Common use of Required Notification by the RMC to the Audit Committee Clause in Contracts

Required Notification by the RMC to the Audit Committee. The Audit Committee is to be notified by the RMC when any of the following occur. 1. There is any incident of trader misconduct or a trader has exceeded his or her trading limit, without consent from an approving party. 2. NJNG’s FRM Program dollar limitation exceeds the approved limit of $6,400,000. 3. There is a material credit failure or nonperformance by counterparty or clearing broker. 4. A loss has occurred that would materially impact the financial position or results of NJNG or NJR.