Commercially Reasonable definition

Commercially Reasonable or “Commercially Reasonable Efforts” means, with respect to any action required to be made, attempted or taken by a Party under this Agreement, the level of effort in light of the facts known to such Party at the time a decision is made that: (a) can reasonably be expected to accomplish the desired action without a material increase in costs incurred by such Party; (b) is consistent with Prudent Industry Practices; and (c) takes into consideration the amount of advance notice required to take such action, the duration and type of action and the competitive environment in which such action occurs.

Commercially Reasonable means sound and prudent practices in a manner commercially reasonable for an onshore Product gathering system operator and in a manner consistent with industry standards at the applicable point in time.

Commercially Reasonable shall have a corresponding meaning.

Examples of Commercially Reasonable in a sentence

• The Claiming Party shall use Commercially Reasonable efforts to remedy the Force Majeure event with all reasonable dispatch.

• Licensee will use Commercially Reasonable Efforts to launch the Licensed Product in the United States within [***] of FDA Approval.

• If Seller is incapable of transferring the corresponding amount of RECs associated with the deficiency in the amount of Seller’s supply for the Delivery Period after using Commercially Reasonable efforts to do so, Seller shall pay the Alternative Compliance Payment for the number of RECs owed to TVA pursuant to this Exhibit.

• After the Effective Date, Licensor will continue to use Commercially Reasonable Efforts at its own cost to carry out the Development needed to obtain Regulatory Approval of the Licensed Product in the Field and in the Territory.

• At all times during the Term, Licensee shall, directly or through its Affiliates, use Commercially Reasonable Efforts to Commercialize the Licensed Product in the Territory.

More Definitions of Commercially Reasonable

Commercially Reasonable means any of the practices, methods and acts which, in the exercise of reasonable judgment in light of the facts known, or which in the exercise of due diligence, should have been known, at the time the decision was made, would have been expected in the industry to accomplish the desired result consistent with reliability, safety, expedition, project economics and regulations.

Commercially Reasonable means sound and prudent practices in a manner commercially reasonable for an onshore Crude Petroleum pipeline operator and in a manner consistent with industry standards at the applicable point in time.

Commercially Reasonable when used in the context of efforts to be taken means efforts which would ordinarily be taken by a business person in the applicable industry were he in the position under this Agreement of being the operator of the Plant, or the owner of the Plant, whichever shall be the relevant case. Such efforts shall only be taken at the sole cost and request of the Party entitled to request or require “commercially reasonable” efforts (“the Requiring Party”) provided, however, that the Party who undertakes such efforts shall not be (i) obligated to interfere with its own business activities or plans, nor (ii) required to employ additional employees in order to accomplish such matters, nor (iii) required to expend any of its own funds to accomplish such request without the right to reimbursement from the Requiring Party;

Commercially Reasonable means terms and pricing that are reasonably consistent with what an experienced power market analyst would expect to see in transactions involving newly developed renewable energy resources.

Commercially Reasonable means any of the practices, methods and acts which, in the exercise of reasonable judgment in light of the facts known, or which in the exercise of due diligence, should have been known, at the time the decision was made, would have been expected in the industry to accomplish the desired result consistent with reliability, safety, expedition, project economics, and regulations.

Commercially Reasonable as used herein shall be interpreted in a corresponding manner.

Commercially Reasonable means sound and prudent practices in a manner commercially reasonable under the then existing circumstances and in a manner consistent with or better than industry standards at the applicable point in time.