Rendezvous Pipeline Company, L.L.C.

Original Volume No. 1

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Effective Date: 02/08/2007, Docket: RP07- 6-000, Status: Effective

Original Sheet No. 34 Original Sheet No. 34 : Pending

 

prospective Shipper as published by the above

rating agencies from time to time. In the

event that Transporter determines the Shipper

does not have an equivalent rating of

investment grade, Shipper may, at its own

expense, obtain a private rating from

Standard & Poor's or Moody's as an

alternative, or request that an independent

accountant or an independent financial

consultant, mutually acceptable to Shipper

and Transporter, prepare an equivalent

evaluation based on the financial rating

methodology, criteria and ratios for the

industry of the prospective Shipper as

published by the above rating agencies from

time to time.

 

(b) To permit Transporter to conduct a review of

creditworthiness, any Shipper or prospective

Shipper will, upon request by Transporter, render

to Transporter the following:

 

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

financial statement and unaudited quarterly

statements certified by the Chief Financial

Officer of the Shipper. The certification

shall state that such unaudited financial

statements fairly represent the financial

condition and the results of the operations

of the Shipper for the period indicated and

are prepared in accordance with generally

accepted accounting principles;

 

(ii) The certification shall confirm that:

 

(1) Shipper is not operating under any

chapter of the bankruptcy laws and must

not be 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 Shipper who is a debtor in

possession operating under Chapter XI of

the Federal Bankruptcy Act, but only

with adequate assurances that the

billing will be paid promptly as a cost

of administration under the federal

court's jurisdiction;

 

(2) Shipper 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;

 

(3) If Shipper has an on-going business

relationship with Transporter, Shipper

has no delinquent balances outstanding

for services provided previously to

Transporter and that Shipper has paid

its account in the past according to

established terms and not made

deductions or withheld payment for

claims not authorized by contract;