Iroquois Gas Transmission System, L.P.

FIRST REVISED VOLUME NO. 1

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Effective Date: 01/21/2008, Docket: RP08- 41-001, Status: Effective

Original Sheet No. 110A Original Sheet No. 110A : Pending

 

 

Shippers who select the Second Extension Option

shall be provided a unilateral option to extend the Contract for

all or any portion of the Maximum Equivalent Quantity specified

on Schedule 2 of the Contract for, at minimum, an additional

five (5) year period beyond the Initial Contract Extension

without a requirement to match competing bids in a Right of

First Refusal (“ROFR”) matching process. Unless otherwise

agreed in writing by Transporter and Shipper, all other terms

and conditions of the Contract shall remain the same and continue

in full force and effect during the Second Extension. Shipper

can exercise or decline to exercise the Second Extension Option

by notifying Transporter in writing of such election no later

than two (2) years prior to the termination of the Initial

Contract Extension (“Second Extension Notice Date”). Unless

Transporter and Shipper agree in writing to an alternate

notification date, in the event that Shipper fails to notify

Transporter by the Second Extension Notice Date of its election

under the unilateral Second Extension Option, then the Contract

shall extend automatically for an additional five (5) year

period for the entire Maximum Equivalent Quantity, under the

same terms and conditions as the Initial Contract Extension.

By selecting this unilateral right to enter into the

Second Extension, Shipper acknowledges that it has been advised

by Transporter of its ROFR under the Contract and the date for

submitting its Notice of Election, and Shipper elects not to

exercise its ROFR upon termination of the Contract. As such, if

Shipper elects not to further extend the Contract under the

Second Extension Option, Shipper shall forgo its ROFR and

Transporter shall have pregranted abandonment authority pursuant

to Section 29.5 of the Tariff, and shall have no further

obligation to render service under the Contract upon termination

of the Initial Contract Extension. In the event that Shipper

elects to enter into the Second Extension at a reduced Maximum

Equivalent Quantity, Transporter shall have pregranted

abandonment authority pursuant to Section 29.5 to abandon the

portion of the service under the Contract so reduced. At the

end of the Second Extension, the provisions of this

Section 29.5(b) shall no longer be applicable to the Contract,

and all quantities retained in the Second Extension shall be

subject to the terms of Section 29.5(a) and 29.6.