Common use of Finance Committee Clause in Contracts

Finance Committee. The Finance Committee (FC) shall be comprised of six members. Two representatives shall be from the Board of Directors, one of whom shall serve as the Chair; two representatives from the Transmission Owning Member sector as nominated by the Corporate Governance Committee; and two representatives from the Transmission Using Member sector as nominated by the Corporate Governance Committee. The Board of Directors shall appoint the representatives of the FC. Each representative of the FC shall continue to be a representative thereof until the Board of Directors appoints his/her successor. Where a vacancy occurs the Corporate Governance Committee will fill the vacancy on an interim basis until the next meeting of the Board of Directors. The FC shall meet at least twice per calendar year, and additionally as needed, provided that a quorum, as defined in these Bylaws, is present. The FC shall report to the Board of Directors following each FC meeting with respect to its activities and with such recommendations, as the FC deems necessary. The responsibilities of the Finance Committee shall include assistance to the Board of Directors in fulfilling its responsibility to the Members, and investment community with respect to its oversight of: (a) The quality and integrity of SPP's financial statements; (b) SPP's compliance with financially-based legal and regulatory requirements; (c) The independent auditor's qualifications, selection, and independence; (d) The performance of SPP's internal audit function and independent auditors as relates to SAS70 Audit requirements; (e) The development and implementation of annual and long-term operating and capital budgets; (f) The management of risk; (g) Develop policies for management of debt financing and for long-term contracting; (h) Monitoring methodology for cost recovery to ensure continuing equity for Members; (i) Other duties and responsibilities detailed in the Finance Committee charter; and (j) Perform such other functions as the Board of Directors may delegate or direct. Effective Date: 8/5/2010 − Docket #: ER10−2145

Finance Committee. The Finance Committee (FC) shall be comprised of six members. Two representatives shall be from the Board of Directors, one of whom shall serve as the Chair; two representatives from the Transmission Owning Member sector as nominated by the Corporate Governance Committee; and two representatives from the Transmission Using Member sector as nominated by the Corporate Governance Committee. The Board of Directors shall appoint the representatives of the FCFC at the regular meeting of the Board of Directors immediately following each annual meeting of Members. Each representative of the FC shall continue to be a representative thereof until the Board of Directors appoints his/her successor. Where a vacancy occurs the Corporate Governance Committee will fill the vacancy on an interim basis until the next meeting of the Board of Directors. The FC shall meet at least twice per calendar year, and additionally as needed, provided that a quorum, as defined in these Bylaws, is present. The FC shall report to the Board of Directors following each FC meeting with respect to its activities and with such recommendations, as the FC deems necessary. The responsibilities of the Finance Committee shall include assistance to the Board of Directors in fulfilling its responsibility to the Members, and investment community with respect to its oversight of: (a) a. The quality and integrity of SPP's ’s financial statements; (b) b. SPP's ’s compliance with financially-based legal and regulatory requirements; (c) c. The independent auditor's qualifications, selection, and independence; (d) d. The performance of SPP's ’s internal audit function and independent auditors as relates to SAS70 Audit requirementsauditors; (e) e. The development and implementation of annual and long-term operating and capital budgets; (f) f. The management of risk; (g) g. Develop policies for management of debt financing and for long-term contracting; (h) h. Monitoring methodology for cost recovery to ensure continuing equity for Members; (i) i. Other duties and responsibilities detailed in the Finance Committee charter; and (j) j. Perform such other functions as the Board of Directors may delegate or direct. Effective Date: 8/5/2010 − Docket #: ER10−2145.

Finance Committee. The Finance Committee (FC) shall be comprised of six members. Two representatives shall be from the Board of Directors, one of whom shall serve as the Chair; two representatives from the Transmission Owning Member sector as nominated by the Corporate Governance Committee; and two representatives from the Transmission Using Member sector as nominated by the Corporate Governance Committee. The Board of Directors shall appoint the representatives of the FCFC at the regular meeting of the Board of Directors immediately following each annual meeting of Members. Each representative of the FC shall continue to be a representative thereof until the Board of Directors appoints his/her successor. Where a vacancy occurs the Corporate Governance Committee will fill the vacancy on an interim basis until the next meeting of the Board of Directors. The FC shall meet at least twice per calendar year, and additionally as needed, provided that a quorum, as defined in these Bylaws, is present. The FC shall report to the Board of Directors following each FC meeting with respect to its activities and with such recommendations, as the FC deems necessary. The responsibilities of the Finance Committee shall include assistance to the Board of Directors in fulfilling its responsibility to the Members, and investment community with respect to its oversight of: (a) The quality and integrity of SPP's ’s financial statements; (b) SPP's ’s compliance with financially-based legal and regulatory requirements; (c) The independent auditor's qualifications, selection, and independence; (d) The performance of SPP's ’s internal audit function and independent auditors as relates to SAS70 Audit requirementsauditors; (e) The development and implementation of annual and long-term operating and capital budgets; (f) The management of risk; (g) Develop policies for management of debt financing and for long-term contracting; (h) Monitoring methodology for cost recovery to ensure continuing equity for Members; (i) Other duties and responsibilities detailed in the Finance Committee charter; and (j) Perform such other functions as the Board of Directors may delegate or direct. Effective Date: 8/5/2010 − Docket #: ER10−2145