Common use of CASH DEPOSIT OR SURETY BOND Clause in Contracts

CASH DEPOSIT OR SURETY BOND. If Concessionaire is obligated to furnish a Cash Deposit or Surety Bond pursuant to Article 1, Concessionaire shall furnish such deposit or bond, at Concessionaire's sole cost and expense at the time in which the construction permit is issued, and shall keep such deposit or bond in full force and effect during the complete term of this Lease and any Extension of this Lease and any holdover period as applicable, as security for the full performance of every provision of this Lease by Concessionaire. DFW reserves the right to review Cash Deposit or Surety Bond amount annually and may increase such deposit or bond based on annual gross receipts, prior year's payment history and/or other non-compliance issues. The Board may apply all or any part of the deposit or bond to cure any default by Concessionaire hereunder, and Concessionaire shall restore to the deposit or bond all amounts so applied upon receipt of invoice from the Board. If a Surety Bond is permitted, it shall be issued by a surety company authorized and licensed to transact business in the State of Texas, in the face amount as required herein, with the Airport Board as obligee, and shall not be subject to reduction in coverage or cancellation except after thirty (30) days' written notice by certified mail, return receipt requested, to the Board. The surety on the bond shall, by appropriate notation thereon, stipulate and agree that no change, extension of time, alteration or addition to the terms of this Lease, shall in any way affect its obligations under the bond, and shall consent to waive notice of any such matters. In the event of cancellation of the bond, and Concessionaire's failure to provide a substitute deposit or bond within (15) days from the date of the cancellation, then such failure shall be deemed a material default by Concessionaire.

CASH DEPOSIT OR SURETY BOND. If Concessionaire is obligated to furnish a Cash Deposit or Surety Bond pursuant to Article 1, Concessionaire shall furnish such deposit or bond, at Concessionaire's sole cost and expense at the time in which the construction permit is issued, and shall keep such deposit or bond in full force and effect during the complete term of this Lease and any Extension of this Lease and any holdover period as applicable, as security for the full performance of every provision of this Lease by Concessionaire. DFW reserves the right to review Cash Deposit or Surety Bond amount annually and may increase such deposit or bond based on annual gross receipts, prior year's payment history and/or other non-compliance issues. The Board may apply all or any part of the deposit or bond to cure any default by Concessionaire hereunder, and Concessionaire shall restore to the deposit or bond all amounts so applied upon receipt of the invoice from the Board. If a Surety Bond is permitted, it shall be issued by a surety company authorized and licensed to transact business in the State of Texas, in the face amount as required herein, with the Airport Board as obligee, and shall not be subject to reduction in coverage or cancellation except after thirty (30) days' written notice by certified mail, return receipt requested, to the Board. The surety on the bond shall, by appropriate notation thereon, stipulate and agree that no change, extension of time, alteration or addition to the terms of this Lease, shall in any way affect its obligations under the bond, and shall consent to waive notice of any such matters. In the event of cancellation of the bond, and Concessionaire's failure to provide a substitute deposit or bond within (15) days from the date of the cancellation, then such failure shall be deemed a material default by Concessionaire.

CASH DEPOSIT OR SURETY BOND. If Concessionaire is obligated to furnish a Cash Deposit or Surety Bond pursuant to Article 1, Concessionaire shall furnish such deposit or bond, at Concessionaire's sole cost and expense at the time in which the construction permit is issued, and shall keep such deposit or bond in full force and effect during the complete term of this Lease and any Extension of this Lease and any holdover period as applicable, as security for the full performance of every provision of this Lease by Concessionaire. DFW reserves the right to review Cash Deposit or Surety Bond amount annually and may increase such deposit or bond based on annual gross receipts, prior year's payment history and/or other non-non- compliance issues. The Board may apply all or any part of the deposit or bond to cure any default by Concessionaire hereunder, and Concessionaire shall restore to the deposit or bond all amounts so applied upon receipt of invoice from the Board. If a Surety Bond is permitted, it shall be issued by a surety company authorized and licensed to transact business in the State of Texas, in the face amount as required herein, with the Airport Board as obligee, and shall not be subject to reduction in coverage or cancellation except after thirty (30) days' written notice by certified mail, return receipt requested, to the Board. The surety on the bond shall, by appropriate notation thereon, stipulate and agree that no change, extension of time, alteration or addition to the terms of this Lease, shall in any way affect its obligations under the bond, and shall consent to waive notice of any such matters. In the event of cancellation of the bond, and Concessionaire's failure to provide a substitute deposit or bond within (15) days from the date of the cancellation, then such failure shall be deemed a material default by Concessionaire.

CASH DEPOSIT OR SURETY BOND. If Concessionaire is obligated to furnish a Cash Deposit or Surety Bond pursuant to Article 1, Concessionaire shall furnish such deposit or bond, at Concessionaire's sole cost and expense at the time in which the construction permit is issued, and shall keep such deposit or bond in full force and effect during the complete term of this Lease Agreement and any Extension of this Lease Agreement and any holdover period as applicable, as security for the full performance of every provision of this Lease Agreement by Concessionaire. DFW The Board reserves the right to review Cash Deposit or Surety Bond amount annually and may increase such deposit or bond based on annual gross receipts, prior year's payment history and/or other non-compliance issues. The Board may apply all or any part of the deposit or bond to cure any default by Concessionaire hereunder, and Concessionaire shall restore to the deposit or bond all amounts so applied upon receipt of invoice from the Board. If a Surety Bond is permitted, it shall be issued by a surety company authorized and licensed to transact business in the State of Texas, in the face amount as required herein, with the Airport Board as obligee, and shall not be subject to reduction in coverage or cancellation except after thirty (30) days' written notice by certified mail, return receipt requested, to the Board. The surety on the bond shall, by appropriate notation thereon, stipulate and agree that no change, extension of time, alteration or addition to the terms of this LeaseAgreement, shall in any way affect its obligations under the bond, and shall consent to waive notice of any such matters. In the event of cancellation of the bond, and Concessionaire's failure to provide a substitute deposit or bond within (15) days from the date of the cancellation, then such failure shall be deemed a material default by Concessionaire.