This operating agreement exhibit takes effect if any party takes and disposes of less than its percentage interest share of gas (including casinghead gas) produced and saved during any calendar month. The volume not taken by that party may be taken by any other party or parties.
Puerto Rico Exhibit E to Operating Agreement Gas Balancing Agreement — Form 4 is a legal document that outlines the specific terms and conditions related to gas balancing agreements within the operating agreement in Puerto Rico. This exhibit serves as an addendum to the overall operating agreement, providing detailed information regarding gas balancing arrangements for specific gas facilities or projects in Puerto Rico. The purpose of this exhibit is to establish guidelines for balancing gas supplies, ensuring that gas production and consumption are properly accounted for and that any imbalances are rectified promptly. It sets forth the responsibilities and obligations of the parties involved in gas operations, including gas producers, consumers, and operators. The Puerto Rico Exhibit E to Operating Agreement Gas Balancing Agreement — Form 4 typically includes the following key components: 1. Gas Balancing Procedures: This section outlines the step-by-step procedures for gas balancing, including measurement, notification, and resolution of imbalances. It establishes timelines and responsibilities for each party involved. 2. Measurement and Reporting: The exhibit specifies the measurement methods, units, and frequency for reporting gas quantities. It may also outline requirements for accurate gas metering and communication of data. 3. Imbalance Resolution: This section details the actions to be taken when imbalances occur, such as the redistribution of gas, payment of imbalances, or adjustments to future deliveries. It may include provisions for penalties or liquidated damages in case of persistent imbalances. 4. Dispute Resolution: The exhibit may provide guidelines for resolving any disputes related to gas balancing agreements, including the appointment of a mediator or arbitrator if necessary. 5. Amendments and Termination: This section outlines the process for making amendments to the gas balancing agreement or terminating it altogether. It may specify notice periods and conditions under which the agreement can be altered or terminated. 6. Governing Law: The exhibit may specify the governing law that applies to the gas balancing agreement, ensuring compliance with relevant Puerto Rico regulations and legal frameworks. The Puerto Rico Exhibit E to Operating Agreement Gas Balancing Agreement — Form 4 may have variations or different types depending on the specific gas facility, project, or participants involved. However, the general content and purpose remain consistent, i.e., establishing a framework for gas balancing and ensuring the smooth functioning of gas operations in Puerto Rico.Puerto Rico Exhibit E to Operating Agreement Gas Balancing Agreement — Form 4 is a legal document that outlines the specific terms and conditions related to gas balancing agreements within the operating agreement in Puerto Rico. This exhibit serves as an addendum to the overall operating agreement, providing detailed information regarding gas balancing arrangements for specific gas facilities or projects in Puerto Rico. The purpose of this exhibit is to establish guidelines for balancing gas supplies, ensuring that gas production and consumption are properly accounted for and that any imbalances are rectified promptly. It sets forth the responsibilities and obligations of the parties involved in gas operations, including gas producers, consumers, and operators. The Puerto Rico Exhibit E to Operating Agreement Gas Balancing Agreement — Form 4 typically includes the following key components: 1. Gas Balancing Procedures: This section outlines the step-by-step procedures for gas balancing, including measurement, notification, and resolution of imbalances. It establishes timelines and responsibilities for each party involved. 2. Measurement and Reporting: The exhibit specifies the measurement methods, units, and frequency for reporting gas quantities. It may also outline requirements for accurate gas metering and communication of data. 3. Imbalance Resolution: This section details the actions to be taken when imbalances occur, such as the redistribution of gas, payment of imbalances, or adjustments to future deliveries. It may include provisions for penalties or liquidated damages in case of persistent imbalances. 4. Dispute Resolution: The exhibit may provide guidelines for resolving any disputes related to gas balancing agreements, including the appointment of a mediator or arbitrator if necessary. 5. Amendments and Termination: This section outlines the process for making amendments to the gas balancing agreement or terminating it altogether. It may specify notice periods and conditions under which the agreement can be altered or terminated. 6. Governing Law: The exhibit may specify the governing law that applies to the gas balancing agreement, ensuring compliance with relevant Puerto Rico regulations and legal frameworks. The Puerto Rico Exhibit E to Operating Agreement Gas Balancing Agreement — Form 4 may have variations or different types depending on the specific gas facility, project, or participants involved. However, the general content and purpose remain consistent, i.e., establishing a framework for gas balancing and ensuring the smooth functioning of gas operations in Puerto Rico.
