Garden Banks Gas Pipeline, LLC

Original Volume No. 1

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Effective Date: 05/10/2010, Docket: RP10-594-000, Status: Effective

First Revised Sheet No. 284 First Revised Sheet No. 284

Superseding: Original Sheet No. 284

 

FORM OF RESERVE COMMITMENT AGREEMENT

 

 

THIS RESERVE COMMITMENT AGREEMENT (Agreement) is made and entered into

as of the _____ day of ___________, _____, by and between GARDEN BANKS GAS

PIPELINE, LLC, a Delaware limited liability company, hereinafter referred to

as "Transporter" and __________________, a ________________ corporation,

hereinafter referred to as "Shipper." Transporter and Shipper shall

collectively be referred to herein as the "Parties".

 

ARTICLE I

 

DEFINITIONS

 

1.1 COMMITTED BLOCKS(S) - shall mean those Outer Continental Shelf

("OCS") blocks set forth on Exhibit "A" hereto.

 

1.2 Capitalized terms not defined herein shall have the meaning

ascribed thereto in Transporter's FERC Gas Tariff.

 

ARTICLE II

 

RESERVE DEDICATION

 

2.1 Subject to the provisions of Sections 2.3, 2.4 and 2.5 of this

Agreement, Shipper hereby agrees to deliver into and transport

through Transporter's Facility all natural gas produced by or for

the account of Shipper from the Committed Block(s) for the

economic life of the Committed Block(s).

 

2.2 In the event Shipper should transfer or assign any or all of its

rights, title and/or interest in the Committed Block(s), Shipper

agrees that any such transfer or assignment will be made subject

to the terms of this Agreement, it being the intent of the parties

hereto that the Committed Block(s) remain dedicated for purposes

of transportation to Transporter's Facility for the economic life

of the Committed Block(s). All of the provisions of this

Agreement shall be applicable to assignees of Shipper's interests

in the Committed Block(s) and such assignees shall receive a

proportionate assignment of the rights and obligations hereunder

with respect to the Committed Block(s) so assigned, to the extent

that such assignee satisfies the requirements of Section 6.3 of

Rate Schedules FT-1, FT-2 or IT-1, as applicable. Upon such

assignment, Shipper shall be relieved of its obligations under

this Agreement to the extent, and only to the extent, so assigned

to a third party.