Common use of The ISO’s Collection Obligations and Application of Financial Assurances Policies Clause in Contracts

The ISO’s Collection Obligations and Application of Financial Assurances Policies. (i) If a Transmission Customer defaults on any payment of any PTO Invoiced Amount (the “Owed Amounts”), the ISO shall take all necessary actions to execute or call upon any Financial Assurances held by the ISO attributable to such Transmission Customer. (ii) In connection with a default on payment of an Invoiced Amount by a Transmission Customer, the ISO shall, upon the request of the PTO AC, take those actions necessary to suspend Transmission Services to such defaulting Transmission Customer, including making a filing under Section 205 of the Federal Power Act to seek consent to suspend such Transmission Services; provided that the ISO need not suspend Transmission Services until FERC approval is first obtained. This provision shall not preclude the ISO from suspending service or making a filing under Section 205 of the FPA to seek to suspend Transmission Services or other services under the Tariff in any other circumstances.