SIXTH FLOOR, 900 HOWE STREET, BOX 250 VANCOUVER, B.C. V6Z 2N3 CANADA web site: http://www.bcuc.com IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and An Application by Pacific Northern Gas (N.E.) Ltd. for Approval to Provide a Guarantee and Security BEFORE: L.F. Kelsey, Commissioner K.L. Hall, Commissioner O R D E R WHEREAS: A. On November 23, 2004, Pacific Northern Gas (N.E.) Ltd. [“PNG(N.E.)”] applied to the Commission, pursuant to Sections 50 and 52 of the Utilities Commission Act (“the Act”), for approval to provide a guarantee to BMO Bank of Montreal (“BMO”) for amounts owed by Pacific Northern Gas Ltd. (“PNG”) to BMO and to provide security for the guarantee; and B. The security to be granted by PNG(N.E.) is a pledge of accounts receivable and inventory to the extent permitted by PNG(N.E.)’s Indenture of Guarantee; and C. PNG(N.E.) has historically relied on Pacific Northern Gas Ltd.’s operating facility for all of its short-term debt requirements; and D. PNG(N.E.) would not be able to obtain an operating line under its own name with terms and conditions any more attractive than PNG has obtained from BMO; and E. The Commission has reviewed the Application and supporting material and finds that approval of the Application is necessary and in the public interest. NOW THEREFORE the Commission approves for PNG(N.E.), pursuant to Sections 50 and 52 of the Act, the provision of a guarantee to BMO and to provide security for the guarantee, all as described in the Application. DATED at the City of Vancouver, in the Province of British Columbia, this 10 Order/PNGNE_BMO Guarntee Security BRITISH COL UMBIA UTILITIES COM MISSION ORDER NUMBER G -109-04 TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 ) ) December 9, 2004 th day of December 2004. BY ORDER Original signed by: K.L. Hall Commissioner
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