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;