Mississippi Canyon Gas Pipeline, LLC

First Revised Volume No. 1

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Effective Date: 12/20/1998, Docket: CP96-159-006, Status: Effective

Original Sheet No.24 Original Sheet No.24 : Effective

 

RATE SCHEDULE FT-2

FIRM TRANSPORTATION SERVICE (cont'd)

 

6.3 Credit Evaluation (a) (cont'd)

 

(i) A copy of Shipper's audited financial

statements for the most recent twelve months

or Annual Report and Form 10-K; or if not

available

 

(ii) A copy of Shipper's most recent audited

financial statement certified by the Chief

Financial Officer or Chief Accounting Officer

of the Shipper (which certificate shall state

that such financial statements fairly present

the financial condition and results of

operations of the Shipper for the period

indicated therein) prepared in accordance

with generally accepted accounting

principles; and in all cases

 

(iii) A list of Shipper's affiliates,

including parent and subsidiaries, if applicable.

 

(b) In the event Shipper cannot provide the

information in subsection 6.3(a), Shipper shall,

if applicable, provide that information for its

parent company. Transporter shall not be required

to perform or to continue service under Rate

Schedule FT-2 on behalf of any Shipper who is or

has become insolvent or who, at Transporter's

request fails within a reasonable period to

demonstrate credit worthiness; provided, however,

such Shipper may receive service under Rate

Schedule FT-2 if Shipper prepays for such service

or furnishes 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 a

three month period. 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,