Common use of USE OF JV PROPERTY Clause in Contracts

USE OF JV PROPERTY. Materials and JV Property charged to the Joint Account and used other than for the JV Activities or Sole Risk Operations, if applicable, by any of the Parties, their affiliates, or a third party, shall be subject to approval by the Committee. The user shall be billed by the Operator at rates not in excess of fair market value. The cost of repairing damage sustained to such items arising out of or in the course of such use will be charged to the user, provided that if the cost of repairing such damage is recoverable from insurers, or underwriters, the amount recovered should be credited to the user who would otherwise be liable under this paragraph. The Operator shall promptly credit the Joint Account upon receipt of the proceeds received for such usage.

USE OF JV PROPERTY. Materials and JV Property charged to the Joint Account and used other than for the JV Activities or Sole Risk Operations, if applicable, by any of the Parties, their affiliates, or a third party, party shall be subject to approval by the Committee. The user shall be billed by the Operator at rates not in excess of fair market valuevalue determined in the same manner as provided in paragraph 3.6 for exclusively owned equipment and facilities. The cost of repairing damage sustained to such items arising out of or in the course of such use will be charged to the user, provided that if the cost of repairing such damage is recoverable from insurers, or underwriters, the amount recovered should be credited to the user who would otherwise be liable under this paragraphparagraph 4.3. The Operator shall promptly credit the Joint Account upon receipt of the proceeds received for such usage.