to serve Indian River Shares Customers at Buyer’s sole cost, and charges for usage, if necessary, following expiration of the two year term.
Sample 1
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