Common use of Payment Security Requirements Clause in Contracts

Payment Security Requirements. A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, the Company will provide the Authority on or before the Effective Date with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standing, the Authority, by written notice to Company, may impose or re-impose the requirements of this Section 18.01 upon Company. In such event, Company will provide Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. Authority’s rights under this Article will be in addition to all other rights and remedies provided to Authority under this Agreement.

Payment Security Requirements. A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, the Company will provide the Authority on or before the Effective Date of this Agreement with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the StateState of Florida. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to the Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event the Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents fees and charges or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents fees and charges payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standingelection to assume this Agreement under Federal Bankruptcy Rules and Regulations, as such may be amended, supplemented, or replaced, the Authority, by written notice to CompanyCompany given at any time within ninety (90) days of the date such event becomes known to the Authority, may impose or re-impose the requirements of this Section 18.01 Article upon Company. In such event, Company will provide the Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this AgreementAgreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to the Authority under this Agreement.

Payment Security Requirements. A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, the Company will provide the Authority on or before the Effective Date with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty (30) days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default an Event of Default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standingelection to assume this Agreement under Federal Bankruptcy Rules and Regulations, the as such may be amended, supplemented, or replaced, Authority, by written notice to CompanyCompany given at any time within ninety (90) days of the date such event becomes known to Authority, may impose or re-impose the requirements of this Section 18.01 Article upon Company. In such event, Company will provide Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this AgreementAgreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to Authority under this Agreement.

Payment Security Requirements. SAMPLE A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, the Company will provide the Authority on or before the Effective Date with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standing, the Authority, by written notice to Company, may impose or re-impose the requirements of this Section 18.01 upon Company. In such event, Company will provide Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. Authority’s rights under this Article will be in addition to all other rights and remedies provided to Authority under this Agreement.

Payment Security Requirements. A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, the Company will provide the Authority on or before the Effective Date with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty (30) days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder.. SAMPLE B. In the event Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default an Event of Default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standingelection to assume this Agreement under Federal Bankruptcy Rules and Regulations, the as such may be amended, supplemented, or replaced, Authority, by written notice to CompanyCompany given at any time within ninety (90) days of the date such event becomes known to Authority, may impose or re-impose the requirements of this Section 18.01 Article upon Company. In such event, Company will provide Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this AgreementAgreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to Authority under this Agreement.

Payment Security Requirements. SAMPLE A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, the Company will provide the Authority on or before the Effective Date with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty (30) days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default an Event of Default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standingelection to assume this Agreement under Federal Bankruptcy Rules and Regulations, the as such may be amended, supplemented, or replaced, Authority, by written notice to CompanyCompany given at any time within ninety (90) days of the date such event becomes known to Authority, may impose or re-impose the requirements of this Section 18.01 Article upon Company. In such event, Company will provide Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement.Agreement or the termination of bankruptcy proceedings, whichever is later. SAMPLE D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to Authority under this Agreement.

Payment Security Requirements. A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, the Company will provide the Authority on or before the Effective Date with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents payable by Company pursuant to this Agreement.. SAMPLE C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standing, the Authority, by written notice to Company, may impose or re-impose the requirements of this Section 18.01 upon Company. In such event, Company will provide Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. Authority’s rights under this Article will be in addition to all other rights and remedies provided to Authority under this Agreement.

Payment Security Requirements. A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, the Company will provide the Authority on or before the Effective Date with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder.. SAMPLE B. In the event Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standing, the Authority, by written notice to Company, may impose or re-impose the requirements of this Section 18.01 upon Company. In such event, Company will provide Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. Authority’s rights under this Article will be in addition to all other rights and remedies provided to Authority under this Agreement.

Payment Security Requirements. A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement,, the Company will provide the Authority on or before the Effective Date of this Agreement with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the StateState of Florida. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to the Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event the Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents fees and charges or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents fees and charges payable by Company pursuant to this Agreement.. SAMPLE C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standingelection to assume this Agreement under Federal Bankruptcy Rules and Regulations, as such may be amended, supplemented, or replaced, the Authority, by written notice to CompanyCompany given at any time within ninety (90) days of the date such event becomes known to the Authority, may impose or re-impose the requirements of this Section 18.01 Article upon Company. In such event, Company will provide the Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this AgreementAgreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to the Authority under this Agreement.

Payment Security Requirements. SAMPLE A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement,, the Company will provide the Authority on or before the Effective Date of this Agreement with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the StateState of Florida. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to the Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event the Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents fees and charges or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents fees and charges payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standingelection to assume this Agreement under Federal Bankruptcy Rules and Regulations, as such may be amended, supplemented, or replaced, the Authority, by written notice to CompanyCompany given at any time within ninety (90) days of the date such event becomes known to the Authority, may impose or re-impose the requirements of this Section 18.01 Article upon Company. In such event, Company will provide the Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this AgreementAgreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to the Authority under this Agreement.

Payment Security Requirements. A. Unless the Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement, the Company will provide the Authority on or before the Effective Date with acceptable Payment Security. The Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which the Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, the Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty (30) days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is necessary to replenish the existing Payment Security to an amount equal to three (3) months’ months’ estimated Rents or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ months’ estimated Rents payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default an Event of Default under this Agreement, or the Authority deems itself insecure based upon a change in Company’s financial standingCompany’s election to assume this Agreement under Federal Bankruptcy Rules and Regulations, the as such may be amended, supplemented, or replaced, Authority, by written notice to CompanyCompany given at any time within ninety (90) days of the date such event becomes known to Authority, may impose or re-impose the requirements of this Section 18.01 Article upon Company. In such event, Company will provide Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this AgreementAgreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. Authority’s The Authority’s rights under this Article will be in addition to all other rights and remedies provided to Authority under this Agreement.