9c ADDITIONAL BOND SECURITY Clause Samples

9c ADDITIONAL BOND SECURITY. The Seller shall promptly furnish additional security required to protect the Company, the Government, and persons supplying labor or materials under this Agreement if-- (a) Any surety upon any bond, or issuing financial institution for other security, furnished with this Agreement becomes unacceptable to the Government; (b) Any surety fails to furnish reports on its financial condition as required by the Government; (c) The Agreement price is increased so that the penal sum of any bond becomes inadequate in the opinion of the Company; or (d) An irrevocable letter of credit (ILC) used as security will expire before the end of the period of required security. If the Seller does not furnish an acceptable extension or replacement ILC, or other acceptable substitute, at least 30 days before an ILC's scheduled expiration, the Company may immediately draw on the ILC.