Pine Needle LNG Company, LLC

Original Volume No. 1

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Effective Date: 05/01/1999, Docket: CP96- 52-003, Status: Effective

Original Sheet No. 79 Original Sheet No. 79 : Effective

 

 

GENERAL TERMS AND CONDITIONS

(Continued)

 

 

 

22. CREDIT WORTHINESS (Continued)

 

22.2 (d) In the event such Customer fails to immediately furnish

security under Section 22.2(c)(i) or Section 22.2(c)(ii),

Pine Needle may, without waiving any rights or remedies it

may have, and subject to any necessary authorizations,

suspended further service until security is received.

 

The insolvency of a Customer shall be evidenced by the

filing of such Customer or any parent entity thereof of a

voluntary petition in bankruptcy or the entry of a decree or

order by a court having jurisdiction in the premises

adjudging the Customer or any parent entity thereof bankrupt

or insolvent, or approving as properly filed a petition

seeking reorganization, arrangement, adjustment or

composition of, or in respect of the Customer or any parent

entity thereof under the Federal Bankruptcy Act or any other

applicable federal or state law, or appointing a receiver,

liquidator, assignee, trustee, sequestrator, (or similar

official) of the Customer or any parent entity thereof or of

any substantial part of it s property, or the ordering of

the winding-up or liquidation of its affairs, with said

order or decree continuing unstayed and in effect for a

period of sixty (60) consecutive days.