SMEP definition
Examples of SMEP in a sentence
Equipment placement and material storage shall be at locations satisfactory to SMEP.
Any person found in violation of any such restrictions and limitations may be removed from the Terminal by SMEP, and SMEP may refuse to allow such person any further access to the Terminal.
SMEP may impose reasonable restrictions and limitations upon access to all or any portion of the Terminal or Terminal Assets, including restrictions as to time and place of access at any particular time or location to the extent it does not materially interfere with Sellers’ exercise of its rights hereunder or use and operation of its Retained Processing Assets.
Without limiting the foregoing, SMEP acknowledges that it shall be responsible to repair or replace the Shared Facilities to substantially the same condition as the same were in prior to the date of casualty consistent with its obligation to insure the Shared Facilities pursuant to Section 19 above.
Within ten (10) days after the applicable Seller’s receipt of such notice, such Seller may request a meeting at which designated officers or employees of the Seller and SMEP, each of which shall have authority to negotiate and approve such expenditures, shall meet and negotiate in good faith as to the repairs, replacements, or upgrades to be made and the method and costs by which the same will be accomplished.
SMEP shall perform or cause to be performed all Routine O&M Services and Non-Routine M&R Services (i) in accordance with all applicable federal, state or local laws, regulations or rules, (ii) in a manner that is reasonably consistent with Sellers’ historical practices in terms of quality and cost, (iii) in a good and workmanlike manner, and (iv) in a manner consistent with normal and customary practices in the asphalt industry in the United States.
SMEP and Sellers agree that the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”) will apply unless otherwise agreed to by the Parties, and the arbitration will be conducted on a confidential basis strictly in accordance with the terms of this Agreement and the governing laws of the State of Oklahoma.
This Agreement and the rights and obligations under this Agreement shall be binding upon and shall inure to the benefit of SMEP and Sellers and their respective permitted successors and assigns.
In addition, (i) SemMaterials or K.C. Asphalt, as the case may be, shall be entitled to that portion of any eminent domain or condemnation awards which are attributable to the Retained Processing Assets, (ii) SMEP shall be entitled to that portion of any eminent domain or condemnation awards which are attributable to the Terminal Assets, and (iii) each of the parties may claim damages payable on account of relocation expenses relating thereto, to the extent permitted under applicable law.
All such repairs to the Shared Facilities shall be made by SMEP in a reasonably prompt manner to allow resumption of operations at the Terminal as soon as possible.