Common use of Cash In Lieu Of Performance Bond Clause in Contracts

Cash In Lieu Of Performance Bond. In lieu of furnishing a performance bond, Lessee may deposit with the Secretary cash, negotiable United States Treasury Bonds, other negotiable Treasury obligations, time certificates of deposit, savings and loan association passbooks, or letters of credit in an amount acceptable to Lessor, together with an appropriate power of attorney appointing and empowering the Secretary, in the event of Lessee's default in any of the provisions of this Lease, to pay from any such cash or equivalent, withdraw the funds from any such sayings and loan association account, dispose of any such bond, or make demand upon any such letter of credit, and retain the proceeds derived there from to apply to Lessor's damages subject to Lessee's privilege of curing such default as hereinafter provided. If United States Treasury Bonds are provided. Lessee agrees to make up any deficiency in the value deposited that might occur due to a decrease in the value of the bonds. Interest on any such Treasury bonds or time certificates of deposit in excess of damages provided for in this Lease shall be paid to Lessee.

Cash In Lieu Of Performance Bond. In lieu of furnishing a performance bond, Lessee may deposit with the Secretary cash, negotiable United States Treasury Bonds, other negotiable Treasury obligations, time certificates of deposit, savings and loan association passbooks, or letters of credit in an amount acceptable to Lessor, together with an appropriate power of attorney appointing and empowering the Secretary, in the event of Lessee's default in any of the provisions of this Lease, to pay from any such cash or equivalent, withdraw the funds from any such sayings savings and loan association account, dispose of any such bond, or make demand upon any such letter of credit, and retain the proceeds derived there from to apply to Lessor's damages subject to Lessee's privilege of curing such default as hereinafter provided. If United States Treasury Bonds are provided. , Lessee agrees to make up any deficiency in the value deposited that might occur due to a decrease in the value of the bonds. Interest on any such Treasury bonds or time certificates of deposit in excess of damages provided for in this Lease shall be paid to Lessee.

Cash In Lieu Of Performance Bond. In lieu of furnishing a performance bond, Lessee may deposit with the Secretary cash, negotiable United States Treasury Bonds, other negotiable Treasury obligations, time certificates of deposit, savings and loan association passbooks, or letters of credit in an amount acceptable to Lessor, together with an appropriate power of attorney appointing and empowering the Secretary, in the event of LesseeXxxxxx's default in any of the provisions of this Lease, to pay from any such cash or equivalent, withdraw the funds from any such sayings and loan association account, dispose of any such bond, or make demand upon any such letter of credit, and retain the proceeds derived there from to apply to LessorXxxxxx's damages subject to LesseeXxxxxx's privilege of curing such default as hereinafter provided. If United States Treasury Bonds are provided. Lessee Xxxxxx agrees to make up any deficiency in the value deposited that might occur due to a decrease in the value of the bonds. Interest on any such Treasury bonds or time certificates of deposit in excess of damages provided for in this Lease shall be paid to Lessee.

Cash In Lieu Of Performance Bond. In lieu of furnishing a performance bond, Lessee may deposit with the Secretary cash, negotiable United States Treasury Bonds, other negotiable Treasury obligations, time certificates of deposit, savings and loan association passbooks, or letters of credit in an amount acceptable to Lessor, together with an appropriate power of attorney appointing and empowering the Secretary, in the event of LesseeXxxxxx's default in any of the provisions of this Lease, to pay from any such cash or equivalent, withdraw the funds from any such sayings savings and loan association account, dispose of any such bond, or make demand upon any such letter of credit, and retain the proceeds derived there from to apply to Lessor's damages subject to LesseeXxxxxx's privilege of curing such default as hereinafter provided. If United States Treasury Bonds are provided. Lessee , Xxxxxx agrees to make up any deficiency in the value deposited that might occur due to a decrease in the value of the bonds. Interest on any such Treasury bonds or time certificates of deposit in excess of damages provided for in this Lease shall be paid to Lessee.