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NPRR #612 · Revision Request

NPRR612  Reduction of Cure Period Subsequent to Event of Default

Approved sponsor ERCOT posted 2014-03-26 ercot.com
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.
Timeline