Great Lakes Gas Transmission Limited Partner

Second Revised Volume No. 1

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Effective Date: 04/01/2004, Docket: RP04-188-002, Status: Effective

Substitute Original Sheet No. 50T Substitute Original Sheet No. 50T : Effective

Superseding: Original Sheet No. 50T







26.4 Initial Information (continued)


(a) a copy of Shipper's most recent year-end audited financial statements, most recent annual

report to stakeholders, and most recent annual report to regulators;


(b) a copy of Shipper's most recent quarterly financial statements, which must be signed and

attested by the President and by the Chief Financial Officer as fairly representing the

financial position and results of the company;


(c) a statement of any proceedings having been commenced by or against such Shipper for any

relief under any bankruptcy or insolvency law, or any law relating to the relief of

debtors, readjustment of indebtedness, reorganization, arrangement, composition or

extensions. In the event that a court decree or order shall have been entered for the

appointment of a receiver, liquidator, trustee, assignee in bankruptcy or insolvency of

Shipper, or of a substantial part of its property, or for the winding up or liquidation of

its affairs, or in the event that any substantial part of the property of Shipper shall be

sequestered or attached and shall not be returned to the possession of Shipper or released

from attachment within thirty (30) days thereafter; or in the event that Shipper shall

make a general assignment for the benefit of creditors or shall admit in writing its

inability to then pay its debts generally as they become due, then Shipper shall fully

disclose any and all actions regarding the above described proceedings against Shipper or

any affiliated companies;


(d) any credit rating agency change in senior unsecured debt or issuer rating occurring since

completion and submission of initial Credit Application;


If Shipper is providing a Guarantor Letter, the Guarantor Company must also provide the

information requested in Subsections 26.4 (a), (b), (c), and (d) above, and also the year

Guarantor Company started; bank and trade references; and contact person relating to

credit matters.


26.5 Subsequent Information


(A) If any of the events or actions described in Subsection 26.4 (c) hereof shall be initiated or

imposed, on either Shipper or Guarantor during the term of service hereunder, Shipper shall

provide notification to Transporter within two (2) business days of any such initiated or

imposed event or action. At any time during the term of service under any Rate Schedule

Agreement, Shipper shall also be required to update the information specified in Subsection 26.4

of this FERC Gas Tariff, Second Revised Volume No. 1, as may reasonably be requested by

Transporter, to determine Shipper's continuing creditworthiness. Shipper shall provide such

information within five (5) business days of Transporter's request.


(B) To maintain its assigned credit status, Shipper and/or Guarantor must provide the following a)

within five (5) business days of request by Transporter, and b) automatically on an annual

basis no later than four (4) months following the close of Shipper's or Guarantor's year end: 1)

a copy of the most recent audited financial statements; and 2) a copy of the most recent annual

report to stakeholders or regulators.