Amendment to Section II. B.4. of the Member Financial Assurance Policy. Clause (ii)(a) in the second paragraph of Section II.B.4. of the Member Financial Assurance Policy is amended to read as follows:
Amendment to Section II. 1. The following sentence shall be added to the end of Section II.1 of the Agreement: “Upon the consummation of an IPO, the provisions of this Article II shall be terminated and shall have no further force or effect.”
Amendment to Section II. D Section II. D of the Services Agreement is hereby amended by inserting the following Subsection D(5) after the current Subsection D(4) as follows:
Amendment to Section II. (b). Section II (b) of the Split Dollar Agreement is hereby deleted in its entirety.
Amendment to Section II. A.2 of the Member Financial Assurance Policy. Section II.A.2 of the Member Policy is amended by deleting the third sentence.
Amendment to Section II. B.1.c of the Member Financial Assurance Policy. Section II.B.1.c of the Member Financial Assurance Policy is amended to read as follows: Except as set forth in Part VI below, Governance Only Members and Non-Municipal Participants with average monthly NEPOOL Charges (as hereinafter defined) of $15,000 or less shall not be required to provide a cash deposit, letter of credit, payment bond or guaranty under this Policy.
Amendment to Section II. D of the Member Financial Assurance Policy. The following is added after the third paragraph of Section II.D of the Member Financial Assurance Policy: Furthermore and without limiting the generality of the foregoing, any Non-Municipal Participant that is so required under Section VI of this Policy shall provide additional financial assurance in connection with FTR transactions, as set forth in such Section VI.
Amendment to Section II. E of the Member Financial Assurance Policy. The following is added at the end of Section II.E of the Member Financial Assurance Policy: If a Non-Municipal Participant is suspended from entering into future transactions in the FTR system and such suspension occurs at any time during an ongoing FTR Auction, then unless such Non-Municipal Participant cures the default(s) providing the basis for such suspension prior to 4:00 p.m. on the Business Day immediately preceding the close of the next FTR Auction, all FTRs held by such Non-Municipal Participant (the "Default FTRs") shall be offered in the next FTR Auction, with an offer price of $0. If a Non-Municipal Participant is suspended from entering into future transactions in the FTR System and such suspension occurs at any time other than during an ongoing FTR Auction, then unless such Non- Municipal Participant cures the default(s) providing the basis for such suspension prior to 4:00 p.m. on the Business Day immediately preceding the close of the next FTR Auction, all Default FTRs held by such Non-Municipal Participant shall be offered in that next FTR Auction, with an offer price of $0. All Default FTRs that are offered in an FTR Auction and have a positive value in that FTR Auction shall be forfeited by such Non-Municipal Participant and will be sold at the applicable clearing price in that FTR Auction. The proceeds from the sale of those Default FTRs will first be used to satisfy all obligations of such Non-Municipal Participant to NEPOOL, the System Operator and the Non-Participant FTR Customers, and any amount remaining after all such obligations have been satisfied shall be paid over to such Non-Municipal Participant that formerly owned such Default FTRs. All Default FTRs that are offered in an FTR Auction and have a negative value in that FTR Auction will be retained by such Non-Municipal Participant, and such Non-Municipal Participant will remain subject to all of the requirements, including the requirements hereunder, with respect to such Default FTRs retained by it.
Amendment to Section II. A.1 of the Member Financial Assurance Policy. The second sentence of the first paragraph of Section II.A.1 of the Financial Assurance Policy for NEPOOL Members included as Attachment L to the NEPOOL Tariff, as amended by the Eighty-First Agreement Amending New England Power Pool Agreement (the "Member Financial Assurance Policy"), is amended to insert "and" immediately before "(iv)" and to delete "; and (v) a list of the officers and principal management of the Non-Municipal Applicant" at the end of the that sentence.
Amendment to Section II. A.1 of the Member Financial Assurance Policy. In the second sentence of the second paragraph of Section II.A.1 of the Member Financial Assurance Policy, "(v)" is changed to "(iv)".
