Great Lakes Gas Transport, L.L.C.
Second Revised Volume No. 1
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Effective Date: 06/01/1997, Docket: RP97-157-006, Status: Effective
Sub. Original Sheet No. 198 Sub. Original Sheet No. 198 : Effective
(2) Terminate this Agreement as to the affected Receipt Point(s)
and remove all Receipt Facilities at the affected Point(s), or suspend or cease
receiving Operator's Gas at any affected Receipt Point(s), upon thirty (30) days'
prior written notice to Operator, in the event that Operator should repeatedly
violate the gas quality standards contained in Transporter's FERC Gas Tariff.
(A) Transporter may (i) suspend its receipt of Operator's gas, or (ii)
terminate this Agreement, in the event that Operator is or has become insolvent
or fails within a reasonable period to demonstrate creditworthiness, or in the
event Operator incurs a poor credit history with respect to any service provided
by Transporter or as established by a reliable reporting agency.
(B) As a demonstration of Operator's creditworthiness and as security
in respect of any remedy afforded Transporter under this Agreement or under any
provision of law, Operator agrees to provide Transporter, prior to the effective
date of this Agreement, and to keep in force throughout the term of this
Agreement, any of one of the following:
(1) A security deposit in the amount of Ten Thousand Dollars
($10,000), to be held in a non-interest-bearing account by Transporter;
(2) An irrevocable letter of credit in a form acceptable to
Transporter bearing a face amount of $10,000;
(3) At Transporter's discretion, a copy of the most recent audited
financial statements of Operator (or of a guarantor of operator's performance
hereunder) showing a net worth in excess of Thirty Thousand Dollars ($30,000), or
a copy of the most recent unaudited financial statements of Operator (or of a
guarantor of Operator's performance hereunder) showing a net worth of at least
Forty Thousand Dollars ($40,000), in which event, Operator shall also provide
Transporter with evidence of its ownership of unencumbered assets valued, in the
aggregate, in excess of Ten Thousand Dollars ($10,000) in each state in which
Operator conducts any business.