Markwest New Mexico, L. L. C.
Second Revised Volume No. 1
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Effective Date: 08/01/2008, Docket: RP08-409-000, Status: Effective
Original Sheet No. 156 Original Sheet No. 156 (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results in a judgment or insolvency or bankruptcy or the entry of an order for its wind-up or liquidation or (B) is not withdrawn, dismissed or discharged within thirty (30) Days after the institution or presentation thereof, (iv) otherwise becomes bankrupt or insolvent (however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.) 26.2 Termination by Transporter - Upon the occurrence of an Event of Default by Shipper under a Transportation Agreement ("Agreement"), Transporter may terminate the Agreement upon ten (10) additional Days' prior written notice to Shipper. Except as otherwise provided in the Agreement, upon termination by Transporter, Shipper shall pay to Transporter all payments owed to Transporter for gas that flowed prior to termination. In addition, Transporter and Shipper may agree to a termination payment to be paid by Shipper, which shall be equal to the quantity remaining to