Panther Interstate Pipeline Energy, L.L.C.

Original Volume No. 1

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Effective Date: 02/01/2004, Docket: CP03-338-001, Status: Effective

Original Sheet No. 26 Original Sheet No. 26 : Effective

 

amount equal to all service fees and charges for a three month

period or the duration of the transportation service agreement,

whichever is shorter. Any Bidder or requestor for service must

satisfy these credit requirements before a bid or request is

deemed valid.

 

6.4 Suspension or Termination of Service: For an existing Shipper, if

Transporter determines that Shipper is no longer creditworthy,

Transporter may suspend service on five (5) Business Days' prior

notice unless Shipper provides security within that period for one

month of advance service, in addition to paying for the current

month's service and any outstanding amount (excluding any amount

as to which there is a good faith dispute). In addition, Shipper

must within 30 days provide security in advance equal to all fees

and charges for three months of service, or Transporter may

immediately suspend service. Transporter may terminate service on

30 days' prior notice (the notice may be concurrent with the

suspension notice above) if Shipper fails to satisfy the credit

requirements within the applicable notice period. Any notices

hereunder shall also be provided simultaneously to the Commission.

In addition, Transporter shall notify the Commission by the next

Business Day if a suspension or termination actually occurs.

 

6.5 Insolvency: For purposes herein, the insolvency of a Shipper

shall be conclusively demonstrated 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.

Insolvency may also be demonstrated by a filing made by a third

party for the involuntary bankruptcy or insolvency of Shipper.

 

6.6 Creditworthiness: A Shipper will be deemed creditworthy if (i)

its long-term unsecured debt securities are rated at least BBB- by

Standard & Poor's Corporation ("S&P") and at least Baa3 by Moody's

Investor Service ("Moody's") (provided, however, that if the