Rollover and ROFR Rights Sample Clauses

Rollover and ROFR Rights. Shipper shall have the unilateral right to extend the initial and any subsequent term of the Transportation Agreement beyond the Primary Term for all or any portion of the existing Contract MDQ: (i) at Shipper's Initial Rate or at negotiated rates equal to all applicable then-existing maximum recourse rates, or at a negotiated rate equal to any applicable Favored Nations Rate pursuant to Section 2.6 above which is in effect at the end of the Primary Term or any subsequent extended term subject to the limitations contained in Section 2.6 above, for a minimum term of five (5) years; or (ii) at Shipper's Initial Rate, for a term of one (1) year (collectively, the "Rollover Right"); provided, however, that any applicable Favored Nations Rate shall only apply to the same portion of the Contract MDQ during such extended term as to which it applied at the end of the Primary Term or any subsequent extended term. Shipper may exercise the Rollover Right by the provision of twelve months' prior written notice to FEP prior to the end of the Primary Term or any subsequent extended term. Shipper may also exercise its Rollover Right with regard to capacity for which Shipper has previously exercised its Rollover Right or its contractual right-of-first refusal. Shipper shall also have a contractual right-of-first-refusal to retain capacity under the Transportation Agreement upon expiration of the Primary Term and any subsequent term which is equal to or greater than one (1) year, in the event that Shipper elects not to exercise any applicable Rollover Right with respect to such capacity which shall be exercisable in accordance with the procedures set forth in the Tariff. Shipper's exercise of any of its term extension rights under this Section 3.4 shall not affect in any manner Shipper's right at any later date to exercise any other term extension right hereunder. Shipper may exercise any of its term extension rights under this Section 3.4 an unlimited number of times.
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Related to Rollover and ROFR Rights

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