TransGas Comprehensive Tariff
Article 11 Default 11.1) If Customer defaults in the performance of any obligation required by these Service Specifications or the TransGas Service Agreement, including payment requirements, and remains in default for a period of at least fifteen (15) Days after written notice from TransGas of the default and a demand that same be remedied, or if Customer shall make a voluntary assignment in bankruptcy or proposal to its creditors or take any similar action or if any bankruptcy, reorganization, proposal, insolvency, receivership or similar proceedings is instituted against Customer (and, in the case of such proceeding instituted against Customer and not consented to by Customer, such proceeding is not discontinued or dismissed within thirty (30) Days from the date of its commencement), then and in any of the said events of default and notwithstanding the provisions of The Commercial Liens Act, S.S. 2001, Chapter C-15.1, or its successor legislation, TransGas shall have the right, at its option, to do any one or more of the following, concurrently or in sequence: (a) require performance by Customer of its obligations under the TransGas Service Agreement and these Service Specifications; (b) terminate the Storage Service by written notice to Customer at any time before the default is remedied; (c) buy Customer's Gas in Storage at a price equal to its then current fair market value to be determined by TransGas by obtaining three (3) competitive bids and deducting an amount equal to the sum of all charges and amounts due and payable under the Service up to the time TransGas exercises such right, together with any other charges and amounts, or any part thereof, which would have become due and payable otherwise during the balance of the term of the Service and which the Persons agree shall become immediately due and payable at that time (for which amount the Persons agree that TransGas will have a possessory lien), remitting the balance of the price to Customer; (d) dispose of Customer's Gas in Storage in accordance with Section 19 of The Commercial Liens Act, S.S. 2001, Chapter C-15.1, or its successor legislation or the amendments thereto, to recover an amount equal to the sum of all charges and amounts described in subclause (c) above due and payable up to or becoming immediately due and payable at the time TransGas exercises such right (for which amount the Persons agree that TransGas will have a possessory lien); and (e) refuse to withdraw Customer's Gas in Storage pursuant to Article 3 until its possessory lien described in subclauses (c) and (d) above has been satisfied. No failure of TransGas to enforce any remedy available to it or delay of TransGas in enforcing such remedy shall be deemed a waiver of any remedy of TransGas or be considered to prohibit TransGas from enforcing any such remedy. Customer agrees that the rights and remedies of TransGas contained herein and in the Tariff shall not be exclusive but shall be cumulative and in addition to all other rights and remedies existing at law or in equity available to TransGas.
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Service Specifications 3.3 Storage
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