Iroquois Gas Transmission System, L.P.

FIRST REVISED VOLUME NO. 1

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Effective Date: 10/17/2006, Docket: RP06-177-000, Status: Effective

Fourth Revised Sheet No. 123 Fourth Revised Sheet No. 123 : Effective

Superseding: Third Revised Sheet No. 123

32.3 MONTHLY BILL

Where a Shipper is receiving service under a

Negotiated Rate or a rate under a Negotiated Rate Formula,

the monthly bill for such firm reserved service rendered

under Rate Schedule RTS or such interruptible service under

Rate Schedule ITS or HUB shall be determined in accordance

with the terms of the Gas Transportation Contract between

Transporter and Shipper.

32.4 ACCOUNTING FOR COSTS AND REVENUES

Transporter will maintain separate records of

Negotiated Rate and Negotiated Rate Formula transactions

for each billing period. These records shall include the

volumes transported, the billing determinants, the rates

charged and the revenue received associated with such

transactions. Transporter will separately identify such

transactions in Statements G, I and J (or their equivalent)

filed in any general rate proceeding.

33. TITLE TRANSFER TRACKING

33.1 PRECONDITIONS TO TITLE TRANSFER TRACKING

Any party wishing to either initiate a Title Transfer or be

the recipient of a Title Transfer must have a PAL contract

in place with Iroquois prior to initiating such Title

Transfer. A Third Party Account Administrator doing Title

Transfer Tracking on behalf of a Shipper must either: 1)

be assigned as an agent for a Shipper with a PAL contract,

or 2) apply for and be awarded a PAL contract.

33.2 TITLE TRANSFER TRACKING

Title Transfer Tracking is the process of accounting for

the progression of title changes from party to party that

does not effect a physical transfer of the gas. A Third

Party Account Administrator is a Title Transfer Tracking

Service Provider other than Iroquois. The act of

nominating from one PAL contract to another PAL contract at

the same point effectuates a Title Transfer. The act of

nominating from a PAL contract to an RTS or ITS contract

(or conversely, the act of nominating from

an RTS or ITS contract to a PAL contract) also effectuates

a Title Transfer, if the corresponding nomination

successfully makes it through the nomination process.

33.3 PAL TITLE TRANFER TRACKING (PAL TTT)

TRANSACTIONS PAL TTT Transactions are subject to a rate of

0.0000 for INJECTION/WITHDRAWAL/DAILY BALANCE provided that

any nominations to a PAL contract are accompanied by a

nomination from that PAL contract (for the same quantity,

at the same point, and in the same cycle as the nomination

to the PAL contract) to another contract and provided that

the nominations successfully make it through the nomination

process. PAL Title Transfer Tracking (PAL TTT) Transactions

are also subject to a rate of 0.0000 for

INJECTION/WITHDRAWAL provided that the nomination was from

one PAL contract to another PAL contract at the same point.