Cove Point LNG Limited Partnership

Second Revised Volume No. 1

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Effective Date: 06/01/2003, Docket: CP01- 76-003, Status: Effective

First Revised Sheet No. 125 First Revised Sheet No. 125 : Effective

Superseding: Original Sheet No. 125

 

GENERAL TERMS AND CONDITIONS

(Continued)

 

 

 

10. RELEASE AND ASSIGNMENT OF SERVICE RIGHTS

 

The procedures set forth in this Section governing the release and assignment of service

rights by Buyers shall apply to all firm services by Operator for which such right is

provided in the applicable Rate Schedule. A Buyer under Rate Schedule LTD-1, FPS-1, FPS-2,

FPS-3 or FTS may release and assign all or any portion of the service under its Service

Agreement. Any Buyer accepting such assignment ("Assignee") shall be bound by all

conditions and requirements set forth in the General Terms and Conditions and in the

respective Rate Schedule and Service Agreement.

 

(a) Initiating the Release and Assignment.

 

(1) Electronic Bulletin Board. The release and assignment of service rights by Buyer

shall be facilitated through Operator's Electronic Bulletin Board (EBB) described

in Section 2 (Electronic Bulletin Board) of the General Terms and Conditions. As

explained below, Buyers seeking to release and assign firm service rights

("Releasors") shall post offers to release and notices of prearranged assignments

through Operator's EBB. Potential Assignees also may post offers to purchase

service rights and bids for capacity noticed by Releasors through Operator's EBB.

Such postings shall be made through the interactive features of Operator's EBB.

Operator reserves the right to request modifications in or to delete all or any

portion of such postings; provided, however, that Operator shall have no

responsibility for any errors, omissions, or other aspects of these postings from

third parties on its EBB.

 

(2) Release Notice. Releasor may initiate the assignment of the service rights it is

seeking to release and assign by electronically transmitting the information

specified below to Operator's EBB ("Release Notice"). Such electronic Release

Notice may contain a minimum price provision, and shall contain the following

information regarding the capacity that Buyer is seeking to release:

 

(i) Releasor's identity, the Rate Schedule under which Releasor seeks to

release capacity, and the contract number, if any, assigned by Operator

to the Service Agreement under which Buyer seeks to release capacity;

 

(ii) whether the release is on a temporary or permanent basis;

 

(iii) the numeric quantity on a per day basis for services to be released, and

the term (duration);

 

(iv) the Receipt Point(s) and Delivery Point(s);

 

(v) any applicable recall provisions relating to the proposed release and

whether the Assignee will have the option to refuse the capacity after

recall has ended;

 

(vi) any minimum conditions concerning the rate, term, or volume that the

Releasor is willing to accept (and that Releasor wishes to have posted on

Operator's EBB), or a statement that it has separately revealed to

Operator any such minimum conditions, which shall be posted following the

close of bidding,