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.