Gulfstream Natural Gas System, L.L.C.

Original Volume No. 1

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Effective Date: 05/21/2002, Docket: CP00- 6-004, Status: Effective

Original Sheet No. 196 Original Sheet No. 196 : Effective

 

 

 

GENERAL TERMS AND CONDITIONS

(CONTINUED)

 

 

(b) If a Shipper fails to maintain creditworthiness, as

determined by Transporter in accordance with Sections

28.2 or 28.3(a), Shipper may continue to receive

service for fifteen (15) days after written notice

from Transporter of such failure, provided, however,

that Shipper furnishes and maintains in effect one of

the following at Shipper's discretion and acceptable

to Transporter: (i) a written guarantee for

unconditional payment from a third party which is

creditworthy as determined above; or (ii) an

irrevocable standby letter of credit; or (iii) an

amount equal to the amount which would be charged to

Shipper for six (6) month's service or the term of

service, whichever is less, plus an amount equal to

the three highest cashout payments, if any incurred

during the previous twelve months, plus an amount

equal to the cost of Gas associated with any lending

requirements requested under Rate Schedule PALS; or

(iv) other security acceptable to Transporter. If

Shipper fails to provide Transporter with the

appropriate credit under this Section 28.3(b) within

such fifteen (15) day notice period, then Transporter

may, without waiving any rights or remedies it may

have, and subject to any necessary authorizations,

suspend further service until Shipper's compliance

with 28.2(b) is obtained, provided, however, that if

compliance is not made within the first ten (10) days

of such suspension period, Transporter shall no

longer be obligated to continue to provide service to

such Shipper.