Gulfstream Natural Gas System, L.L.C.

Original Volume No. 1

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Effective Date: 05/21/2002, Docket: CP00- 6-004, Status: Effective

Original Sheet No. 139 Original Sheet No. 139 : Effective

 

 

 

GENERAL TERMS AND CONDITIONS

(CONTINUED)

 

 

8.7 Cashout Provision. At the time Transporter tenders an

invoice(s) to Cashout Party for Transportation Service

during the previous Month, Transporter shall invoice

Cashout Party, or credit Cashout Party's invoice, as

appropriate, to resolve in cash any net monthly Imbalance

remaining between actual Receipts, adjusted for

Transporter's Use, and actual Deliveries after the period

during which the relevant Transportation Imbalance

quantities have been subjected to the imbalance resolution

mechanisms set forth in this Section 8. Transporter will

send with each invoice a statement detailing the

unresolved imbalance amount and detailing the amount due

in accordance with the following calculations.

 

(a) Cashout Price. The Cashout Price shall be determined on

a daily and monthly basis. The cashout High Common

price shall be determined by use of the highest daily

price for the Month and the first seven Days of the

subsequent Month as published in Platts Gas Daily

"Daily Price Survey" postings for Common prices for

"Florida Gates via FGT". The cashout Low Common price

shall be determined by use of the lowest daily price

for the Month and the first seven Days of the

subsequent month as published in Platts Gas Daily

"Daily Price Survey" postings for Common prices for

"Florida Gates via FGT". The average Midpoint price

shall be determined by the arithmetical average of

Platts Gas Daily "Daily Price Survey" "Midpoint" price

for "Florida Gates via FGT" for the month and the first

seven days of the subsequent month. The daily index

prices will be posted on 1LineSM. All references to

"Cashout Price" in these General Terms and Conditions

refer to the "Midpoint" price contemplated in this

Section 8.7(a), with the exception of this Section 8

(which refers to the "Midpoint" price only if the

context so requires}.

 

Cessation of Publications. If on any Day, the reported

prices referenced above are not published, Transporter

shall determine the Florida city gate spot price using

another similar publication selected by Transporter, in

its reasonable judgement, that is broadly published and

widely accepted within the natural gas industry as a

reliable source for the quotation of Gas prices.