That sounds perfectly reasonable. The company is organising an event and is paying money to create it - e.g. they may be flying people in that may not otherwise be there. It is not reasonable to expect that you can go in, take photos, and them sell them - unless you purchase additional rights from the company to make money from their commercial activity.
I think commercial can be viewed quite liberally - any transaction involving money for the images would probably be considered commercial e.g. you've made a pecuniary gain.
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