Panhandle Eastern Pipe Line Company, LP

THIRD REVISED VOLUME NO. 1

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Effective Date: 06/30/2004, Docket: RP04-321-000, Status: Effective

Original Sheet No. 271 Original Sheet No. 271 : Effective

 

GENERAL TERMS AND CONDITIONS

(Continued)

 

 

12.12(a) Upon termination of firm Transportation Service,

Shipper shall reduce to zero any remaining imbalance

within 60 Days of the date that Panhandle notifies

Shipper of such imbalance. Such reduction may be

accomplished by assigning the imbalance within MAIQ

to another firm Service Agreement as long as such

assignment will not result in an imbalance in excess

of MAIQ on the Service Agreement to which the

imbalance is assigned. If Shipper does not reduce

the remaining imbalance to zero within such period,

Panhandle shall retain those quantities it owes

Shipper free and clear of any adverse claims and

shall charge Shipper and Shipper shall be obligated

to pay for those quantities Shipper owes Panhandle

at a rate equal to 1.5 times the Mid-Continent Spot

Price as defined in Section 12.11(c) for the Month

in which the Service Agreement terminated.

 

12.12(b) Upon termination of firm Storage Service, Shipper

shall withdraw, or otherwise dispose of, all of its

Stored Volume by the date the firm Storage Agreement

terminates. If Shipper fails to withdraw, or

otherwise dispose of, all of its Stored Volume prior

to the termination of the firm Storage Agreement,

Panhandle may retain any remaining quantities of

Stored Volume free and clear of any adverse claims;

provided, however, that Panhandle will notify

Shipper in writing 60 Days prior to termination of

its firm Storage Agreement of the quantity of Stored

Volume being held by Panhandle for Shipper's

account. If Shipper in good faith disagrees with

the Quantity of Stored Volume set forth in the

notification required above, then within 15 days of

such notification, Shipper shall notify Panhandle in

writing of such dispute and request a

reconciliation. If, as of the date of termination

of Shipper's firm Storage Agreement, the Quantity of

Stored Volume contained in Panhandle's notice has

not been finally reconciled and such failure to

reconcile results in a retention hereunder by

Panhandle, then title to the difference between the

Quantity subject to retention according to

Panhandle's records and that reflected on Shipper's