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. 40 Original Sheet No. 40 : Effective

 

10.3 Monthly Payment Date: Shipper (or other payor) shall pay

Transporter, via electronic means as designated on each monthly

bill, so that payment is received and Transporter has available

funds within ten (10) calendar days from the date of the invoice,

for the transportation service purchased by Shipper during the

preceding month and invoiced by Transporter pursuant to this

Tariff or the transportation service agreement. Shipper (or other

payor) shall provide to Transporter supporting documentation with

any payment as well as the appropriate invoice number on the

payment(s). Transporter shall apply the payment pursuant to the

supporting documentation provided. Since payment is to be made by

electronic funds transfer, the remittance detail is due within two

(2) Business Days of the payment due date.

 

10.4 Remedies for Nonpayment: Should Shipper fail to pay all of the

amount of any invoice as herein provided when such amount is due,

Shipper shall pay a Charge for Late Payment. Such Charge for Late

Payment shall be determined by multiplying (a) the unpaid portion

of the invoice, by (b) the ratio of the number of days from the

due date to the date of actual payment to 365, and by (c) the

interest rate determined in accordance with 18 C.F.R. Section

154.67 of the Commission's Regulations. If such failure to pay

continues beyond five (5) days after payment is due, Transporter

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

Shipper and to the Commission. If Transporter has provided

Shipper and the Commission with at least thirty (30) days notice

that service will terminate due to the non-payment, Transporter,

in addition to any other remedy it may have under law or the

transportation service agreement, may terminate the transportation

service agreement unless Shipper has cured the deficiency within

such 30-day notice period; provided, however, that if Shipper in

good faith shall dispute the amount of any such invoice or part

thereof and shall pay to Transporter such amounts as it concedes

to be correct in addition to providing such remittance detail and

documentation identifying the basis for the dispute, and at any

time within thirty (30) days after a demand made by Transporter

shall furnish good and sufficient surety bond, guaranteeing

payment to Transporter of the amount ultimately found due upon

such invoices after a final determination, which may be reached

either by agreement or judgment of the courts, as may be the case,

then Transporter shall not be entitled to suspend or terminate the

transportation service agreement until default be made in the

conditions of such bond. Transporter shall notify the Commission

of any actual suspension or termination of service pursuant to

this Section 10.4.