NPRR #612 · Revision Request
NPRR612 Reduction of Cure Period Subsequent to Event of Default
ReasonReducing the cure period allows reduction of the collateral posted by Counter-Parties to cover their risk during the cure period.Also, this NPRR provides clarification of the Late Payment status if past due Invoices are paid from existing collateral and contains clean-up items to ensure Protocol language with respect to Payment Breaches is consistent.
Created2014-04-10
Approved2014-12-09
Sections Affected
9.119.11.39.13.2.39.1916.11.616.11.6.116.11.6.1.116.11.6.1.216.11.6.1.416.11.6.1.616.11.6.216.11.6.2.116.11.6.2.216.11.6.2.316.11.6.2.416.16.1.
Summary
This Nodal Protocol Revision Request (NPRR) reduces the cure period for failure to make payment or transfer funds, provide collateral or designate/maintain an association with a Qualified Scheduling Entity (QSE), to one Business Day subsequent to written notification of the breach. In addition, the NPRR clarifies that an Invoice payment from available security will be considered a Late Payment per Protocol Section 16.11.6; it eliminates discrepancies between Protocol and Standard Form Agreement language; and aligns terminology in Protocol Section 16.
Action Log 5 milestones
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Apr 10
PRSRecommended for Approval→ PRS for IA review.
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May 15
PRSRecommended for Approval→ TAC for consideration.
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May 29
TACDeferred/Tabled→ TAC for consideration
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Oct 23
TACRecommended for Approval→ Board for consideration
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Dec 9
BOARDApproved
Amendments
| Date | Body | Motion | Result |
|---|---|---|---|
| Oct 23 '14 | TAC | To recommend approval of NPRR612 as amended by the 8/12/14 ERCOT comments with an effective date of April 1, 2015. | Passed |
Documents 12
| Name | Type | Posted | Classification |
|---|---|---|---|
| 612NPRR- 01 Reduction of Cure Period Subsequent to Event of Defa | doc | Mar 26 '14 | Revision Request |
| 612NPRR- 02 Impact Analysis 032614 | doc | Mar 26 '14 | Staff Report |
| 612NPRR- 03 PRS Report 041014 | doc | Apr 15 '14 | Committee Report |
| 612NPRR-04 CWG Comments 041814 | doc | Apr 18 '14 | Revision Request Comments |
| 612NPRR-05 PRS Report 051514 | doc | May 21 '14 | Committee Report |
| 612NPRR-06 TAC Report 052914 | doc | Jun 3 '14 | Committee Report |
| 612NPRR-07 ERCOT Comments 081214 | doc | Aug 12 '14 | Revision Request Comments |
| 612NPRR-08 Credit Work Group Comments 082714 | doc | Aug 27 '14 | Revision Request Comments |
| 612NPRR-09 Credit Work Group Comments 091814 | doc | Sep 18 '14 | Revision Request Comments |
| 612NPRR-10 WMS Comments 100814 | doc | Oct 8 '14 | Revision Request Comments |
| 612NPRR-11 TAC Report 102314 | doc | Oct 27 '14 | Committee Report |
| 612NPRR-12 Board Report 120914 | doc | Dec 12 '14 | Committee Report |
Meetings That Took It Up 13
| Date | Meeting | Committee | Status |
|---|---|---|---|
| Dec 9 '14 | Board of Directors Meeting | BOARD | Concluded |
| Oct 23 '14 | TAC Meeting | TAC | Concluded |
| Oct 6 '14 | Joint ROS/WMS Meeting | ROS | Concluded |
| Sep 25 '14 | TAC Meeting | TAC | Concluded |
| Sep 17 '14 | Joint CWG/MCWG Meeting | CREDITWG | Concluded |
| Aug 28 '14 | TAC Meeting | TAC | Concluded |
| Aug 20 '14 | Joint CWG/MCWG Meeting | CREDITWG | Concluded |
| Jul 31 '14 | TAC Meeting | TAC | Concluded |
| Jun 26 '14 | TAC Meeting | TAC | Concluded |
| May 29 '14 | TAC Meeting | TAC | Concluded |
| May 15 '14 | PRS Meeting | PRS | Concluded |
| Apr 16 '14 | Joint CWG/MCWG Meeting | CREDITWG | Concluded |
| Apr 10 '14 | PRS Meeting | PRS | Concluded |