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. 114 Original Sheet No. 114 : Effective

 

GENERAL TERMS AND CONDITIONS

4.4 Pre-arranged Releases. Customer may designate an entity (a

pre-arranged designated Replacement Customer) to which it has agreed to release

the capacity upon specified terms and conditions. Customer's offer to release

under such a pre-arranged transaction shall be subject to the prior posting and

bidding procedures described in Sections 4.5 and 4.6, herein, with the

pre-arranged designated Replacement Customer being given a right to match the

best bid submitted during the bid period; provided, however, if a pre-arranged

transaction with a designated Replacement Customer is for a period of

thirty-one (31) Days or less, the Releasing Customer shall provide notice to

Liberty in accordance with this Section and may implement the release without

complying with such prior posting and bidding procedures. Notice of such

exempted releases shall be posted on the Internet Web Site in accordance with

Section 4.3 herein.

4.5 Posting. Following receipt of a notice of offer to release capacity

which satisfies the requirements set forth in this Section, Liberty will post

such information on its Internet Web Site in accordance with the timeline set

forth in Section 4.3 herein. Liberty shall also post offers to purchase

capacity from those who desire current Customers to release capacity upon

receipt of the applicable information as set forth in this Section.

4.6 Bidding and Selection of Replacement Customer. All bids must contain

the applicable information required in this Section. If Releasing Customer

desires to solicit bids for releases of thirty-one (31) Days or less, it may

direct Liberty to post notice of the availability of such capacity and, in lieu

of permitting bids during the otherwise applicable posting period, award the

capacity to the bidder which submits first in time a valid bid meeting any

minimum terms specified by the Releasing Customer. Any bid submitted by a

Replacement Customer shall include an e-mail address for at least one contact

person, and it is the Customer's responsibility to update e-mail address

information provided to Liberty, as necessary. A bidder may not have more than

one eligible bid for the same release offer at any time. Bids shall be binding

until written or electronic notice of withdrawal is received by Liberty before

the end of the bid period. Bids cannot be withdrawn after the bid period ends.

Once a bid is withdrawn, that bidder may only submit a new bid pursuant to that

release offer if it is at a higher rate than the withdrawn bid. Liberty

shall evaluate the bids in accordance with the provisions of this Section and

determine the best bid in accordance with the timelines set forth in Section

4.3 herein. Liberty shall notify Releasing Customer, the best bidder, and any

pre-arranged designated Replacement Customer of such determination in

accordance with the timelines set forth in Section 4.3 herein. If there is a

pre-arranged designated Replacement Customer, it may exercise its right to

match such best bid by providing written notice of such exercise to Liberty and

Releasing Customer in accordance with the timelines set forth in Section 4.3

herein. After the Replacement Customer is selected, Liberty will finalize an

appropriate Addendum to the Capacity Release Umbrella Agreement in the form

contained in this FERC Gas Tariff. Liberty will provide a copy of this Addendum

to the Replacement Customer via facsimile, at which time the Replacement

Customer will have the same rights and obligations as any other existing

Customer on Liberty's system. Following implementation of the release, Liberty

shall post notice of the winning bidder on the Internet Web Site.