MarkWest Pioneer, L.L.C.
Original Volume No. 1
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Effective Date: 04/01/2009, Docket: RP09-321-000, Status: Effective
Original Sheet No. 104 Original Sheet No. 104
GENERAL TERMS AND CONDITIONS
(Continued)
29. DEFAULTS AND REMEDIES
29.1. Events of Default – An “Event of Default” shall mean, with respect to
Shipper or Transporter, the occurrence of any of the following:
a) Any representation or warranty made in the FT or IT Agreement by
Shipper or Transporter that proves to be false or misleading in any
material respect;
b) The failure of Shipper or Transporter to perform any covenant set
forth in a FT or IT Agreement, where such failure is not excused by
Force Majeure and is not cured within thirty (30) Business Days
after written notice thereof to the other party; or
c) Shipper or Transporter shall be subject to a Bankruptcy Event with
“Bankruptcy Event” meaning, with respect to either Shipper or
Transporter, that such party (i) is dissolved (other than pursuant
to a consolidation, amalgamation or merger),(ii) makes an assignment
or any general arrangement for the benefit of creditors, (iii)
institutes or has instituted against it a proceeding seeking a
judgment of insolvency or bankruptcy or any other relief under any
bankruptcy or insolvency or other law affecting creditors’ rights
and, in the case of any such proceeding or petition instituted or
presented against it, such proceeding or petition (A) results in a
judgment or insolvency of bankruptcy or the entry of an order for
its wind-up or liquidation or (B) is not withdrawn, dismissed or
discharged with thirty (30) days after the institution or
presentation thereof, (iv) otherwise becomes bankrupt or insolvent
(however evidenced), (v) has a secured party take possession of all
or substantially all of its assets or has an action or proceeding
taken or levied against all or substantially all of its assets and
such secured party maintains possession, or any such action or
proceeding is not dismissed, in either case within thirty (30) days
thereafter, or (vi) is unable to pay its debts or admits in writing
its inability generally to pay its debts as they fall due.)