Use of Commercial Cum Strategic Petroleum Reserve Sample Clauses

Use of Commercial Cum Strategic Petroleum Reserve. 21.1.1 Upon issuance of Provisional Certificate in accordance with Clause 14.1, the Concessionaire shall be entitled to use the Commercial Cum Strategic Petroleum Reserve for commercial purposes including but not limited to leasing of Commercial Cum Strategic Petroleum Reserve for storage of crude oil, trading in crude oil, storage facility for crude oil, commodity trading, or any other commercial activity in accordance with the provisions of this Agreement and particularly in accordance with Schedule R. The Concessionaire shall be entitled to enter into commercial contracts with third parties for the commercialisation of the Commercial Cum Strategic Petroleum Reserve on such commercial terms and for such fee and revenue as it may deem fit. 21.1.2 The Concessionaire shall ensure that any use of the Commercial Cum Strategic Petroleum Reserve shall not affect the Project, including any loss or damage to the Project or any part thereof, or any part of the Project Site. In the event any loss or damage is caused to the Project or the Project Site, the Concessionaire shall within 7 (seven) days of the notification of such damage by the Independent Expert, rectify and/or repair such affected part of the Project and/or the Project Site. In the event the Concessionaire fails to commence the repair and/or the rectification works within 7 (seven) days of receipt of a notice in this behalf from the Authority or the Independent Expert, the Authority, without prejudice to its rights under this Agreement including Termination thereof, be entitled to undertake such remedial measures at the risk and cost of the Concessionaire, and to recover its cost from the Concessionaire. In addition to recovery of the aforesaid cost, a sum equal to 20% (twenty per cent) of such cost shall be paid by the Concessionaire to the Authority as Damages. For avoidance of doubt, the rights of the Authority under this Clause 21.1 shall be without prejudice to its rights and remedies under Article 39.
Sample 1
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Related to Use of Commercial Cum Strategic Petroleum Reserve

  • Definitions As used in this Agreement, the following terms shall have the following meanings:

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • NOW, THEREFORE the parties hereto agree as follows:

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

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