Venice Gathering System, L. L. C.

Original Volume No. 1

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Effective Date: 01/10/2000, Docket: GT00- 9-000, Status: Effective

First Revised Sheet No. 109 First Revised Sheet No. 109 : Effective

Superseding: Original Sheet No. 109

 

GENERAL TERMS AND CONDITIONS

(Continued)

 

11.4 Cash-Out of Imbalances

 

Any imbalance not resolved by the close of business

on the twenty-fifth (25th) day of the month following the

month in which the imbalance was incurred will be cashed-out

according to the schedules set forth in (a) and (b) below.

"Spot price" refers to the Spot Index Price as defined in

11.3 above. The imbalance percentage will be determined by

dividing the actual imbalance by scheduled quantities for

the month.

 

a. Receipts in excess of deliveries shall be

purchased by VGS from the Customer at the

following prices:

 

Purchase Price

Percent by which receipts Lowest Weekly

exceed deliveries Spot Index Price

 

0% but less than 5% 1.0 x spot price

5% but less than 10% 0.9 x spot price

10% but less than 15% 0.8 x spot price

15% but less than 20% 0.7 x spot price

20% or greater 0.6 x spot price

 

b. Deliveries in excess of receipts shall be

sold by VGS to the Customer at the

following prices:

 

Sales Price

Percent by which deliveries Highest Weekly

exceed receipts Spot Index Price

 

0% but less than 5% 1.0 x spot price

5% but less than 10% 1.1 x spot price

10% but less than 15% 1.2 x spot price

15% but less than 20% 1.3 x spot price

20% or greater 1.4 x spot price