Guardian Pipeline, L.L.C.

Original Volume No. 1

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Effective Date: 09/01/2004, Docket: RP04-432-000, Status: Effective

Second Revised Sheet No. 141 Second Revised Sheet No. 141 : Effective

Superseding: First Revised Sheet No. 141








(2) A Shipper, or an Affiliate Guarantor, whose long

term senior unsecured debt does not have an

investment grade rating from a recognized rating

agency will be accepted as creditworthy if

Transporter determines that, notwithstanding the

absence of an acceptable rating, the

creditworthiness of the Shipper is deemed

acceptable. Application for acceptance as

creditworthy may be made at any time. Shipper

will not be subject to having its acceptance

under this category revoked unless there has been

a material adverse change in the financial

criteria relied on at the time of acceptance.


10.4 Failure to Meet Creditworthiness Criteria


(a) Upon notification by Transporter that Shipper has

failed to satisfy the credit criteria, such Shipper

may still obtain credit approval by Transporter if it

elects to provide:


(1) a Letter of Credit or a cash deposit, in an amount

equal to the sum of three (3) months' anticipated

reservation charge revenues from Shipper based on

the rates in Shipper's Service Agreement for

service pursuant to its firm Service Agreement.

Transporter will accrue interest for the account

of Shipper on any cash deposit at the simple prime

rate of interest for the application period

offered by Citibank N.Y. or any successor of

Citibank, N.Y. A Letter of Credit must be in a

form reasonably acceptable to Transporter. Such

security shall be adjusted annually to reflect any

change in the anticipated reservation charge

revenues for the succeeding three (3) months; or