Wyckoff Gas Storage Company, LLC
Original Volume No. 1
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Effective Date: 12/31/9999, Docket: RP09- 444-000, Status: Accepted
Original Sheet No. 46 Original Sheet No. 46
FORM OF CUSTOMER GUARANTY
THIS GUARANTY is executed as of the _____ day of_____________, 2001, by
[________________________________]., a [___________] (the “Guarantor”)
in favor of Wyckoff Gas Storage Company, LLC, a Delaware limited
partnership (“Company”).
RECITAL
[Name of Customerl], a _____________ (the “Customer”), and
Company may from time to time enter into contracts for natural gas
Storage Services and/or Load Following and Balancing Services pursuant
to which Customer may utilize Company’s gas Storage Facilities (the
“Contracts”). As an inducement to Company to enter into the Contracts
and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Guarantor covenants
and agrees as follows:
1. Guaranty of Payment. The Guarantor hereby irrevocably and
unconditionally guarantees the due and punctual payment of any and all
present and future obligations and liabilities of all kinds of the
Customer to Company pursuant to the Contracts (collectively, the
“Guaranteed Obligations”). Upon any failure by the Customer to pay any
of the Guaranteed Obligations, the Guarantor agrees that it will
forthwith on demand pay any amounts, which the Customer has failed to
pay Company, at the place and in the manner specified in the Contract.
This Guaranty is a guaranty of payment and not merely a guaranty of
collection. The Guarantor agrees that Company may resort to the
Guarantor for payment of any of the Guaranteed Obligations, whether or
not Company shall have resorted to any collateral security, or shall
have proceeded against any other obligor principally or secondarily
obligated with respect to any of the Guaranteed Obligations. Guarantor
hereby waives the right to assert defenses which the Customer may have
to payment of any Guaranteed Obligations.
2. Guaranty Unconditional and Absolute. The obligations
of the Guarantor hereunder shall be unconditional and absolute and,
without limiting the generality of the foregoing, shall not be
released, discharged or otherwise affected by:
(i) any extension, renewal, settlement, compromise, waiver,
discharge or release in respect of any Guaranteed Obligations of the
Customer;
(ii) the existence, or extent of, any release, exchange,
surrender, non-perfection or invalidity of any direct or indirect security
for any of the Guaranteed Obligations;
(iii) any modification, amendment, waiver, extension of or
supplement to any of the Agreement or the Guaranteed Obligations agreed
to from time to time by the Customer and Company;
(iv) any change in the corporate existence (including its
constitution, laws, rules, regulations or powers), structure or
ownership of the Customer or the Guarantor, or any insolvency,
bankruptcy, reorganization or other similar proceeding affecting the
Customer or its assets, the Guarantor or any other guarantor of any of
the Guaranteed Obligations;