Garden Banks Gas Pipeline, LLC

Original Volume No. 1

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Effective Date: 11/01/1999, Docket: RP00- 19-000, Status: Effective

First Revised Sheet No. 305 First Revised Sheet No. 305 : Effective

Superseding: Original Sheet No.305

FORM OF NGL BANK AGREEMENT

 

 

ARTICLE II

DEFINITIONS

 

2.1 Natural Gas Liquids ("NGL") is a term that is sometimes used

to refer to liquefiable hydrocarbons that are present in the

vapor phase in natural gas streams and is sometimes used to refer

to hydrocarbons in a liquid state after extraction or

condensation from the gas stream, and shall, in either case,

include natural gasoline (pentane plus heavier hydrocarbons),

butanes, propane and ethane.

 

2.2 Production Point shall mean the producing field from which

natural gas is produced that is located upstream of Transporter's

Receipt Point.

 

2.3 Capitalized terms used but not defined herein shall have the

meanings ascribed to such terms in Transporter's Original Volume

No. 1 Gas Tariff.

 

 

ARTICLE III

TERM

 

Except as otherwise provided for in Article VIII herein, this

Agreement shall be effective as of the effective date of the TSA

between Transporter and Shipper, or June 1, 1998, whichever is

later, and shall remain in force and effect for the term of such

TSA. In the event that there is more than one (1) TSA between

Transporter and Shipper, the effective date of this Agreement

shall coincide with the earliest effective date of any of such

TSA's, or June 1, 1998, whichever is later and shall remain in

force and effect for a term to coincide with the latest of any of

such TSA's to expire.

 

 

ARTICLE IV

SHIPPER PARTICIPATION

 

4.1 Shipper agrees to (i) participate in the NGL Bank, either in

person or through its agent, with the relevant agency agreement

provided to Administrator prior to said agent's participation in

the NGL Bank on behalf of Shipper, (ii) make settlements in

accordance with the provisions of Article V of this Agreement,

and (iii) pay the Administrative Fees billed by Administrator to

Shipper, or its agent, for administration of the NGL Bank

pursuant to Article V of this Agreement. Designation of an agent

shall not relieve Shipper from any rights or responsibilities

arising from this Agreement.

 

4.2 The Administrator shall establish the GBGP NGL Bank Advisory

Group ("AG") to provide a forum to discuss and consider material

NGL Bank issues if, and when, they arise. Each shipper shall

appoint a single representative to serve on the AG.

Administrator will chair the AG, convene meetings as needed, and

retain third-party services as appropriate. Resolution of issues

brought forward to the AG will be by simple majority vote of the

respective representatives of the then shippers, with each

representative having a single vote.