| Liberty Gas Storage L.L.C. |
|
Original Sheet No. 151 : Effective |
| FERC Gas Tariff |
|
|
| Liberty Gas Storage L.L.C. |
GENERAL TERMS AND CONDITIONS
29. DEFAULT AND TERMINATION
29.1 Customer shall be in default under this FERC Gas Tariff or the Storage
Service Agreement if:
(a) Customer shall fail to pay any sums due to Liberty hereunder and such
failure continues for a period of five (5) Business Days after written notice
to Customer by Liberty;
(b) Customer fails to perform any of its material covenants or obligations
under this FERC Gas Tariff or the Storage Service Agreement, other than
obligations to make payments to Liberty, and Customer does not remedy such
failure within a period of thirty (30) days after receipt of a notice from
Liberty and indemnify and hold harmless Liberty from and against any losses
resulting from such failure;
(c) Customer or its guarantor becomes insolvent, as set forth in Section
3.4(i); or
(d) A Material Adverse Change, as defined in Section 32.3, shall have
occurred and
Customer fails to provide Financial Assurances pursuant to Section 32.
29.2 In the event of any Default by Customer, in addition to all other
remedies available to it pursuant to the Storage Service Agreements or at law
and in equity, Liberty may do any or all of the following:
remedies available to it pursuant to the Storage Service Agreements or at law
and in equity, Liberty may do any or all of the following:
(a) refuse to accept any further deliveries of Gas from or on behalf of
Customer pursuant to all or any transactions;
(a) refuse to accept any further deliveries of Gas from or on behalf of
Customer pursuant to all or any transactions;
(b) refuse to deliver Gas to or on behalf of Customer pursuant to all or
any transactions;
(c) set off any amount owing by Liberty to Customer pursuant to any
transaction(s) against amounts otherwise owing by Customer to Liberty pursuant
to any other transaction(s);
(d) suspend performance until Customer corrects the default in full; and
(e) terminate the Customers Storage Service Agreement, provided that
Liberty shall provide not less than thirty (30) days notice of such termination
to the Customer and to FERC.
29.3 In the event Liberty shall have suspended service pursuant to Section
29.2, Customer may cause Liberty to resume or continue service by providing an
advance payment equal to one Months charges for service under the Customers
Storage Service Agreement(s) and providing Financial Assurances pursuant to
Section 32 of these General Terms and Conditions within thirty (30) days of
Libertys notice of suspension. Liberty shall not charge Customer for services
during any period of suspension pursuant to Section 29.2.
| Issued by: William Rapp, Senior Counsel |
| Issue date: 06/10/05 |
|
Effective date: 04/15/07 |