Common use of Payment Security Requirements Clause in Contracts

Payment Security Requirements. A. Unless Company has maintained an agreement similar to this Agreement with Authority during the 18 months prior to the Effective Date of this Agreement without the occurrence of any act or omission that would have been a default under this Agreement, Company will provide Authority, on or before the Effective Date of this Agreement, with an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three months’ Rents, fees and charges (excluding PFCs), payable by Company under this Agreement, to guarantee the faithful performance by Company of its obligations under this Agreement and the payment of all Rents, fees, tax assessments, and charges due hereunder (hereinafter referred to as “Payment Security”). Company will be obligated to maintain such Payment Security in effect until the expiration of 18 consecutive months during which Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to Authority and licensed to do business in the State 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, Company will provide a renewal or replacement Payment Security for the remaining required period at least 60 days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least 60 days prior to any cancellation.

Payment Security Requirements. A. Unless Company Lessee has maintained an agreement similar to this Agreement with Authority during the 18 months prior to the Effective Date effective date of this Agreement without the occurrence of any act or omission that would have been a default under this Agreement, Company Lessee will provide Authority, Authority on or before the Effective Date commencement date of this Agreement, Agreement with an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three months’ Rents, fees and charges (excluding PFCs), payable by Company Lessee under this Agreement, to guarantee the faithful performance by Company Lessee of its obligations under this Agreement and the payment of all Rents, fees, tax assessments, and charges due hereunder (hereinafter referred to as “Payment Security”). Company Lessee will be obligated to maintain such Payment Security in effect until the expiration of 18 consecutive months during which Company Xxxxxx commits no default under this Agreement. Such Payment Security will be in a form and with a company Lessee acceptable to Authority and licensed to do business in the State 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, Company Lessee will provide a renewal or replacement Payment Security for the remaining required period at least 60 days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least 60 days prior to any cancellation.

Payment Security Requirements. A. Unless Company Lessee has maintained an agreement similar to this Agreement with Authority during the 18 months prior to the Effective Date effective date of this Agreement without the occurrence of any act or omission that would have been a default under this Agreement, Company Lessee will provide Authority, Authority on or before the Effective Date commencement date of this Agreement, Agreement with an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three months’ Rents, fees and charges (excluding PFCs), payable by Company Lessee under this Agreement, to guarantee the faithful performance by Company Xxxxxx of its obligations under this Agreement and the payment of all Rents, fees, tax assessments, and charges due hereunder (hereinafter referred to as “Payment Security”). Company Lessee will be obligated to maintain such Payment Security in effect until the expiration of 18 consecutive months during which Company Xxxxxx commits no default under this Agreement. Such Payment Security will be in a form and with a company Lessee acceptable to Authority and licensed to do business in the State 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, Company Lessee will provide a renewal or replacement Payment Security for the remaining required period at least 60 days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least 60 days prior to any cancellation.

Payment Security Requirements. A. Unless Company has maintained an agreement similar to this Agreement with Authority during the 18 months prior to the Effective Date effective date of this Agreement without the occurrence of any act or omission that would have been a default under this Agreement, Company will provide Authority, Authority on or before the Effective Date effective date of this Agreement, Agreement with an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three months’ Rentsrents, fees and charges (excluding PFCs), payable by Company under this Agreement, to guarantee the faithful performance by Company of its obligations under this Agreement and the payment of all Rentsrents, fees, tax assessments, and charges due hereunder (hereinafter referred to as “Payment Security”). Company will be obligated to maintain such Payment Security in effect until the expiration of 18 consecutive months during which Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to Authority and licensed to do business in the State 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, Company will provide a renewal or replacement Payment Security for the remaining required period at least 60 days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to Authority at least 60 days prior to any cancellation.