Common use of Provision and Application of Security Clause in Contracts

Provision and Application of Security. ‌ Developer has provided Affected Transmission Owner with security in the amount of the ATO Estimated Total Costs for the Affected System Upgrade Facilities in accordance with Attachment S to the NYISO OATT. If the Developer: (i) does not pay an invoice issued by Affected Transmission Owner pursuant to Article 7.1 within the timeframe 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 Transmission Owner may draw upon Developer’s security to recover such payment. The Developer’s security shall be reduced on a dollar-for-dollar basis for Developer’s payments made to the Affected Transmission Owner for its performance of the EPC Services.

Provision and Application of Security. ‌ Developer has provided Affected Transmission Owner with security in the amount of the ATO Estimated Total Costs for the Affected System Upgrade Facilities in accordance with Attachment S to the NYISO OATT. If the Developer: (i) does not pay an invoice issued by Affected Transmission Owner pursuant to Article 7.1 within the timeframe 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 Transmission Owner may draw upon Developer’s security to recover such payment. The Developer’s security shall be reduced on a dollar-for-dollar basis for Developer’s payments made to the Affected Transmission Owner for its performance of the EPC Services.