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.