Common use of Events of Default – Security Deposit Required Clause in Contracts

Events of Default – Security Deposit Required. If, at any time during the Term of this Agreement, Airline shall commit an Event of Default under Section 20.1 that is not fully cured in accordance with the applicable provisions of Section 20.1, then the Port shall have the right to immediately impose or reimpose the Security Deposit requirements of Section 19.1, and shall provide Airline with notice thereof. In such event, Airline shall provide the Port with the required Security Deposit no later than ten (10) calendar days after receipt of the Port’s notice imposing the Security Deposit requirement. Airline shall maintain such Security Deposit for the remainder of the Term of this Agreement. The Port’s rights under this Section shall be in addition to all other rights and remedies provided to the Port under this Agreement or otherwise provided by law.

Events of Default – Security Deposit Required. ‌ If, at any time during the Term of this Agreement, Airline shall commit an Event of Default under Section 20.1 that is not fully cured in accordance with the applicable provisions of Section 20.1, then the Port shall have the right to immediately impose or reimpose the Security Deposit requirements of Section 19.1, and shall provide Airline with notice thereof. In such event, Airline shall provide the Port with the required Security Deposit no later than ten (10) calendar days after receipt of the Port’s notice imposing the Security Deposit requirement. Airline shall maintain such Security Deposit for the remainder of the Term of this Agreement. The Port’s rights under this Section shall be in addition to all other rights and remedies provided to the Port under this Agreement or otherwise provided by law.