Panhandle Eastern Pipe Line Company

First Revised Volume No. 1

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Effective Date: 05/25/1996, Docket: RP96-214-000, Status: Effective

Second Revised Sheet No. 319 Second Revised Sheet No. 319 : Superseded

Superseding: First Revised Sheet No. 319

GENERAL TERMS AND CONDITIONS

(Continued)

Buyer shall pay Panhandle by electronic funds

transfer to a designated bank account established

by Panhandle for amounts equal to or greater than

$100,000. For amounts less than $100,000, Buyer

shall pay Panhandle by check to Panhandle's

designated office or at Buyer's election by

electronic funds transfer to a designated bank

account established by Panhandle. Buyer shall

pay Panhandle, at its designated office, on or

before the tenth day after such billing the full

amount so invoiced. Should Buyer fail to pay any

amount which shall become due hereunder interest

thereon shall accrue at the rate computed using

the factors specified in Section 154.501(d) of

the Commission's Regulations, until such time as

the full amount due has been paid or collected.

(3)Each Buyer shall have the option, in lieu of a

lump sum payment of the total Direct Bill for

Buyer's obligation for unrecovered Account No.

191 amounts, of paying twelve (12) consecutive

monthly payments equal to 1/12th of such amount.

Carrying charges on the total unrecovered Account

No. 191 Direct Bill amount shall commence on the

effective date of this Section 18.8 and shall be

calculated and included on each monthly invoice

for those Buyers electing the twelve (12) month

payment option. Notwithstanding such election, a

Buyer may, at any time, pay the entire amount of

its unpaid share of the unrecovered Account No.

191 Direct Bill amount to Panhandle, with no

further obligation for carrying charges. If any

Buyer elects the twelve (12) month payment

option, Panhandle shall file, within thirty (30)

days of when the final payment is due, a report

showing the amount billed and the amount

received.

(4)The Prior Period Adjustment component shall be

filed twelve (12) months after the effective date

of this Section 18.8. Additional unrecovered