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

Third Revised Sheet No. 321Q Third Revised Sheet No. 321Q : Superseded

Superseding: Substitute First Revised Sheet No. 321Q

GENERAL TERMS AND CONDITIONS (Continued)

(2) If Panhandle's actual collections hereunder

shall equal or exceed its ST Costs, Panhandle

shall file to terminate further collections

hereunder and to refund the amount of any

excess collected to all Shippers affected

hereby in proportion to the principal amount

of actual ST Costs which they have paid

during the Section 18.13 Recovery Period.

Within thirty (30) days of the Commission's

approval of Panhandle's filing, refunds, with

applicable carrying costs computed in

accordance with Section 154.501(d) of the

Commission's Regulations, shall be paid. In

addition, Panhandle will submit a report to

the Commission setting out a comparison of

its ST Costs and the actual amounts collected

hereunder and any repayments actually made.

(3) If Panhandle's actual collections hereunder

are less than its ST Costs, Panhandle shall

file to recover such deficiency, including

carrying charges computed in accordance with

Section 154.501(d) of the Commission's

Regulations, during the Section 18.13

Reconciliation Period by means of ST

Reservation Surcharges and ST Volumetric

Surcharges. The ST Reservation Surcharge

shall be determined by dividing the remaining

ST Costs attributable to firm services by the

design billing determinants underlying

Panhandle's then-effective rates applicable

to service under Rate Schedules FT, EFT, SCT

and LFT. The ST Reservation Surcharge under

Rate Schedule SCT shall be converted to a

Volumetric Surcharge at a 52.5% load factor.

The ST Volumetric Surcharge shall be

determined by dividing the remaining ST Costs

attributable to interruptible services by the

design billing determinants underlying

Panhandle's then-effective rates for service

under Rate Schedules IT and EIT.