Gulf South Pipeline Company L P

Sixth Revised Volume No. 1

Effective Date: 05/14/2010, Docket: RP10-601-000, Status: Effective

First Revised Sheet No. 1208 First Revised Sheet No. 1208

Superseding: Original Sheet No. 1208

GENERAL TERMS AND CONDITIONS

Section 5

(Continued)

In the event Gulf South is required to draw on a Customer's collateral,

for the facilities constructed pursuant to Section 24.4, the amount of

Customer's collateral retained by Gulf South shall be reduced to an

amount equal to the difference between (1) the net present value of the

future reservation charge revenues of the original Customer that would

have been attributed to the cost of such facility and (2) the net

present value of the future reservation charge revenues of a newly

awarded firm Customer that are directly attributed to the cost of such

facility. In no event shall Gulf South hold collateral related to

facilities constructed pursuant to Section 24.4 of its tariff, if the

cost of those facilities has been recovered from the firm shippers that

have contracted for that capacity and/or through use of the collateral

held for defaults by non-creditworthy customers.