Panhandle Eastern Pipe Line Company, LP

THIRD REVISED VOLUME NO. 1

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

Second Revised Sheet No. 292 Second Revised Sheet No. 292

Superseding: First Revised Sheet No. 292

GENERAL TERMS AND CONDITIONS

(Continued)

Intraday 2 Cycle

- posting of prearranged deals not subject to bid

are due by 4:00 p.m.;

- contract issued within one hour of award posting

(with a new contract number, when applicable);

nomination possible beginning at the next

available nomination cycle for the effective date

of the contract. (Central Clock Time)

specifically identify any contingencies and may be

made through the Messenger® system only. If the

Releasing Shipper requires a prepayment deposit, the

party submitting the bid must concurrently submit the

prepayment deposit through Electronic Funds Transfer

to a designated bank account established by

Panhandle.

(d) The capacity release procedure is applicable to all

parties involved in the Capacity Release process;

however, it is only applicable if 1) all information

provided by the parties to the transaction is valid

and 2) there are no special terms or conditions of

the release. All stated times are Central Time on a

Business Day.

(i) For biddable releases (1 year or less)

12:00 p.m. Time by which Releasing Shipper shall

post the Release Notice on the Messenger®

system

1:00 p.m. Bidding period ends

Evaluation period begins during which any

contingency is eliminated, determination

of best bid is made and ties are broken

2:00 p.m. Evaluation period ends and award

posting if no match required

Match or award is communicated to

Designated Replacement Shipper

2:30 p.m. Match response is due Designated

Replacement Shipper

3:00 p.m. Award posting where match is required

to Replacement Shipper or Designated

Replacement Shipper