ࡱ> [^Z ;'bjbj 148Th$'fL   '''''''$(+*>'     >'4S' ' ' np%&px& 'i'0'& + +@&+&L       >'>'   '    +          :  PROTOCOL FOR THE INITIATION OF MEMBERSHIP TERMINATION PROCEEDINGS Without limiting any of the rights or remedies of the New England Power Pool (NEPOOL) or 91Թ. (the ISO) available under the Restated New England Power Pool Agreement (the Restated NEPOOL Agreement), the Restated NEPOOL Open Access Transmission Tariff (the NEPOOL Tariff) (including without limitation the Financial Assurance Policy for NEPOOL Members (Financial Assurance Policy) and the NEPOOL Billing Policy (Billing Policy) attached thereto), the Interim Independent System Operator Agreement (the ISO Agreement) and the ISOs Tariff for Transmission Dispatch and Power Administration Services (the ISO Tariff, and together with the Restated NEPOOL Agreement, the NEPOOL Tariff and the ISO Agreement, the Documents), this termination protocol outlines the criteria and process by which the Chair of the Membership Subcommittee may approve on behalf of the NEPOOL Participants Committee the initiation of proceedings before the Federal Energy Regulatory Commission (the Commission) to terminate the status of a Participant as a member of NEPOOL in accordance with Sections 21.2(c) and 21.2(d) of the Restated NEPOOL Agreement. Each Participant is obligated to pay when due in accordance with the Documents and the NEPOOL System Rules, including without limitation the Billing Policy, all amounts invoiced to it by NEPOOL, or by the ISO on its own behalf and on behalf of NEPOOL. In addition, each Participant is required to comply with the requirements of the Financial Assurance Policy. These Policies are enforced and managed by the ISO, with the exception of termination of membership issues, which are specifically reserved to the NEPOOL Participants. Should a Participant fail to pay when due all amounts invoiced to it by NEPOOL, or by the ISO on behalf of NEPOOL (a Payment Default), or fail to comply with the Financial Assurance Policy (Financial Assurance Default), or fail to perform any other obligation under the NEPOOL Agreement or the Tariff (Other Default) and such failure continues for at least ten (10) days, NEPOOL may then initiate termination proceedings before the Commission to terminate such Participants status as a NEPOOL Participant. By delegation of authority, the Participants Committee has charged the Membership Subcommittee with the responsibility to address issues related to, and to approve if appropriate, the termination of a Participant, subject to appeal to the Participants Committee. The Participants Committee has determined that the decision to initiate termination proceedings in certain situations against a defaulting Participant can be delegated to and approved by the Chair of the Membership Subcommittee, as set forth below. I. PAYMENT AND/OR FINANCIAL ASSURANCE DEFAULT If a Payment Default or Financial Assurance Default (either separately or together referred to for the purposes of this Section 1 as a Default) continues for at least ten (10) days (as contemplated by Section 21.2(d) of the Restated NEPOOL Agreement), and if either the Chief Financial Officer, Chief Executive Officer, or Chair of the Board of Directors of the ISO recommends in writing to the Chair of the Membership Subcommittee that termination proceedings be commenced against such Participant for such Default (with a copy of such recommendation also being sent to Pool counsel, the members of the Membership Subcommittee, and the Participants Committee member and alternate of such Participant), the Chair, or in his or her absence the Acting Chair, of the Membership Subcommittee, to the extent practicable, shall within two (2) business days of the receipt of such recommendation and without further input from the Membership Subcommittee or the Participants Committee, approve the initiation of termination proceedings and shall direct Pool counsel to file such materials with the Commission as are appropriate to cause the termination of the membership of such Participant if such Participant has: (i) Two (2) or more Level 1 Defaults; or (ii) One (1) or more Level 2 Defaults. A. DEFAULT LEVELS Level 1 (any two of the following): Magnitude: $15,000 - $50,000 (Payment Default); Duration: 10 24 days (either Payment Default or Financial Assurance Default); or Frequency: 3 or more Payment Defaults, Financial Assurance Defaults or any combination thereof within any twelve-month period Level 2 (any one of the following): Magnitude: $50,001 or more (Payment Default); Duration: 25 or more days (either Payment Default or Financial Assurance Default); or Frequency: 5 or more Payment Defaults, Financial Assurance Defaults or any combination thereof within any twelve-month period. For purposes of calculating the number of times that a Financial Assurance Default occurs, an existing Financial Assurance Default shall be deemed to be another, new Financial Assurance Default on the first day of each calendar month. Moreover, for purposes of calculating the number of times that a Payment Default or a Financial Assurance Default occurs, a Payment Default or Financial Assurance Default that is subsequently cured will be included in such calculation. The Chair of the Membership Subcommittee shall refer to the full Membership Subcommittee for its consideration any recommendation to terminate a Participant where such Participant does not have either (i) at least two (2) Level 1 Defaults or (ii) at least (1) Level 2 Default, as those Defaults are defined above. II. OTHER DEFAULT Should (i) the criteria set forth in Section I above not support the approval by the Chair of the Membership Subcommittee of the initiation of termination proceedings, or (ii) a Participant fail to perform any obligation under the Documents which is an Other Default, the Membership Subcommittee, upon notice of such Other Default, shall consider the issues raised by such Other Default and approve the initiation of termination proceedings or take such other action as may be appropriate. III. MISCELLANEOUS Nothing set forth herein shall limit the ability of the Membership Subcommittee or the Participants Committee to terminate or suspend service to a Participant or to take any other action with respect to a Participants default under the Documents. Without limiting the generality of the foregoing, the Membership Subcommittee or the Participants Committee retains the ability to suspend service to, or commence termination proceedings against, any Participant in the event of any single Payment Default or Financial Assurance Default, regardless of whether such default constitutes a Level 1 or Level 2 Default. The Secretary of the Participants Committee or NEPOOL Counsel shall, upon the filing with the Commission of the materials necessary to commence termination proceedings against a defaulting Participant, notify the utility regulatory authorities in each state in New England in which such defaulting Participant does business of the pending termination proceeding against such defaulting Participant and the possibility of suspension of service to such Participant. In the event of conflict between the provisions of this Protocol and the Documents, the provisions of the Documents shall govern.  Restated NEPOOL Agreement 21.2(d).  NEPOOL Tariff Attachment L, Financial Assurance Policy, at 335 n. 3; Minutes of the NEPOOL Executive Committee, predecessor to the NEPOOL Participants Committee, at 2036 (Nov. 7, 1997).  The recommendation of the ISO shall include the basis for such recommendation, including without limitation an indication of the number of Level 1 and/or Level 2 Defaults, as defined herein, of such Participant.     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