Tariff

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TWP Pipeline LLC
FERC GAS TARIFF
SECOND REVISED VOLUME NO. 1

SECTION 7.29
DEFAULTS AND REMEDIES
VERSION 3.0.0

GENERAL TERMS AND CONDITIONS

    
    7.29.  DEFAULTS AND REMEDIES
    
        7.29.1. Events of Default – An "Event of Default" shall mean, with 
                respect to Shipper or Transporter, the occurrence of any of 
                the following:
    
            a)  Any representation or warranty made in the FT or IT Agreement 
                by Shipper or Transporter that proves to be false or misleading 
                in any material respect;
    
            b)  The failure of Shipper or Transporter to perform any covenant 
                set forth in a FT or IT Agreement, where such failure is not 
                excused by Force Majeure and is not cured within thirty (30) 
                business days after written notice thereof to the other 
                party; or
    
            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 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 of bankruptcy or the entry of an order for its 
                wind-up or liquidation or (B) is not withdrawn, dismissed 
                or discharged with 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.
    
        7.29.2. Termination by Transporter – Upon the occurrence of an Event 
                of Default by Shipper under an FT or IT Agreement, Transporter 
                may terminate such FT or IT Agreement upon thirty (30) days 
                prior written notice to Shipper.  Except as otherwise provided 
                in the FT or IT Agreement, upon termination by Transporter, 
                Shipper shall pay all amounts owed to Transporter for service 
                rendered prior to termination.

        7.29.3. Termination by Shipper – Upon the occurrence of an Event 
                of Default by Transporter under an FT or IT Agreement, Shipper 
                may terminate the agreement upon ten (10) days prior written 
                notice by Transporter.  Except as otherwise provided in the 
                FT or IT Agreement, upon termination by Shipper, Transporter 
                shall resolve any Gas imbalance that may be due Shipper 
                pursuant to the Tariff.

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