Mississippi River Transmission Corp.

Original Volume No. 1-A

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Effective Date: 02/01/1990, Docket: GT90- 12-000, Status: Effective

First Revised Sheet No. 66 First Revised Sheet No. 66 : Effective

Superseding: Original Sheet No. 66

 

 

 

TRANSPORTATION

GENERAL TERMS AND CONDITIONS

(Continued)

 

12. PROCEDURES FOR REQUESTING TRANSPORTATION SERVICE (Continued)

 

(2) Such credit appraisal must meet the following

criteria in order to be deemed satisfactory for purposes of

this Section 12.4(j):

 

(i) Shipper must not be 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 transportation billing will be

paid promptly as cost of administration under the

federal court's jurisdiction.

 

(ii) Shipper shall not be subject to the

uncertainty of pending liquidation or regulatory

proceedings in state or federal courts which could

cause a substantial deterioration in its financial

condition or which could cause a condition of

insolvency or adversely affect its ability to exist as

an on-going business entity.

 

(iii) Shipper shall have no significant

outstanding collection lawsuits or judgments which

would seriously reflect upon Shipper's ability to

remain solvent.