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in the computation of periods of time from a specified day to a later specified day, the word “from" means “from and including” and the words “until” or “to” means “to and including,” respectively;


all dates and periods of time shall be determined by reference to the Gregorian calendar; and times of day are times of day in England;


“include,” “including,” and “in particular” shall be construed as being by way of illustration or emphasis only and shall not be construed as, nor shall they take effect as, limiting the generality of any preceding words;


references to the Auction Administrator, Primary Shipper, Applicant, the Terminal Operator or other person shall include its or their successors or permitted assignees;


the index and headings are for ease of reference only and shall not be taken into account in construing this Agreement;


references to this Agreement or any other documents shall be construed as references to this Agreement or that other document as amended, varied, novated, supplemented, or replaced from time to time;


references to the date of this Agreement are to the date of execution of this Agreement, unless otherwise provided in this Agreement;


the expression “this Section” shall, unless followed by reference to a specific provision, refer to the whole section (not merely the sub-section, paragraph or other provision) in which the expression occurs;


references to legislation include any statute, by-law, regulation, rule, subordinate or delegated legislation or order, and reference to any legislation is to such legislation as amended, modified or consolidated from time to time, and to any legislation replacing it or made under it, save insofar as any such amendment, modification, consolidation or replacement made after the date of this Agreement would impose any increased or new ability on any Party or otherwise adversely affect the rights of any Party;


references to a person (or to a word importing a person) shall be construed so as to include that person’s successors in title and assigns or transferees;


reference to any gender includes the others and words in the singular include the plural and vice versa;


where a word or expression is defined, cognate words and expressions shall be construed accordingly.

2. Commencement Date, Duration and Auction Information Fee


This Agreement shall come into full force and effect from the date first above written and shall terminate on the earlier of (i) the second (2nd) anniversary thereof and (ii) the date upon which a replacement Auction Administrator is appointed by the Primary Shipper in accordance with Section 4.2 below (such period, the “Term”).

Version 1.4 –  2 December 20084

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