Petal Gas Storage Company

Original Volume No. 1

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Effective Date: 08/16/1999, Docket: RP99-443-000, Status: Effective

Original Sheet No. 202 Original Sheet No. 202 : Effective

 

Form of Firm Storage Service Agreement

(Continued)

 

the rights and shall be subject to the obligations of its predecessor in

title under this Agreement. No assignment of this Agreement by either party

or any of the rights or obligations hereunder shall be made unless there

first shall have been obtained the consent thereto in writing of the other

party, which consent shall not be unreasonably delayed or withheld. Any

release of Customer from its obligations hereunder shall be conditioned on

the approval of Petal's lenders/note holders.

 

It is agreed, however, that the restrictions on assignment contained in

this Article shall not in any way prevent either party to this Agreement

from pledging or mortgaging its rights hereunder as security for its

indebtedness without the written consent of the other party. This Agreement

shall be binding upon and shall inure to the benefit of the respective

authorized successors and assigns.

 

ARTICLE XI - LAW OF AGREEMENT

 

THE INTERPRETATION AND PERFORMANCE OF THIS AGREEMENT SHALL BE IN ACCORDANCE

WITH AND CONTROLLED BY THE LAWS OF THE STATE OF MISSISSIPPI, WITHOUT REGARD

TO DOCTRINES GOVERNING CHOICE OF LAW.

 

ARTICLE XII - MISCELLANEOUS

 

1. No change, modification or alteration of this Agreement shall be or

become effective until executed in writing by the parties hereto, and

no course of dealing between the parties shall be construed to alter

the terms hereof, except as expressly stated herein.

 

2. No waiver by any party of any one or more defaults by the other in the

performance of any provisions of the Agreement shall operate or be

construed as a waiver of any other default or defaults, whether of a

like or of a different character.

 

3. Petal and Customer shall proceed with due diligence to obtain such

governmental and other regulatory authorizations as may be required

for the rendition of the services contemplated herein, provided that

Petal reserves the right to file and prosecute applications for such

authorizations, any supplements or amendments thereto and, if

necessary, any court review, in such manner as it deems to be in its

best interest, including the right to withdraw the application or to

file pleadings and motions (including motions for dismissal).

 

4. This Agreement and the respective obligations of the parties hereunder

are subject to all present and future valid laws, orders, rules, and

regulations of constituted authorities having jurisdiction over the

parties, their functions or gas supply, this Agreement or any

provision hereof. Neither party shall be held in default for failure

to perform hereunder if such failure is due to compliance with laws,

orders, rules or regulations of any such duly constituted authorities.