TVPC definition
Examples of TVPC in a sentence
If for any reason, including, without limitation, a Force Majeure event, the capacity of the Crude Pipelines should fall below the Crude Reserved Capacity, then within a reasonable period of time after the commencement of such reduction, TVPC shall make repairs to the Crude Pipelines to restore the Crude Reserved Capacity (“Pipeline Restoration”).
Once the investment banking firm has submitted its determination of the fair market value of the non-cash consideration, PBF Holding will provide a ROFR Response to TVPC within thirty (30) days after the investment banking firm has submitted its determination (the “Second ROFR Acceptance Deadline” and together with the First ROFR Acceptance Deadline, the “ROFR Acceptance Deadlines”).
TVPC shall use reasonable commercial efforts to minimize the interruption of service at each Tank or any of the Crude Oil Pipelines.
TVPC intends to provide transportation and storage services with respect to Crude Oil transported or handled by TVPC for PBF Holding on the Crude Pipelines and in the Tanks, subject to and upon the terms and conditions of this Agreement.
No Storage Service Order shall be effective until fully executed by both PBF Holding and TVPC.
TVPC shall be under no obligation to expend capital, make any improvements or otherwise alter or change the use of the Crude Pipelines or the Tanks, unless it elects to do.
Certificates providing evidence of renewal of coverage shall be furnished to TVPC prior to policy expiration.
Subject to Section 14, if TVPC fails to maintain the Crude Pipelines or Tanks in a condition and with a capacity sufficient to store and handle a volume of PBF Holding’s Crude Oil in the Tanks equal to the current Operating Capacity of all of the Tanks, then either Party shall have the right to call a meeting between executives of both Parties by providing at least two (2) Business Days’ advance written notice.
Additionally, PBF Holding may exercise any remedies available to it under this Agreement or any Storage Service Order (other than termination), including the right to immediately seek temporary and permanent injunctive relief for specific performance by TVPC of the applicable provisions of this Agreement or any Storage Service Order, including, without limitation, the obligation to make Tank Restorations as described herein.
Subject to the terms and conditions of this Agreement and the Storage Service Order, TVPC shall accept, redeliver and store all Crude Oil tendered by PBF Holding up to the effective Operating Capacity of the Dedicated Tank.