Pinnacle Pipeline Company

ORIGINAL VOLUME NO. 1

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Effective Date: 10/08/2003, Docket: RP04-102-001, Status: Effective

Original Sheet No. 157 Original Sheet No. 157 : Effective

 

 

(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liquidation or (B) is not withdrawn,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 be delivered to Shipper

 

under the Transportation Agreement, multiplied by

the Negotiated Rate, if any, under the

Transportation Agreeement.