Petal Gas Storage, L. L. C.

Original Volume No. 1

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Effective Date: 05/01/2002, Docket: RP02-188-000, Status: Effective

First Revised Sheet No. 202 First Revised Sheet No. 202 : Effective

Superseding: Original Sheet No. 202

 

 

FORM OF FIRM STORAGE SERVICE AGREEMENT (Continued)

 

 

the rights and shall be subject to the obligations of its predecessor in title under

this Agreement. No assignment of this Agreement by either party or any of the rights

or obligations hereunder shall be made unless there first shall have been obtained the

consent thereto in writing of the other party, which consent shall not be unreasonably

delayed or withheld. Any release of Customer from its obligations hereunder shall be

conditioned on the approval of Petal's lenders/note holders.

 

It is agreed, however, that the restrictions on assignment contained in this Article

shall not in any way prevent either party to this Agreement from pledging or mortgaging

its rights hereunder as security for its indebtedness without the written consent of

the other party. This Agreement shall be binding upon and shall inure to the benefit

of the respective authorized successors and assigns.

 

 

ARTICLE XI - LAW OF AGREEMENT

 

THE INTERPRETATION AND PERFORMANCE OF THIS AGREEMENT SHALL BE IN ACCORDANCE WITH AND

CONTROLLED BY THE LAWS OF THE STATE OF MISSISSIPPI, WITHOUT REGARD TO DOCTRINES

GOVERNING CHOICE OF LAW.

 

 

ARTICLE XII - MISCELLANEOUS

 

1. No change, modification or alteration of this Agreement shall be or become

effective until executed in writing by the parties hereto, and no course of

dealing between the parties shall be construed to alter the terms hereof, except

as expressly stated herein.

 

2. No waiver by any party of any one or more defaults by the other in the

performance of any provisions of the Agreement shall operate or be construed as

a waiver of any other default or defaults, whether of a like or of a different

character.

 

3. Petal and Customer shall proceed with due diligence to obtain such governmental

and other regulatory authorizations as may be required for the rendition of the

services contemplated herein, provided that Petal reserves the right to file and

prosecute applications for such authorizations, any supplements or amendments

thereto and, if necessary, any court review, in such manner as it deems to be in

its best interest, including the right to withdraw the application or to file

pleadings and motions (including motions for dismissal).

 

4. This Agreement and the respective obligations of the parties hereunder are

subject to all present and future valid laws, orders, rules, and regulations of

constituted authorities having jurisdiction over the parties. Neither party

shall be held in default for failure to perform hereunder if such failure is

due to compliance with laws, orders, rules or regulations of any such duly

constituted authorities.