Firm Service definition
Examples of Firm Service in a sentence
As described in greater detail in the Complaint (as defined below), pursuant to the Precedent Agreement, Gulfport originally reserved Firm Service (as defined in the Precedent Agreement) at a maximum daily transportation quantity (“MDTQ”) of 200,000 dekatherms (“DTH”) of firm natural gas transport capacity per day for ten years on Midship’s pipeline—a 200-mile, 36-inch diameter pipeline that transports natural gas from the STACK and SCOOP shale plays in Oklahoma’s Anadarko Basin.
If Shipper has agreed to a Negotiated Service Agreement, and Shipper desires to negotiate an extension of the Firm Service under the same, including a change to all or a portion of the terms of such Firm Service (e.g., rates, Term, MDTQ, receipt and delivery points), then at least nine (9) months prior to the expiration of the Negotiated Service Agreement, Shipper shall notify Transporter in writing of its intent to renegotiate the said agreement.
If Shipper desires to change or modify all or a portion of the Firm Service under its Service Agreement (e.g. rates, Term, MDTQ, receipt and delivery points), then at least nine (9) months prior to the expiration of the Primary Term, Shipper shall have the right to notify Transporter in writing of its intent to renegotiate the Service Agreement.
If the Parties agree to extend the Primary Term and modify any other terms of the Firm Service under this Service Agreement, then the Parties will execute a replacement Service Agreement (including both the Service Agreement and Negotiated Rate Agreement, as necessary) reflecting the modified terms thereto (“Negotiated Service Agreement”), and the prior Service Agreement shall, upon execution of the Negotiated Service Agreement, be of no further force or effect.
The Parties will use good faith efforts to negotiate an extension of Shipper’s Service Agreement with the requested changes to the Firm Service for such extension.