Examples of Firm Transport Agreement in a sentence
By referring any specific grievance to be dealt with in the expedited arbitration procedure it is understood and agreed that the matter is to be dealt with in accordance with the Rules of Procedure attached to this Agreement as Appendix “1".
The obligations of Customer under this Agreement and the Firm Transport Agreement are expressly subject to the satisfaction of the following conditions precedent: 7 CONFIDENTIAL TREATMENT REQUESTED (1) Submission by the Pipeline of its FERC Certificate Application by January 31, 2018; and (2) Commencement by Pipeline of construction of the Project Facilities by November 30, 2019.
Any termination of this Precedent Agreement will be deemed to terminate the Firm Transport Agreement.
If either Party defaults on any of its material obligations under this Precedent Agreement or, if then executed, the Firm Transport Agreement, the non-defaulting Party shall have the right to terminate this Precedent Agreement immediately if, after its provision of written notice of termination to the defaulting Party, defaulting Party has failed to cure such default to the satisfaction of non-defaulting Party within 30 days of the date of such termination notice.
Otherwise, neither Party may assign this Precedent Agreement (including, if executed and to the extent permitted by law, the Firm Transport Agreement) without the prior written consent of the other Party.
Once fully executed, the Firm Transport Agreement will be binding and effective, but its terms will be subject to the satisfaction or waiver of any remaining conditions precedent set forth in this Precedent Agreement, as well as the completion of and commencement of service on the Project Facilities.
The Creditworthiness Requirements are in addition to, and not in lieu of, any requirements under Pipeline’s Tariff, will survive the termination of this Precedent Agreement, and will remain in effect for the term of the Firm Transport Agreement.
Pipeline will tender to Customer an amended and restated Firm Transport Agreement reflecting such Updated Negotiated Reservation Rate and, if the Firm Transport Agreement had been previously executed, Customer will execute and return to Pipeline the amended and restated Firm Transport Agreement within five (5) Business Days.
Upon any assignment of this Precedent Agreement or the Firm Transport Agreement by Customer, or a permanent release of all or any portion of Customer’s capacity under the FTSA, Customer’s assignee or permanent replacement Customer, as the case may be, will be required to comply with the Creditworthiness Requirements for the remaining term of, as applicable, this Precedent Agreement or the Firm Transport Agreement.
For the avoidance of doubt, the Parties hereby agree that the creditworthiness and credit support requirements set forth in Section 10, and all provisions of this Precedent Agreement necessary to give meaning and effect to those creditworthiness and credit support requirements, shall remain in full force and effect after the expiration or earlier termination of this Precedent Agreement and throughout the term of the Firm Transport Agreement.