Common use of AUDITING COMMITTEE Clause in Contracts

AUDITING COMMITTEE. 21.1 The Auditing Committee shall remain in existence during the term of this Agreement. The Auditing Committee shall have no authority to modify any of the provisions of this Agreement. 21.2 The Auditing Committee shall consist of one representative from each Participant. Any of the Participants may designate an alternate or substitute to act as its representative on the Auditing Committee in the absence of the regular representative on the Auditing Committee or to act on specified occasions or with respect to specified matters. Each Participant shall notify the other Participants promptly, in writing, of the designation of its representative and alternate representative on the Auditing Committee and of any subsequent changes in such designation. 21.3 The Auditing Committee shall have the following functions and responsibilities under this Agreement: 21.3.1 Review accounting, financial and internal control aspects of Operating Work and Capital Improvements, and implementation of procedures established pursuant to Section 20.3.8, and, not less than every two years, audit the records maintained by the Operating Agent in its performance of Operating Work, Capital Improvements and any other records maintained by the Operating Agent in support of its xxxxxxxx to the Participants. 21.3.2 Review and approve the format and content of the Operating Agent’s accounting records and reports for Operating Work and Capital Improvements. 21.3.3 Certify to the Participants, for management purposes and for the use of the Participants only, that the Operating Agent’s results of operations and accounting methods and records, including any allocations for Operating Work and Capital Improvements, are in accordance with the Project Agreements and Accounting Practice. 21.3.4 Review and make recommendations to the Coordination Committee regarding a Participant’s administrative and general expense allowance and other normal loadings when such Participant acts as construction agent for Capital Improvements. 21.3.5 Review and approve the Operating Agent’s cost and expense allocations between (i) electric generation and related functions and (ii) unrelated functions. 21.3.6 Advise and make recommendations to the Coordination Committee and Operating Agent on matters involving auditing and financial transactions. 21.3.7 Develop procedures for proper accounting and financial liaison between Participants in connection with the Operating Work and Capital Improvements. 21.3.8 Perform such functions and responsibilities as may be assigned to it from time to time by the Coordination Committee or as otherwise provided in this Agreement. 21.4 Any action or determination of the Auditing Committee shall require a vote of the voting Participants in accordance with Section 18.4.1.

AUDITING COMMITTEE. 21.1 The Auditing Committee shall remain in existence during the term of this Agreement. The Auditing Committee shall have no authority to modify any of the provisions of this Agreement. 21.2 The Auditing Committee shall consist of one representative from each Participant. Any of the Participants may designate an alternate or substitute to act as its representative on the Auditing Committee in the absence of the regular representative on the Auditing Committee or to act on specified occasions or with respect to specified matters. Each Participant shall notify the other Participants promptly, in writing, of the designation of its representative and alternate representative on the Auditing Committee and of any subsequent changes in such designation. 21.3 The Auditing Committee shall have the following functions and responsibilities under this Agreement: 21.3.1 Review accounting, financial and internal control aspects of Operating Work and Capital Improvements, and implementation of procedures established pursuant to Section 20.3.8, Improvements and, not less than every two years, audit the records maintained by the Operating Agent in its performance of Operating Work, Capital Improvements and any other records maintained by the Operating Agent in support of its xxxxxxxx to the Participants. 21.3.2 Review and approve the format and content of the Operating Agent’s 's accounting records and reports for Operating Work and Capital Improvements. 21.3.3 Certify to the Participants, for management purposes and for the use of the Participants only, that the Operating Agent’s 's results of operations and accounting methods and records, including any allocations for Operating Work and Capital Improvements, are in accordance with the Project Agreements and Accounting Practice. 21.3.4 Review and make recommendations to the Coordination Committee regarding a Participant’s 's administrative and general expense allowance and other normal loadings when such Participant acts as construction agent for Capital Improvements. 21.3.5 Review and approve the Operating Agent’s 's cost and expense allocations between (i) electric generation and related functions and (ii) unrelated functions. 21.3.6 Advise and make recommendations to the Coordination Committee and Operating Agent on matters involving auditing and financial transactions. 21.3.7 Develop procedures for proper accounting and financial liaison between Participants in connection with the Operating Work and Capital Improvements. 21.3.8 Perform such functions and responsibilities as may be assigned to it from time to time by the Coordination Committee or as otherwise provided in this Agreement. 21.4 Any action or determination of the Auditing Committee shall require a vote of the voting Participants in accordance with Section 18.4.118.

AUDITING COMMITTEE. 21.1 The Auditing Committee shall remain in existence during the term of this Agreement. The Auditing Committee shall have no authority to modify any of the provisions of this Agreement. 21.2 The Auditing Committee shall consist of one representative from each Participant. Any of the Participants may designate an alternate or substitute to act as its representative on the Auditing Committee in the absence of the regular representative on the Auditing Committee or to act on specified occasions or with respect to specified matters. Each Participant shall notify the other Participants promptly, in writing, of the designation of its representative and alternate representative on the Auditing Committee and of any subsequent changes in such designation. 21.3 The Auditing Committee shall have the following functions and responsibilities under this Agreement: 21.3.1 Review accounting, financial and internal control aspects of Operating Work and Capital Improvements, and implementation of procedures established pursuant to Section 20.3.8, and, not less than every two years, audit the records maintained by the Operating Agent in its performance of Operating Work, Capital Improvements and any other records maintained by the Operating Agent in support of its xxxxxxxx to the Participants. 21.3.2 Review and approve the format and content of the Operating Agent’s accounting records and reports for Operating Work and Capital Improvements. 21.3.3 Certify to the Participants, for management purposes and for the use of the Participants only, that the Operating Agent’s results of operations and accounting methods and records, including any allocations for Operating Work and Capital Improvements, are in accordance with the Project Agreements and Accounting Practice. 21.3.4 Review and make recommendations to the Coordination Committee regarding a Participant’s administrative and general expense allowance and other normal loadings when such Participant acts as construction agent for Capital Improvements. 21.3.5 Review and approve the Operating Agent’s cost and expense allocations between (i) electric generation and related functions and (ii) unrelated functions. 21.3.6 Advise and make recommendations to the Coordination Committee and Operating Agent on matters involving auditing and financial transactions. 21.3.7 Develop procedures for proper accounting and financial liaison between Participants in connection with the Operating Work and Capital Improvements. 21.3.8 Perform such functions and responsibilities as may be assigned to it from time to time by the Coordination Committee or as otherwise provided in this Agreement. 21.4 Any action or determination of the Auditing Committee shall require a vote of the voting Participants in accordance with Section 18.4.1.