Great Lakes Gas Transport, L.L.C.
Second Revised Volume No. 1
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Effective Date: 11/01/1993, Docket: RP97-157-006, Status: Effective
Original Sheet No. 36 Original Sheet No. 36 : Effective
IT RATE SCHEDULE
Interruptible Transportation Service
(cont'd)
4. QUALIFICATION FOR SERVICE (cont'd)
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 three-month
period, or if it prepays for service or furnishes an irrevocable
letter of credit pursuant to Section 4.2(b) hereof.
For purposes herein, the insolvency of a shipper shall be
evidenced by the filing by Shipper or any parent entity thereof
(hereinafter collectively referred to 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 Act 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
continuing unstayed and in effect for a period of sixty (60)
consecutive days.
For purposes herein, a Shipper's creditworthiness shall not
have been demonstrated if (i) the Shipper has a poor credit his-
tory, as established by a reliable reporting agency, or with
respect to any services provided by Seller; or (ii) the Shipper's
net worth, or its unencumbered assets in each state in which
Seller operates, is worth less than the cost of performing the
service requested by Shipper for a three-month period. Trans-
porter may, from time to time, limit the service it provides to
Shipper to such level as is commensurate with the prepayment or
other security provided as set forth above, or as is necessary to
ensure that neither Shipper's net worth, nor its unencumbered
assets in the states in which Seller operates is less than the
cost of performing the service for a three-month period.