Panhandle Eastern Pipe Line Company, LP

THIRD REVISED VOLUME NO. 1

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Effective Date: 05/17/2009, Docket: RP09-517-000, Status: Effective

First Revised Sheet No. 101 First Revised Sheet No. 101

Superseding: Original Sheet No. 101

RATE SCHEDULE LFT (Continued)

LIMITED FIRM TRANSPORTATION SERVICE

and thus shall be subject to the Nominations and Scheduling of

Service, and Curtailment and Interruption procedures included in

Sections 8 and 9 of the General Terms and Conditions. Shippers under

Rate Schedule LFT may release all or a portion of their MDCQ in

accordance with the procedures established for the release of

service rights under Section 15 of the General Terms and Conditions.

If Panhandle receives an acceptable request for firm

Transportation Service pursuant to Rate Schedule FT, EFT or HFT that

can only be provided by reducing the MDCQ of services under this Rate

Schedule, Panhandle shall notify the Shipper(s) that has the lowest

priority of service under this Rate Schedule of the reductions in its

or their MDCQ under this Rate Schedule which are necessary to furnish

Transportation Service under Rate Schedule FT, EFT or HFT. Priority

of service for purposes of the preceding sentence shall be determined

as provided in Section 7.1 of the General Terms and Conditions. Such

reduction(s) shall be made on the date(s) specified in such

notification, which date(s) shall be no less than thirty (30) Days

after the date of such notification. Such notified Shipper(s) under

this Rate Schedule may, within said thirty (30) Days, convert that

portion of service provided under this Rate Schedule which is equal

to such reduction, to service under Rate Schedule FT, EFT or HFT, by

executing a Service Agreement under Rate Schedule FT, EFT or HFT,

which conversion shall have priority over the pending request for

service under Rate Schedule FT, EFT or HFT which caused such

notification, assuming such Rate Schedule LFT Shipper agrees to a

service under Rate Schedule FT, EFT or HFT that will have a net

present value that equals or exceeds the net present value of the

Rate Schedule FT, EFT or HFT pending request, or such notified

Shipper(s) may convert that portion of service provided under this

Rate Schedule which is equal to such reduction to service under Rate

Schedules IT or EIT by executing a Service Agreement for such

service, or such notified Shipper(s) may terminate any remaining

portion of service provided under this Rate Schedule. Conversions to

Rate Schedules IT or EIT service shall maintain the original priority

date under this Rate Schedule, for purposes of priority of service

pursuant to Sections 8 and 9 of the General Terms and Conditions.

In no event shall Panhandle be obligated to provide any

Transportation or Gathering service for which capacity is not

available or which would require the construction or acquisition of

new facilities or the modification or expansion of existing

facilities.