Iroquois Gas Transmission System, L.P.

FIRST REVISED VOLUME NO. 1

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Effective Date: 11/01/2002, Docket: RP00-411-009, Status: Effective

Sub. Fifth Revised Sheet No. 38 Sub. Fifth Revised Sheet No. 38 : Effective

Superseding: Fifth Revised Sheet No. 38

 

6.3 Transporter may issue a notice requiring any Shipper

with a Parked or Loan Balance of less than 50 Dth to eliminate

its existing Parked or Loan Balance under this Section 6 within

thirty (30) days. If Shipper fails to comply with this notice,

any Parked Balance remaining after thirty (30) days will be

cashed out at ninety percent (90%) of the average New York City

Gate Price for the previous month as published in Natural Gas

Week and posted on Transporter's Electronic Bulletin board; and

any Loan Balance remaining after thirty (30) days will be cashed

out at 110% of the average New York City Gate Price for the

previous month as published in Natural Gas Week and posted on

Transporter's Electronic Bulletin Board.

 

7. CONTRACT TERMINATION

 

Unless a shorter period of time is imposed in a notice

issued in accordance with Section 6 above, Shipper shall

eliminate any outstanding Parked Balance or Loan Balance within

sixty (60) days of termination of its Park and Loan Service

Contract. If Shipper fails to eliminate such balance,

Transporter shall cash out any balance quantity remaining after

sixty (60) days at the replacement cost of gas plus ten percent

(10%) for Loan Balances or the sale price of the gas less ten

percent (10%) for Parked Balances. For the purposes of the

preceding sentence, the replacement cost and sale price of gas

shall be computed as described in Section 6.2 above.

 

8. PALS CASHOUT PROVISION

 

8.1 Transporter may issue a notice requiring any

Shipper with a Parked or Loan Balance of less than 50 Dth to

eliminate its existing Parked or Loan Balance under this Section

8 within thirty (30) days. If Shipper fails to comply with this

notice, any Parked Balance remaining after thirty (30) days will

be cashed out at ninety percent (90%) of the average New York

City Gate Price for the previous month as published in Natural

Gas Week and posted on Transporter's Electronic Bulletin Board;

and any Loan Balance remaining after thirty (30) days will be

cashed out at 110% of the average New York City Gate Price for

the previous month as published in Natural Gas Week and posted

on Transporter's Electronic Bulletin Board.

 

8.2 Crediting of Cashout Penalty. In the event that

Transporter assesses and/or collects from any Shipper a cashout

penalty, in accordance with this Section 8 or 6 or 7 above, such

revenues shall be credited to the bills of all Rate Schedule

PALS Shippers, except the Shipper responsible for the penalty.

Rate Schedule PALS Shippers entitled to credits under this

Section 8 or 6 or 7 above shall receive such credits to their

Rate Schedule PALS bills for the month following the month in

which Transporter collects the associated cashout penalty. The

Shipper responsible for the penalty will be precluded from

sharing in penalty revenues only in the month in which the

offense occurred.