MidContinent Express Pipeline LLC

Original Volume No. 1

Effective Date: 04/10/2009, Docket: RP09-136-000, Status: Effective

Original Sheet No. 175 Original Sheet No. 175

GENERAL TERMS AND CONDITIONS

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both S&P and Moody's, the lower rating applies. For the purposes of

this Section 12, the term "tangible net worth" shall mean for a

corporation the sum of the capital stock, paid-in capital in excess

of par or stated value, and other free and clear equity reserve

accounts less goodwill, patents, unamortized loan costs or

restructuring costs, and other intangible assets. Only actual

tangible assets are included in MEP's assessment of creditworthiness.

In comparing the overall value of a Shipper's contract to tangible

net worth for credit evaluation purposes, MEP will compare the net

present value of the demand or reservation charge obligations under

such contracts to Shipper's current tangible net worth. If a Shipper

has multiple service agreements with MEP, then the total potential

fees and charges of all such service agreements shall be considered

in determining creditworthiness.

(3) If Shipper does not meet the criteria

described above, then Shipper may request that MEP evaluate its

creditworthiness based upon the level of service requested relative

to the Shipper's current and future ability to meet its obligations.

Such credit appraisal shall be based upon MEP's evaluation of the

following information and credit criteria:

(i) S&P and Moody's opinions, watch

alerts, and rating actions and reports, rating, opinions and other

actions by Dun and Bradstreet and other credit reporting agencies

will be considered in determining creditworthiness.

(ii) Consistent financial statement

analysis will be applied by MEP to determine the acceptability of

Shipper's current and future financial strength. Shipper's balance

sheets, income statements, cash flow statements and auditor's notes

will be analyzed along with key ratios and trends regarding

liquidity, asset management, debt management, debt coverage, capital

structure, operational efficiency and profitability.

(iii) Results of bank and trade reference

checks and credit reports must demonstrate that a Shipper is paying

its obligations in a timely manner.