Destin Pipeline Company, L.L.C.

Original Volume No. 1

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Effective Date: 05/01/1999, Docket: RP99-266-000, Status: Effective

Third Revised Sheet No. 87 Third Revised Sheet No. 87 : Effective

Superseding: Second Revised Sheet No. 87

GENERAL TERMS AND CONDITIONS

(Continued)

 

Section 14.1(c) (continued)

 

Percentage of Price

Excess Receipts

 

0 to 5% 100% of Low Price

>5 to 10% 85% of Low Price

>10 to 15% 75% of Low Price

>15 to 20% 60% of Low Price

>20% 50% of Low Price

 

 

Subject to the provisions of subsection (f) below, if SHIPPER's Net

Monthly Imbalance is less than or equal to 5,000 Dth, COMPANY shall

pay SHIPPER for SHIPPER's Net Monthly Imbalance at 100% of the Low

Price.

 

It is agreed, however, that in the event SHIPPER owes

COMPANY any payments under subsection (b) above from a

previous month which are past due, COMPANY shall have the

right hereunder to offset payments it owes to SHIPPER

under this subsection (c) by such past due amounts

(inclusive of interest).

 

(d) The Low Price is equal to the lowest of the spot

prices which comprise the Index Price during the month in which

SHIPPER's Net Monthly Imbalance was incurred. The High

Price is equal to the highest of the spot prices which

comprise the Index Price during the month in which

SHIPPER's Net Monthly Imbalance was incurred.

 

The Index Price is equal to the sum of the following

spot prices published during the month in which SHIPPER's Net

Monthly Imbalance was incurred divided by the number of

such prices utilized by COMPANY as determined below:

 

(i) Natural Gas Intelligence Gas Price Index,

"South Louisiana," "Southern Natural," "Average;"

 

(ii) Inside F.E.R.C.'s Gas Market Report,

"Transcontinental Gas Pipe Line Corp.," "

Mississippi, Alabama," "Index;"