High Island Offshore System, L.L.C.

Third Revised Volume No. 1

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Effective Date: 04/07/1999, Docket: GT99- 17-000, Status: Effective

Original Sheet No. 74 Original Sheet No. 74 : Effective








2.2(k) Credit Evaluation


i. Shipper's Bank References.

ii. Shipper should submit year end audited financial

statements of Shipper together with the latest

quarterly report.

iii. Shipper's Affiliates, including parent, subsidiaries

of parent and of such subsidiaries, and subsidiaries

of Shipper.

iv. In the event proceedings have 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 composition or

extension; or in the event a decree or order of a

court having jurisdiction in the premises for the

appointment of a receiver or liquidator or trustee or

assignee in bankruptcy or insolvency of such Shipper,

or of a substantial part of its property, or for the

winding up or liquidation of its affairs, shall have

been entered, or any substantial part of the property

of such shipper shall be sequestered or attached and

shall not be returned to the possession of such

Shipper or released from such attachment within

thirty (30) days thereafter; or in the event such

Shipper shall make a general assignment for the

benefit of creditors or shall admit in writing its

inability to pay its debts generally as they become

due, Shipper shall be required to fully disclose any

and all actions regarding the above described

proceedings against Shipper or related parties

defined in (iii) above, in its request for service.