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

Original Sheet No. 226 Original Sheet No. 226 : Effective

 

 

 

FORM OF FIRM TRANSPORTATION SERVICE AGREEMENT (Continued)

 

 

ARTICLE X - TRANSFER AND ASSIGNMENT

 

Any individual or entity which shall succeed by purchase, merger, or consolidation to

the properties, substantially as an entirety, of Petal or Customer, as the case may be,

shall be entitled to 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).