High Island Offshore System, L.L.C.
Third Revised Volume No. 1
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Effective Date: 06/01/2004, Docket: RP04-288-000, Status: Effective
First Revised Sheet No. 230 First Revised Sheet No. 230 : Effective
Superseding: Substitute Original Sheet No. 230
NGL BANK AGREEMENT (Continued)
6.2 Administrator shall maintain true and correct sets of records pertaining to the
performance of this Agreement and all transactions related thereto, and agrees
to retain all such records for a period of not less than thirty-six (36) months
following the end of the calendar year in which such records were created.
6.3 Should the audit result in a claim by a shipper, then a written response shall
be made by Administrator as soon as practical, but in no event later than one
hundred and twenty (120) days from the date of Administrator's receipt of such
claim. Any NGL Bank settlement adjustments determined to be due any shipper
shall be made within sixty (60) days of determination thereof.
ARTICLE VII - ASSIGNMENTS
7.1 Shipper shall, without relieving itself of its obligations under this Agreement,
assign its rights in this Agreement to any entity to which Shipper has assigned
its Transportation Agreement(s).
7.2 Subsequent to June 1, 2009, Administrator may, without relieving itself of its
obligations under this Agreement, assign its interest in this Agreement upon six
(6) months prior notice to all shippers; provided, however, that any assignment
or transfer of Administrator's interest in this Agreement shall be subject to
the approval of the Advisory Group.
7.3 Any party which shall succeed by purchase, merger or consolidation to the
properties, substantially as an entirety, of a party hereto shall be entitled
to the rights and shall be subject to the obligations of its predecessor-in-
interest under this Agreement.
ARTICLE VIII - REMOVAL OF ADMINISTRATOR
Subject to the approval of the Advisory Group, Administrator may be removed hereunder
and a successor to replace Administrator appointed by the Advisory Group if:
(i) Administrator becomes bankrupt or insolvent, commits or suffers any act of
bankruptcy or insolvency, is placed in receivership, seeks debt or relief
protection under any applicable legislation and such is not rectified within
thirty (30) days of such event; or
(ii) Administrator assigns or purports to assign its general powers and responsibility
of supervision and management as Administrator hereunder in contravention of
Article VII herein.
(iii) The Advisory Group votes to replace Administrator.