EXHIBIT 10.47
PANDA-XXXXXXXX CORPORATION
A Panda Company
November 19, 1991
Xx. Xxxxxx X. Xxxxx; President
North Carolina Natural Gas Corporation
P. O. Xxx 000
Xxxxxxxxxxxx, XX 00000-0000
RE: Amendment Number 2 to
Pipeline Operating Agreement
Dated February 14, 1990
Gentlemen:
In accordance with our previous discussion, this letter
will when appropriately executed constitute our agreement
relative to the captioned matter. The undersigned parties
to the subject Agreement hereby amend the captioned
Agreement as follows:
1. Section 1.04 on page 4 of the Agreement is hereby
deleted in its entirety.
2. The following new Section 1.04 is hereby added to the
Agreement:
"Section 1.04 as Amended. Current Carryover Gas Volume
shall mean the product of the decimal equivalent of
twenty-five percent (25%) multiplied by the absolute
value of the Receipt Volume.or the absolute value of the
Delivery Volume, whichever is higher; provided, however,
that when the Current Carryover Gas Volume is a positive
number, the Current Carryover Gas Volume shall be the
greater of either 50,000 dt or the twentyfive percent
(25%) referenced above for the purposes of determining
payment by NCNG to PANDA for a positive excess gas volume
in Section 6.03 below and provided further that the
product of said calculation shall never exceed the
absolute value of the net imbalance volume. The Current
Carryover Gas Volume shall be considered to be a positive
number when NCNG owes PANDA gas and shall be considered
to be a negative number when PANDA owes NCNG gas."
3. All remaining terms and conditions of the Agreement
shall remain in full force and effect except to the
extent affected by this Amendment Number 2 and shall
henceforth be construed together with this Amendment
Number 2.
Sincerely,
PANDA ENERGY CORPORATION PANDA-XXXXXXXX CORPORATION
Xxxxx X. Xxxxxx Xxxxx X. Xxxxxxx
Vice President- Vice President-Natural
Natural Resources Resources
AGREED AND ACCEPTED THIS 13TH DAY OF DECEMBER, 1991.
NORTH CAROLINA NATURAL GAS CORPORATOIN
By:________________________
Xxxxxx X. Xxxxx
Senior Vice President
