Liberty Gas Storage, LLC

Original Volume No. 1

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Effective Date: 04/15/2007, Docket: RP07-357-000, Status: Effective

Original Sheet No. 111 Original Sheet No. 111 : Effective

 

GENERAL TERMS AND CONDITIONS

4.2 Intraday Release Quantity. The daily contractual entitlement that can

be released by a Releasing Customer for an intraday release is limited to the

lesser of:

(a) the quantity contained in the offer submitted by the Releasing

Customer; or

(b) a quantity equal to 1/24th of the Releasing Customer's MDIQ and MDWQ

for the contract to be released multiplied by the number of hours between the

effective time of the release and the end of the Day.

This allocated daily contractual entitlement shall be used for purposes of

nominations, billing, and if applicable, for overrun calculations.

The MSQ that can be released by a Releasing Customer for an intraday release is

limited to a quantity not in excess of the Releasing Customer's MSQ less the

Releasing Customer's Storage Inventory.

4.3 Posting and Bidding Timeline. For the Capacity Release business process

timing model, only the following methodologies shall be supported by Liberty

and provided to Releasing Customers as choices from which they may select and,

once chosen, shall be used in determining the awards from the bid(s) submitted.

They are: 1) highest rate, 2) net revenue and 3) present value. Other choices

of bid evaluation methodology (including other Releasing Customer defined

evaluation methodologies) can be accorded similar timeline evaluation treatment

at Liberty's discretion; however, Liberty is not required to offer other

choices or similar timeline treatment for other choices. Further, Liberty

shall not be held to the timeline specified in Sections 4.3(a) and 4.3(b) below

should the Releasing Customer elect another method of evaluation. Should the

Releasing Customer elect another method of evaluation, the timeline specified

in Section 4.3(c) below shall apply. The proposed duration of Customer's

release determines the minimum bid period for the Customer's offer pursuant to

this Section 4. The Capacity Release timeline is applicable to all parties

involved in the Capacity Release process; however, it is only applicable if (i)

all information provided by the parties to the transaction is valid and the

Replacement Customer has been determined to be creditworthy before the capacity

release bid is tendered and (ii) there are no special terms or conditions of

the release.

The Capacity Release timeline is as follows:

(a) For standard releases of less than one (1) year:

- Offers shall be tendered by 12:00 p.m. CCT on a Business Day;

- The bid period shall end at 1:00 p.m. CCT on the same Business Day or at

1:00 p.m. CCT on any subsequent Business Day as specified in Releasing

Customer's offer, whichever is elected by Releasing Customer;

- Evaluation period begins at 1:00 p.m. CCT on the Day the bid period ends,

during which contingency is eliminated, determination of best bid is made, and

ties are broken;

- Evaluation period ends and award is posted if no match is required at

2:00 p.m. CCT

the same Day;

- If the Prearranged Customer's bid is not the “best bid”, Liberty shall

allow such Prearranged Customer a Matching Period of thirty (30) minutes from

2:00 p.m. until 2:30 p.m. CCT on the Day the Bid Period ends, or such later

time as specified in the Releasing Customer's offer, to determine whether to

match the “best bid” and to notify Liberty of its decision.

- If a match is required, the award will be posted by 3:00 p.m. CCT.

Liberty will issue a contract within one hour of the award posting (with a new

contract number, when applicable). Nominations for Gas flow are possible

beginning at the next available nomination cycle for the effective date of the

contract. Such nominations will be processed in accordance with the nomination

and scheduling requirements of Section 8 of the General Terms and Conditions;

however, in no circumstance will Gas flow prior to the effective date of the

release as specified in Releasing Customer's offer.