Great Lakes Gas Transport, L.L.C.

Second Revised Volume No. 1

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Effective Date: 06/01/1997, Docket: RP97-157-006, Status: Effective

Sub. Original Sheet No. 198 Sub. Original Sheet No. 198 : Effective

 

 

INTERCONNECTION AGREEMENT

(cont'd)

 

 

(2) Terminate this Agreement as to the affected Receipt Point(s)

and remove all Receipt Facilities at the affected Point(s), or suspend or cease

receiving Operator's Gas at any affected Receipt Point(s), upon thirty (30) days'

prior written notice to Operator, in the event that Operator should repeatedly

violate the gas quality standards contained in Transporter's FERC Gas Tariff.

 

 

ARTICLE IV

 

OPERATOR'S CREDITWORTHINESS

 

(A) Transporter may (i) suspend its receipt of Operator's gas, or (ii)

terminate this Agreement, in the event that Operator is or has become insolvent

or fails within a reasonable period to demonstrate creditworthiness, or in the

event Operator incurs a poor credit history with respect to any service provided

by Transporter or as established by a reliable reporting agency.

 

(B) As a demonstration of Operator's creditworthiness and as security

in respect of any remedy afforded Transporter under this Agreement or under any

provision of law, Operator agrees to provide Transporter, prior to the effective

date of this Agreement, and to keep in force throughout the term of this

Agreement, any of one of the following:

 

(1) A security deposit in the amount of Ten Thousand Dollars

($10,000), to be held in a non-interest-bearing account by Transporter;

 

(2) An irrevocable letter of credit in a form acceptable to

Transporter bearing a face amount of $10,000;

 

(3) At Transporter's discretion, a copy of the most recent audited

financial statements of Operator (or of a guarantor of operator's performance

hereunder) showing a net worth in excess of Thirty Thousand Dollars ($30,000), or

a copy of the most recent unaudited financial statements of Operator (or of a

guarantor of Operator's performance hereunder) showing a net worth of at least

Forty Thousand Dollars ($40,000), in which event, Operator shall also provide

Transporter with evidence of its ownership of unencumbered assets valued, in the

aggregate, in excess of Ten Thousand Dollars ($10,000) in each state in which

Operator conducts any business.