Common use of Obligation to Grant Security Clause in Contracts

Obligation to Grant Security. (a) Subject to clause 4.9(b), the Operator will deliver to ARTC and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form of an unconditional and irrevocable bank guarantee, letter of credit, performance or insurance bond (“Security”) issued by a bank holding an Australian banking licence or such other reputable person or institution accepted by ARTC in the amount of the average of 4 weeks Charges and containing such other terms and conditions acceptable to ARTC.

Obligation to Grant Security. (a) Subject to clause 4.9(b), the Operator will must deliver to ARTC and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form of an unconditional and irrevocable bank guarantee, letter of credit, performance or insurance bond (“Security”) issued by a bank holding an Australian banking licence or such other reputable person or institution accepted by ARTC in the amount of the average of 4 weeks Charges and containing such other terms and conditions acceptable to ARTC.

Obligation to Grant Security. (a) Subject to clause 4.9(b4.8(b), the Operator will deliver to ARTC and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form of an unconditional and irrevocable bank guarantee, letter of credit, performance or insurance bond (“Security”) issued by a bank holding an Australian banking licence or such other reputable person or institution accepted by ARTC in the amount of the average of 4 weeks Charges and containing such other terms and conditions acceptable to ARTC.

Obligation to Grant Security. (a) Subject to clause 4.9(b4.109(b), the Operator will must deliver to ARTC and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form of an unconditional and irrevocable bank guarantee, letter of credit, performance or insurance bond (“Security”) issued by a bank holding an Australian banking licence or such other reputable person or institution accepted by ARTC in the amount of the average of 4 weeks Charges and containing such other terms and conditions acceptable to ARTC.

Obligation to Grant Security. (a) Subject to clause 4.9(b4.8(b), the Operator will must deliver to ARTC and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form of an unconditional and irrevocable bank guarantee, letter of credit, performance or insurance bond (“Security”) issued by a bank holding an Australian banking licence or such other reputable person or institution accepted by ARTC in the amount of the average of 4 weeks Charges and containing such other terms and conditions acceptable to ARTC.

Obligation to Grant Security. (a) Subject to clause 4.9(b4.10(b), the Operator will must deliver to ARTC and keep current at all times during the Term, security for the Operator’s obligations under this Agreement in the form of an unconditional and irrevocable bank guarantee, letter of credit, performance or insurance bond (“Security”) issued by a bank holding an Australian banking licence or such other reputable person or institution accepted by ARTC in the amount of the average of 4 weeks Charges and containing such other terms and conditions acceptable to ARTC.