EXHIBIT 10.70
FTS SERVICE AGREEMENT
THIS AGREEMENT, made and entered into this 30th day of
March, 1995 by and between COVE POINT LNG LIMITED
PARTNERSHIP, a Delaware limited partnership ("Operator")
and PANDA-BRANDYWINE, L.P., a Delaware limited partnership
("Customer").
WITNESSETH: That in consideration of the mutual
covenants herein contained, the parties hereto agree as
follows:
Section 1. Service to be Rendered. Operator shall
perform and Customer shall receive service in accordance
with the provisions of the effective Rate Schedule FTS and
the applicable General Terms and Conditions of Operator's
FERC Gas Tariff, Revised Volume No. 1, on file with the
Federal Energy Regulatory Commission ("Commission"), which
are incorporated by reference herein, as the same may be
amended or superseded in accordance with the rules and
regulations of the Commission and the terms and conditions
of this Service Agreement including Appendix A. The maximum
obligation of Operator to provide FTS service to or for
Customer is specified in Appendix A, as the same may be
amended from time to time by agreement between Customer and
Operator. Service hereunder shall be provided subject to
the provisions of Subpart G of Part 284 of the Commission's
regulations.
Section 2. Term. Service under this Agreement shall
commence on the later of (i) June 1, 1996, or (ii) the date
Customer commences commercial operation of its proposed
cogeneration facility to be constructed in Prince George's
County, Maryland (the "Brandywine Project"), but in no
event later than June 1, 1997, and shall continue in full
force and effect for an Initial Term of twenty (20) years
from the date service commences and year-to-year
thereafter, subject to termination by either party upon
written notice to that effect not less than six (6) months
prior to the expiration of the Initial Term or any
subsequent one (1) year period; provided however, that
Customer and Operator respectively waive their right to
give notice of termination of this agreement until six (6)
months after commencement of the (1) year extension term
after the Initial Term that is twenty-five (25) years from
the date Customer commenced commercial operations of the
Brandywine Project; provided further that if Customer has
not commenced commercial operations of the Brandywine
Project by June 1, 1999, this Service Agreement may be
terminated by either party upon sixty (60) days prior
written notice to the other party, with such termination
not being effective if Customer commences commercial
operation of the Brandywine Project during such 60-day
period. This Agreement shall terminate if Customer has not
executed the Agreement and returned an executed copy to
Operator on or before May 31, 1995, which termination shall
not prevent Customer from submitting a request for firm
transportation service in accordance with Operator's
effective FERC Gas Tariff. Upon termination of this
Agreement, Customer shall incur no further liability under
this Agreement. Pre-granted abandonment shall apply upon
termination of this Agreement.
Section 3. Rates. Unless otherwise agreed, Customer
shall pay Operator the maximum charges and furnish
Retainage as described in the above referenced Rate
Schedule.
Section 4. Notices. Notices to Operator under this
Agreement shall be addressed to it at 0000 Xxxx Xxxxx Xxxx,
Xxxxx, XX 00000, and notices to Customer shall be addressed
to it at 0000 Xxxxxx Xxxxxx, Xxxxx 0000, Xxxxxx, XX 00000,
Attention: Xxxxx X. Xxxxxxx until changed by either party
by written notice.
Section 5. Superseded Agreements. This Service
Agreement supersedes and cancels, as of the effective date
hereof, the following Service Agreements: N/A
PANDA-BRANDYWINE, L.P. COVE POINT LNG LIMITED
by Panda Brandywine Corporation, PARTNERSHIP
its general partner
By ___________________ By_____________________
Title: President Title: Chairman
Date: March 30, 1995 Date: March 27, 1995
Appendix A
to
FTS Service Agreement
between Cove Point LNG Company (Operator)
and Panda-Brandywine, L.P. (Customer)
Maximum Firm Transportation Quantity (MFTQ): 24,000
Dth/day. FTS Service is not being performed as the Elected
FTS Service option pursuant to Rate Schedule FPS.
Primary Receipt Points
Measuring Maximum Daily
Sta. Name Quantity (Dth/day)
Columbia Gas Transmission 24,000
Loudoun County Virginia
Primary Delivery Points
Measuring Maximum Daily
Sta. Name Quantity (Dth/day)
Washington Gas Light Company 24,000
White Plain
The Master List of Interconnects (MLI) as defined in the
General Terms and Conditions of Operator's Tariff is
incorporated herein by reference for the purposes of
listing valid secondary receipt points and delivery points.
Service changes pursuant to this Appendix A shall become
effective as of the date service commences under the
Service Agreement. This Appendix A shall cancel and
supersede the previous Appendix A effective as of N/A, to
the Service Agreement referenced above. With the exception
of this Appendix A, all other terms and conditions of said
Service Agreement shall remain in full force and effect.
PANDA-BRANDYWINE, L.P. COVE POINT LNG LIMITED
by Panda Brandywine Corporation, PARTNERSHIP
its general partner
By ______________________ By_____________________
Title: President Title: Chairman
Date: March 30, 1995 Date: March 27, 1995
