Common use of Provision and Application of Security Clause in Contracts

Provision and Application of Security. Developer shall provide Affected System Operator with Security in the amount of the ASO Estimated Total Costs for the Affected System Upgrade Facilities in accordance with Attachment S to the ISO OATT. If the Developer: (i) does not pay an invoice issued by Affected System Operator pursuant to Article Error! Reference source not found. within the timeframe s et forth in Article 7.3 or (ii) does not pay any disputed amount into an independent escrow account pursuant to Article 7.4, the Affected System Operator may draw upon Developer’s Security to recover such payment. The Developer’s Security shall be reduced after discrete portions of the EPC Services have been performed in accordance with the requirements in Section 25.8.5 of Attachment S to the NYISO OATT.

Provision and Application of Security. Developer shall provide Affected System Operator with Security in the amount of the ASO Estimated Total Costs for the Affected System Upgrade Facilities in accordance with Attachment S to the ISO OATT. If the Developer: (i) does not pay an invoice issued by Affected System Operator pursuant to Article Error! Reference source not found. within the timeframe s et set forth in Article 7.3 or (ii) does not pay any disputed amount into an independent escrow account pursuant to Article 7.4, the Affected System Operator may draw upon Developer’s Security to recover such payment. The Developer’s Security shall be reduced after discrete portions of the EPC Services have been performed in accordance with the requirements in Section 25.8.5 of Attachment S to the NYISO OATT.