Gulf Crossing Pipeline Company LLC

Original Volume No. 1

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Effective Date: 12/20/2008, Docket: RP09-61-000, Status: Effective

Original Sheet No. 502 Original Sheet No. 502

 

GENERAL TERMS AND CONDITIONS

Section 5

(Continued)

 

(ii) If Customer's debt is not rated by a recognized debt

rating service, Customer may, at its own expense,

obtain a private rating from a debt rating service

acceptable to Gulf Crossing, or request that an

independent accountant or financial advisor, mutually

acceptable to Gulf Crossing and the Customer, prepare

an equivalent evaluation based on the financial

rating methodology, criteria, and ratios for the

industry of the Customer as published by the above

rating agencies.

 

(b) Customer will be deemed to be non-creditworthy if it is

rated below a BBB-/Baa3 equivalent standard by any rating

agency or if its credit limit is insufficient to cover

Customer's total collateral requirement. If Customer does

not establish or maintain creditworthiness or if

Customer's credit limit as determined by Gulf Crossing is

insufficient to cover Customer's contractual obligations,

Customer has the option of receiving transportation

service under this FERC Gas Tariff by providing to Gulf

Crossing one of the following alternatives:

 

(i) Guarantee: Customer may obtain a guarantee of

financial performance in a form satisfactory to Gulf

Crossing from a corporate affiliate of the Customer

or a third party, either of which meets the

creditworthiness standard discussed above. For these

Customers, the credit limit will be based upon the

financials of the guarantor. A form of guarantee is

available on Gulf Crossing's Internet Web Site.

 

(ii) Cash Prepayment: A Customer may prepay for service

via cleared check or wire transfer. For Existing

Capacity, the amount of prepayment must be sufficient

to cover: For firm transportation service agreements

the value of up to three (3) months' of applicable

transportation charges. Security for all

interruptible services shall be based upon the

highest three (3) months of usage during the previous

twelve (12) month period for all interruptible

transportation charges.