Dauphin Island Gathering Partners

First Revised Volume No. 1

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Effective Date: 01/20/2005, Docket: RP05-131-000, Status: Effective

Second Revised Sheet No. 19 Second Revised Sheet No. 19 : Effective

Superseding: First Revised Sheet No. 19

6.3 Credit Evaluation:

 

(a) Any person seeking new service from Transporter under Rate

Schedule FT-1 (MP) must provide in priority order:

 

(i) A copy of Shipper's audited financial statement for

the most recent twelve months or Annual Report and

Form 10-K; or if not available,

 

(ii) A copy of Shipper's most recent audited financial

statement certified by the Chief Financial Officer or

Chief Accounting Officer of the Shipper (which

certificate shall state that such financial statement

fairly represents the financial condition and results

of operations of the Shipper for the period indicated

therein) prepared in accordance with generally

accepted accounting principles; and in all cases,

 

(iii) A list of Shipper's affiliates, including parent and

subsidiaries, if applicable.

 

(b) In the event Shipper cannot provide the information in

Subsection 6.3(a) above, Shipper shall, if applicable,

provide that information for its parent company.

Transporter shall not be required to perform or to continue

service under Rate Schedule FT-1 (MP) on behalf of any

Shipper who is or has become insolvent or who, at

Transporter's request, fails within a reasonable period to

demonstrate credit worthiness; provided, however, such

Shipper may receive service under Rate Schedule FT-1 (MP) if

Shipper prepays for such service or furnishes good and

sufficient security, as determined by Transporter in its

reasonable discretion, in an amount equal to the cost of

performing the service requested by Shipper for a three

month period. For purposes herein, the insolvency of a

Shipper shall be conclusively demonstrated by the filing by

Shipper or any parent entity thereof (hereinafter

collectively referred to in this Subsection 6.3(b) as "the

Shipper") of a voluntary petition in bankruptcy or the entry

of a decree or order by a court having jurisdiction in the

premises adjudging the Shipper bankrupt or insolvent, or

approving, as properly filed, a petition seeking

reorganization, arrangement, adjustment or composition of or

in respect of the Shipper under the Federal Bankruptcy Code

or any other applicable federal or state law, or appointing

a receiver, liquidator, assignee, trustee, sequestrator (or

other similar official) of the Shipper 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