Bobcat Gas Storage

Original Volume No. 1

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Effective Date: 10/15/2008, Docket: RP08-608-000, Status: Effective

Original Sheet No. 123 Original Sheet No. 123

 

GENERAL TERMS AND CONDITIONS

(Continued)

 

24. MISCELLANEOUS (Continued)

 

24.7 Creditworthiness - Determinations and Requirements (Continued)

 

(a) Evidence of creditworthiness (Continued)

 

(1) Prospective Customer shall provide current audited

financial statements, annual reports, 10-K reports,

interim financial statements with attestation by the

Chief Financial Officer (or equivalent) that such

statements are a true, correct and fair representation

of financial condition prepared in accordance with

generally accepted accounting principles in the United

States as consistently applied ("GAAP") and other

filings with regulatory agencies which discuss the

prospective Customer's financial status, a list of all

corporate affiliates, parent companies and

subsidiaries, and any reports from credit reporting

and bond rating agencies which are available;

 

(2) Prospective Customer shall provide a bank reference

and at least two trade references. The results of

reference checks and any credit reports must show that

the prospective Customer's obligations are being paid

on a reasonably prompt basis;

 

(3) Prospective Customer shall confirm in writing that it

is not operating under any chapter of the bankruptcy

laws and is not subject to liquidation or debt

reduction procedures under state laws, such as an

assignment for the benefit of creditors, or any

informal creditors' committee agreement. An exception

can be made for a prospective Customer that is a

debtor in possession operating under Chapter XI of the

U.S. Bankruptcy Code but only with adequate assurance

that the service billing will be paid promptly as a

cost of administration under the bankruptcy court's

jurisdiction;

 

(4) Prospective Customer shall confirm in writing that it

is not aware of any change in business conditions

which would cause a substantial deterioration in its

financial condition, a condition of insolvency or the

inability to exist as an ongoing business entity;