FOURTH AMENDMENT TO PURCHASE, SALE AND SERVICE AGREEMENT FOR PROPANE/BUTANE MIX KING RANCH GAS PLANT
Exhibit
10.84
FOURTH
AMENDMENT TO
PURCHASE,
SALE AND SERVICE AGREEMENT
FOR
PROPANE/BUTANE MIX
KING
RANCH GAS PLANT
This
Fourth Amendment to Purchase, Sale and Service Agreement for Propane/Butane
Mix
(“Fourth Amendment”) is made and entered into, effective March 1, 2006, by and
between, ExxonMobil Gas & Power Marketing Company (“EMGPM”), a division of
Exxon Mobil Corporation, a New Jersey corporation, and Penn Octane Corporation
(“POC”), a Delaware corporation.
Recitals:
WHEREAS,
Exxon Company, USA (a division of Exxon Corporations) and Penn Octane
Corporation entered into that certain Purchase, Sale and service agreement
for
Propane/butane Mix (“Original Agreement”) dated October 1, 1999;
and
WHEREAS,
effective November 30, 1999, Exxon Corporation changed its name to Exxon Mobil
Corporation and the stewardship of the Original Agreement was transferred to
ExxonMobil Gas Marketing Company. Subsequently, ExxonMobil Gas Marketing Company
changed its name to ExxonMobil Gas & Power Marketing Company (“EMGPM”),
and
WHEREAS,
EMGPM and POC amended the Original Agreement by that certain First Amendment
to
Purchase, Sale and Service Agreement for Propane/Butane Mix, dated effective
January 20, 2000, and
WHEREAS,
EMGPM and POC amended the Original Agreement by that certain Second Amendment
to
Purchase, Sale and Service Agreement for Propane/Butane Mix, dated effective
February 29, 2000, and
WHEREAS,
EMGPM and POC amended the Original Agreement by that certain Third Amendment
to
Purchase, Sale and Service Agreement for Propane/Butane Mix, dated effective
April 1, 2005, and
Agreements:
NOW,
THEREFORE, in consideration of the mutual benefits of the Parties as set out
in
this Amendment and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties agree as
follows:
Terms
used as defined terms herein shall have the meaning ascribed to them in the
Original Agreement, unless otherwise indicated herein.
Exhibit
10.84
Article
2.1, entitled “Term”, shall be deleted in its entirety and replaced with the
following:
“2.1 TERM The
initial term of this Agreement shall commence on the Effective Date and shall
continue through September 30, 2010. This Agreement shall thereafter
automatically be renewed on a year-to-year basis until written notice of
termination is given by either Party at least twelve (12) months prior to the
end of the initial term or any subsequent renewal term. The initial term of
this
Agreement, as renewed from time to time, shall be referred to as the
“Term”.
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ExxonMobil
Gas & Power Marketing Company,
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Penn
Octane Corporation
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A
division of Exxon Mobil Corporation
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By:
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/s/
Xxxx X. Xxxxx
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By:
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/s/
Xxxxxxx Xxxxxx
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Name:
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Xxxx
X. Xxxxx
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Name:
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Title:
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Lead,
Gulf Coast Supply &
Logistics
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Title:
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