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

Second Revised Sheet No. 289 Second Revised Sheet No. 289

Superseding: First Revised Sheet No. 289

GENERAL TERMS AND CONDITIONS

(Continued)

as methods and rights associated with returning the

previously recalled capacity to the Replacement Shipper.

The Releasing Shipper may specify further objective and

nondiscriminatory conditions in its Release Notice, such as

alternative economic criteria for evaluating bids which may

include highest rate, net revenues or present value, whether

volumetrically stated bids will be accepted, whether a

volumetric commitment is required, alternative methods for

breaking ties, whether contingent bids will be accepted and,

if so, the method by which contingent bids will be evaluated

and when the contingency must be removed, and whether bids

for a portion of the capacity offered will be accepted or

whether a prepayment deposit, not to exceed the prepayment

deposit set forth in Section 6.9, will be required to be paid

to the Releasing Shipper; provided, however, the Releasing

Shipper may not specify conditions which are in conflict with

the Service Agreement, the applicable Rate Schedule, or these

General Terms and Conditions. Releasing Shipper shall also

specify whether the Replacement Shipper is (a) an asset

manager as defined in Section 284.8(h)(3) of the Commission’s

Regulations and, if so, include the volumetric level of the

asset manager’s delivery or purchase obligation and the time

period during which that obligation is in effect or (b) a

marketer participating in a state-regulated retail access

program as defined in Section 284.8(h)(4) of the Commission’s

Regulations.

Panhandle shall support volumetric releases with

volumetric commitments by fully accounting for

volumetric and reservation components, consistent with

the rules and regulations enunciated by the Commission.

(c) The Releasing Shipper may arrange for the release of its

Service Agreement to a Designated Replacement Shipper prior to

submitting its Release Notice to Panhandle. Such Designated

Replacement Shipper must be on the approved bidders list and

shall acknowledge the Release Notice through the Messenger®

system as a prerequisite to the posting of the Release Notice.

However, the release will not become effective except as

provided in this Section 15.

15.3 Posting

(a) Shipper will post the information provided in each

Release Notice on the Messenger® system. The posting will

include the MDCQ or MSQ available for release, the Points of

Receipt and Delivery and the released quantity for each point,

the term of the release, whether the release is firm or

recallable and the recall conditions, if applicable, the Minimum

Rate expressed in dollars and cents or percent of Maximum Rate

that the Releasing Shipper will accept, and any other conditions

the Releasing Shipper specifies for the release in accordance

with Section 15.2(b).