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.314 Original Sheet No.314 : Effective

 

FORM OF NGL BANK AGREEMENT

 

ARTICLE VII

ASSIGNMENTS

 

7.1 Shipper may, without relieving itself of its obligations

under this Agreement, assign its rights in this Agreement to any

entity; provided, however, that any such assignment shall be

subject to the assignment provision(s) of Shippers TSA(s).

 

7.2 Subsequent to May 1, 2004, Administrator may, without

relieving itself of its obligations under this Agreement, assign

its interest in this Agreement upon six (6) months prior written

notice to all shippers; provided, however, that any assignment or

transfer of Administrator's interest in this Agreement shall be

subject to the approval of a simple majority of the shippers,

with each shipper having a single vote.

 

7.3 Any party which shall succeed by purchase, merger or

consolidation to the properties, substantially as an entirety, of

either party hereto shall be entitled to the rights and shall be

subject to the obligations of its predecessor-in-interest under

this Agreement.

 

ARTICLE VIII

REMOVAL OF ADMINISTRATOR

 

Subject to the approval of a simple majority of the shippers,

with each shipper have a single vote, the Administrator may be

removed hereunder and this Agreement shall terminate if:

 

(i) Transporter decides to cease operation of Transporter's

Facility their respective facilities for an indefinite

period of time, or to sell or lease Transporter's Facility

to a third party;

 

(ii) Administrator becomes bankrupt or insolvent, commits or

suffers any act of bankruptcy or insolvency, is placed in

receivership, seeks debt or relief protection under any

applicable legislation and such is not rectified within

thirty (30) days of such event; or

 

(iii) Administrator assigns or purports to assign its general

powers and responsibility of supervision and management as

Administrator hereunder in contravention of Article VII

herein.