Garden Banks Gas Pipeline, LLC

Original Volume No. 1

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

Original Sheet No.311 Original Sheet No.311 : Effective

 

FORM OF NGL BANK AGREEMENT

 

ARTICLE V

SETTLEMENTS

Cont'd

 

5.4 NGL Bank Billings and Payments cont'd

 

Designation of agent does not relieve Shipper from any rights or

responsibilities arising from this Agreement. After receipt of

such payments from shippers or their designated agents owing the

NGL Bank, Administrator shall, during the next following month,

remit payment from the NGL Bank to Shipper or its designated

agents, if due, less any adjustments for administrative expenses

related to the NGL Bank. To the extent that all monies due the

NGL Bank for a particular month are not received in a timely

manner from shippers or their designated agents owing the NGL

Bank, Administrator shall pro-rate monies available for

disbursement from the NGL Bank to shippers owed monies by the NGL

Bank based upon the total amount owed any such shipper compared

to the total amount owed to all shippers for that month.

Administrator shall make appropriate adjustments in the

succeeding months until any such shortfalls have been satisfied;

provided, however, that the Administrator shall not be required

to pay interest on the unpaid portion of any amount due any

shipper. Notwithstanding anything else to the contrary herein,

in no event shall the Administrator be obligated to pay out more

funds from the NGL Bank than it has received from shippers, after

adjustment for administrative expenses. Shipper will be charged

interest on late payments or partial payments as stated in the

Transporter's GT&C. Any interest collected by the Administrator

hereunder attributable to payment shortfalls into the NGL Bank

shall be pro-rated among those shippers owed money from the NGL

Bank taking into consideration the amount owed and the length of

time such amount has been owed.

 

Shipper acknowledges and agrees that Administrator shall not be

obligated to disperse any NGL Bank settlement funds to Shipper

unless and until Administrator has received sufficient settlement

funds from other shippers to pay the amounts due Shipper. It is

the intent of the parties hereto that Administrator shall act

only as a conduit for NGL Bank settlement funds and shall have no

personal obligation or liability for any settlements due Shipper.