10/10/2007 1:56 PM
Notice is herby given that the Administrative Law Judge (the “ALJ”) has completed a preliminary review of the application filed by Commerce Energy, Inc. (“Commerce”) in Docket No. 07-0501 for service authority to operate as an alternative gas supplier, and hereby rules that a verified response to this ruling shall be filed with this Commission on or before October 19, 2007, and served on all parties or persons on the service list, including the ALJ. If service and filing is by mail, then, the date of mailing is the date of service. If service and filing is by electronic means, then, the date of electronic filing and mailing is the date of service. ///
Section 551.80(f) Financial Qualifications
The Applicant submitted a Loan and Security Agreement with financial statements for 2006 pursuant to Section 451.320(a)(6). All obligations incurred under the Loan and Security Agreement are guaranteed by the Parent pursuant to a Guaranty Agreement dated June 8, 2006. ///
The Applicant is directed to demonstrate that it can borrow no less than the greater of $500,000 or 5% of the amount of the Applicant’s revenue for the most recently completed fiscal year. The Applicant must identify the exact amount available to it under the credit agreement in Attachment D-2. The Applicant should calculate the exact amount available under this credit agreement to Commerce Energy, Inc. at the time of application (providing a specific date). The Applicant must provide this calculation with a detailed explanation of each input of the calculation. In Lieu of the calculations above, the Applicant may submit a verified letter from Wachovia Capital Finance Corporation identifying the exact amount (applying any covenants, exceptions, restrictions and limitations) currently (provide specific date) available to Commerce Energy, Inc. under the Loan and Security Agreement.