Common use of Provision and Application of Security Clause in Contracts

Provision and Application of Security. Within thirty (30) Calendar Days of the Effective Date of this Agreement, Transmission Developer shall provide Affected System Operator with Security in the amount of the cost estimate for the Network Upgrade Facilities 1.B, in accordance with Section 22.9.3 of Attachment P of the ISO OATT, and the Transmission Project 1.A, both documented in the Facilities Study report. This amount is set forth in Appendix A of this Agreement. If the Transmission Developer: (i) does not pay an invoice issued by the Affected System Operator 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 System Operator may draw upon Transmission Developer’s Security to recover such payment. The Security shall be reduced on a dollar-for-dollar basis for payments made to Affected System Operator for the purpose of constructing, procuring, and installing the Affected System Upgrade Facilities.

Provision and Application of Security. ‌ Within thirty (30) Calendar Days of the Effective Date of this Agreement, Transmission Developer shall provide Affected System Operator with Security in the amount of the cost estimate for the Network Upgrade Facilities 1.B, in accordance with Section 22.9.3 of Attachment P of the ISO OATT, and the Transmission Project 1.A, both documented in the Facilities Study report. This amount is set forth in Appendix A of this Agreement. If the Transmission Developer: (i) does not pay an invoice issued by the Affected System Operator 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 System Operator may draw upon Transmission Developer’s Security to recover such payment. The Security shall be reduced on a dollar-for-dollar basis for payments made to Affected System Operator for the purpose of constructing, procuring, and installing the Affected System Upgrade Facilities.

Provision and Application of Security. Within thirty (30) Calendar Days of the Effective Date of this Agreement, Transmission Developer shall provide Affected System Operator with Security in the amount of the cost estimate for the Network Upgrade Facilities 1.B, in accordance with Section 22.9.3 of Attachment P of the ISO OATT, and the Transmission Project 1.A, both documented in the Facilities Study report. This amount is set forth in Appendix A of this Agreement. If the Transmission Developer: (i) does not pay an invoice issued by the Affected System Operator 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 System Operator may draw upon Transmission Developer’s Security to recover such payment. The Security shall be reduced on a dollar-for-dollar basis for payments made to Affected System Operator for the purpose of constructing, procuring, and installing the Affected System Upgrade Facilities.. SERVICE AGREEMENT NO. 2476

Provision and Application of Security. ‌ Within thirty (30) Calendar Days of the Effective Date of this Agreement, Transmission Developer shall provide Affected System Operator with Security in the amount of the cost estimate for the Network Upgrade Facilities 1.B, in accordance with Section 22.9.3 of Attachment P of the ISO OATT, and the Transmission Project 1.A, both documented in the Facilities Study report. This amount is set forth in Appendix A of this Agreement. If the Transmission Developer: (i) does not pay an invoice issued by the Affected System Operator 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 System Operator may draw upon Transmission Developer’s Security to recover such payment. The Security shall be reduced on a dollar-for-dollar basis for payments made to Affected System Operator for the purpose of constructing, procuring, and installing the Affected System Upgrade Facilities.Facilities.‌