Sea Robin Pipeline Company, LLC

Second Revised Volume No. 1

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Effective Date: 05/17/2009, Docket: RP09-520-000, Status: Effective

First Revised Sheet No. 156 First Revised Sheet No. 156

Superseding: Original Sheet No. 156

 

GENERAL TERMS AND CONDITIONS

(Continued)

 

 

9. CAPACITY RELEASE (Continued)

 

(h) The Releasing Shipper may define in the Shipper Notice the

criteria for determining the best bid. If the Releasing

Shipper does not specify the criteria, Sea Robin shall

evaluate the eligible bids by multiplying the price times

the volume bid. Bids for a term of more than one (1) Month

that vary in price or term shall be discounted to present

value based on currently effective Commission interest

rates or such other published, objective financial measure

as posted by Sea Robin in advance of the offer/bid cycle.

The bid producing the most revenue shall be determined to

be the best bid. If there is a tie for the best bid and

the Releasing Shipper does not specify a tie breaker, then

the bids will be ranked first by the bid submitted first in

time as established by Sea Robin's electronic date and time

stamp, then by the bid generating the greatest present

value of revenues over the shortest term. If there are

multiple bids meeting the minimum conditions, Sea Robin

shall rank the bids and Sea Robin shall award the bids,

best bid first, until all offered capacity is awarded. Sea

Robin will notify, through the Messenger® system by

2:00 p.m. following the end of the posting period, or by

3:00 p.m. if a matching period is applicable, the PRS or

Replacement Shipper that capacity has been awarded.

 

(i) Sea Robin will post the winning bids and Replacement

Shippers' identity on the Messenger® system for at least

five Business Days.

 

9.5 Rights and Obligations of Releasing Shipper

 

(a) Regardless of the amount of capacity Releasing Shipper

releases under this Section 9, Releasing Shipper shall

remain liable for the reservation charges attributable to

the released capacity unless otherwise agreed to in writing

and in advance by Sea Robin. In the event of a permanent

release, Sea Robin may, and will not unreasonably refuse

to, waive liability of Releasing Shipper for the

reservation charges. Such permanent release shall provide

the same economic value as the original underlying

agreement, or such difference shall be funded by the

Releasing Shipper, unless Sea Robin agrees otherwise.