Egan Hub Storage, LLC

First Revised Volume No. 1

 Contents / Previous / Next / Main Tariff Index

 

 

Effective Date: 11/11/2005, Docket: RP05-553-001, Status: Effective

First Revised Sheet No. 108A First Revised Sheet No. 108A : Effective

Superseding: Original Sheet No. 108A

 

GENERAL TERMS AND CONDITIONS

(Continued)

 

Security in the form of an advance deposit shall accrue

interest to the benefit of Customer from the date Egan Hub receives such

deposit. Interest on such advance deposits shall be calculated monthly at

the most recently established 91-day Treasury Bill auction rate, as

published in The Wall Street Journal. Alternatively, a Customer providing

security in the form of an advance deposit may deposit such security into an

interest-bearing escrow account, established by Customer at Customer's

expense, to which account Egan Hub shall have unrestricted access in the

amount of an invoice upon presentment of an invoice for the payment of

services provided to Customer.

 

(c) Once every twelve (12) months, Customer shall provide Egan

Hub with updated financial information in the form required in Section

3.4(a) above. In addition, if Egan Hub becomes aware that there may be a

potentially material change in the financial condition of an existing

Customer, Egan Hub shall require Customer to promptly resubmit all of the

financial information required in Section 3.4(a) above. Egan Hub shall re-

evaluate Customer's creditworthiness based upon the updated information

provided by Customer pursuant to Section 3.4(a) above. If Customer's credit

standing ceases to meet Egan Hub's credit requirements at any time during

the period of service, then Egan Hub has the right to require security as

specified in Section 3.4(b) above. If the credit standing of any entity

issuing a letter of credit and/or guaranty in support of Customer's

obligations ceases to meet Egan Hub's credit appraisal at any time during

the period of service, then Egan Hub has the right to require Customer to

provide replacement security that satisfies the requirements of Section

3.4(b) above.

 

(d) In the event any information provided by Customer pursuant

to Sections 3.3 and 3.4 with respect to a request for new service or a

request that would result in a Billing Amendment materially changes prior to

execution of the new service agreement or Billing Amendment, as applicable,

or Customer learns that such information may materially change prior to

execution of the service agreement or Billing Amendment, as applicable,

Customer shall be obligated to provide written notice of such material

changes to Egan Hub. Egan Hub shall require Customer to resubmit all of the

financial information required in this Section 3.4 within ten (10) Business

Days of the identification of the material change. If such updated

financial information is not received within ten (10) Business Days, the

request for service will be deemed null and void. Egan Hub shall re-

evaluate Customer's creditworthiness based upon the updated information

provided by Customer pursuant to this Section 3.4.

 

(e) For purposes herein, the insolvency of a Customer shall be

conclusively demonstrated by the filing by Customer or any parent entity

thereof (hereinafter collectively referred to as "the Customer") of a

voluntary petition in bankruptcy or the entry of a decree or order by a

court having jurisdiction in the premises adjudging the Customer bankrupt or

insolvent, or approving, as properly filed, a petition seeking

reorganization, arrangement, adjustment or composition of or in respect of

the Customer under the Federal Bankruptcy Act or any other applicable

federal or state law, or appointing a receiver, liquidator, assignee,

trustee, sequestrator (or other similar official) of the Customer or of any

substantial part of its property, or the ordering of the winding-up or

liquidation of its affairs, with said order or decree continuing unstayed

and in effect for a period of sixty (60) consecutive days.