Common use of Security Assurances Clause in Contracts

Security Assurances. Concurrent with execution of this Agreement, Lessee shall obtain and deliver to SRA, unless specifically released in writing by SRA, Security Assurance in a form acceptable under the Minimum Standards for Commercial Aeronautical Activities at Stillwater Regional Airport, renewable for the Term hereof. Said Security Assurance shall serve the purpose of securing payment of all sums payable by Lessee to SRA hereunder and will be forfeited in whole or in part to satisfy a Lessee liability in the event of Lessee’s failure to pay any rates, rentals, fees or charges of whatsoever nature due SRA and conditioned to ensure the faithful and full performance by Lessee of all its covenants, terms, conditions and obligations of this Agreement. The Security Assurance shall be in the amount equal to fifty percent (50%) of the annual rental rates, fees and charges to be paid by Lessee pursuant to Section 3.1 hereof. The form, provisions and nature of the Security Assurance, and the identity of the surety, insurer or other obligor, shall be subject to the approval of SRA. In the event that SRA and Lessee hereafter agree to any amendment or modification of this Agreement, Lessee shall, if required by the terms of the Security Assurance, obtain the consent of the surety, insurer or other obligor hereunder, as the case may be, and shall adjust the amount of the Security Assurance to reflect any increase in the rentals, fees or charges payable by Lessee hereunder. The failure of Lessee to furnish (and keep in full force and effect) the Security Assurance, to renew the same, to adjust the amount thereof, or to obtain the consent of surety, insurer or obligor as heretofore set forth, shall constitute an event of default under this Agreement.

Security Assurances. Concurrent with execution of this Agreement, Lessee Xxxxxx shall obtain and deliver to SRA, unless specifically released in writing by SRA, Security Assurance in a form acceptable under the Minimum Standards for Commercial Aeronautical Activities at Stillwater Regional Airport, renewable for the Term hereof. Said Security Assurance shall serve the purpose of securing payment of all sums payable by Lessee Xxxxxx to SRA hereunder and will be forfeited in whole or in part to satisfy a Lessee liability in the event of Lessee’s failure to pay any rates, rentals, fees or charges of whatsoever nature due SRA and conditioned to ensure the faithful and full performance by Lessee of all its covenants, terms, conditions and obligations of this Agreement. The Security Assurance shall be in the amount equal to fifty percent (50%) of the annual rental rates, fees and charges to be paid by Lessee pursuant to Section 3.1 hereof. The form, provisions and nature of the Security Assurance, and the identity of the surety, insurer or other obligor, shall be subject to the approval of SRA. In the event that SRA and Lessee Xxxxxx hereafter agree to any amendment or modification of this Agreement, Lessee shall, if required by the terms of the Security Assurance, obtain the consent of the surety, insurer or other obligor hereunder, as the case may be, and shall adjust the amount of the Security Assurance to reflect any increase in the rentals, fees or charges payable by Lessee hereunder. The failure of Lessee to furnish (and keep in full force and effect) the Security Assurance, to renew the same, to adjust the amount thereof, or to obtain the consent of surety, insurer or obligor as heretofore set forth, shall constitute an event of default under this Agreement.

Security Assurances. Concurrent Concurrently with execution of this Agreement, Lessee shall obtain and deliver to SRA, unless specifically released waived in writing by SRA, a good and sufficient corporate surety company bond or a bank irrevocable letter of credit ("Security Assurance in a form acceptable under the Minimum Standards for Commercial Aeronautical Activities at Stillwater Regional Airport, Assurance") renewable for the Term hereof. Said Security Assurance shall serve the purpose of securing payment of all sums payable by Lessee to SRA hereunder and will be forfeited in whole or in part to satisfy a Lessee liability in the event of Lessee’s failure to pay any rates, rentals, fees or charges of whatsoever nature due SRA and conditioned to ensure the faithful and full performance by Lessee of all its covenants, terms, conditions and obligations of this Agreement. Upon request of SRA, Lessee shall restore the Security Assurance to its original Amount. The Security Assurance shall be in the amount equal to of fifty percent (50%) of the annual rental rates, fees and charges to be paid by Lessee pursuant to Section 3.1 hereof. The form, provisions and nature of the Security Assurance, and the identity of the surety, insurer or other obligor, shall be subject to the approval of SRA. In the event that SRA and Lessee hereafter agree to any amendment or modification of this Agreement, Lessee shall, if required by the terms of the Security Assurance, obtain the consent of the surety, insurer or other obligor hereunder, as the case may be, and shall adjust the amount of the Security Assurance to reflect any increase in the rentals, fees or charges payable by Lessee hereunder. The failure of Lessee to furnish (and keep in full force and effect) the Security Assurance, to renew the same, to adjust the amount thereof, or to obtain the consent of surety, insurer or obligor as heretofore set forth, shall constitute an event of default under this Agreement.

Security Assurances. Concurrent with execution If Airline has operated at the Airport for less than twelve (12) consecutive months prior to the Commencement Date or if Airline has received a written notice from XXXX of this Agreementan overdue payment on more than one occasion during any rolling twelve (12) month period, Lessee then Airline shall obtain and deliver to SRAXXXX, unless specifically released waived in writing by SRAXXXX, a good and sufficient corporate surety company bond, cash deposit or a bank irrevocable letter of credit ("Security Assurance in a form acceptable under the Minimum Standards for Commercial Aeronautical Activities at Stillwater Regional Airport, Assurance") renewable for the Term hereof. Said Security Assurance shall serve the purpose of securing payment of all sums payable by Lessee Airline to SRA XXXX hereunder and will be forfeited in whole or in part to satisfy a Lessee an Airline liability in the event of LesseeAirline’s failure to pay any rates, rentals, fees or charges Rents of whatsoever nature due SRA and XXXX. Said Security Assurance shall be conditioned to ensure the faithful and full performance by Lessee Airline of all its covenants, terms, conditions and obligations of this Agreement. Upon request of XXXX, Airline shall restore the Security Assurance to its original amount. The Security Assurance shall be in the an amount equal to fifty of twenty-five percent (5025%) of Airline’s estimated annual Rents for the annual rental rates, fees current Fiscal Year shall remain in full force and charges to be paid by Lessee pursuant to Section 3.1 hereofeffect during the Term and any extended period thereof until the later of (a) twelve (12) months following receipt of full payment of any and all amounts due from Airline or (b) a twelve (12) month period during which Airline has remained current on all amounts due under this Agreement. The form, provisions and nature of the Security Assurance, and the identity of the surety, insurer or other obligor, shall be subject to the approval of SRAXXXX. In the event that SRA XXXX and Lessee Airline hereafter agree to any amendment or modification of this Agreement, Lessee Airline shall, if required by the terms of the Security Assurance, obtain the consent of the surety, insurer or other obligor hereunder, as the case may be, and shall adjust the amount of the Security Assurance to reflect any increase a change in the rentals, fees or charges Rents payable by Lessee Airline hereunder. The failure of Lessee Airline to furnish (and keep in full force and effect) the Security Assurance, to renew the same, to adjust the amount thereof, or to obtain the consent of surety, insurer or obligor as heretofore set forth, shall constitute an event of default under this Agreement.. Article 21‌

Security Assurances. Concurrent Concurrently with execution of this Agreement, Lessee shall obtain and deliver to SRAXXXX, unless specifically released waived in writing by SRAXXXX, a good and sufficient corporate surety company bond or a bank irrevocable letter of credit ("Security Assurance in a form acceptable under the Minimum Standards for Commercial Aeronautical Activities at Stillwater Regional Airport, Assurance") renewable for the Term hereof. Said Security Assurance shall serve the purpose of securing payment of all sums payable by Lessee to SRA XXXX hereunder and will be forfeited in whole or in part to satisfy a Lessee liability in the event of Lessee’s =s failure to pay any rates, rentals, fees or charges of whatsoever nature due SRA XXXX and conditioned to ensure the faithful and full performance by Lessee of all its covenants, terms, conditions and obligations of this Agreement. Upon request of XXXX, Lessee shall restore the Security Assurance to its original Amount. The Security Assurance shall be in the amount equal to of fifty percent (50%) of the annual rental rates, fees and charges to be paid by Lessee pursuant to Section 3.1 6.1 hereof. The form, provisions and nature of the Security Assurance, and the identity of the surety, insurer or other obligor, shall be subject to the approval of SRAXXXX. In the event that SRA XXXX and Lessee hereafter agree to any amendment or modification of this Agreement, Lessee shall, if required by the terms of the Security Assurance, obtain the consent of the surety, insurer or other obligor hereunder, as the case may be, and shall adjust the amount of the Security Assurance to reflect any increase in the rentals, fees or charges payable by Lessee hereunder. The failure of Lessee to furnish (and keep in full force and effect) the Security Assurance, to renew the same, to adjust the amount thereof, or to obtain the consent of surety, insurer or obligor as heretofore set forth, shall constitute an event of default under this Agreement.

Security Assurances. Concurrent Concurrently with execution of this Agreement, Lessee Xxxxxx shall obtain and deliver to SRA, unless specifically released waived in writing by SRA, a good and sufficient corporate surety company bond or a bank irrevocable letter of credit ("Security Assurance in a form acceptable under the Minimum Standards for Commercial Aeronautical Activities at Stillwater Regional Airport, Assurance") renewable for the Term hereof. Said Security Assurance shall serve the purpose of securing payment of all sums payable by Lessee Xxxxxx to SRA hereunder and will be forfeited in whole or in part to satisfy a Lessee liability in the event of Lessee’s failure to pay any rates, rentals, fees or charges of whatsoever nature due SRA and conditioned to ensure the faithful and full performance by Lessee of all its covenants, terms, conditions and obligations of this Agreement. Upon request of SRA, Lessee shall restore the Security Assurance to its original Amount. The Security Assurance shall be in the amount equal to of fifty percent (50%) of the annual rental rates, fees and charges to be paid by Lessee pursuant to Section 3.1 hereof. The form, provisions and nature of the Security Assurance, and the identity of the surety, insurer or other obligor, shall be subject to the approval of SRA. In the event that SRA and Lessee Xxxxxx hereafter agree to any amendment or modification of this Agreement, Lessee shall, if required by the terms of the Security Assurance, obtain the consent of the surety, insurer or other obligor hereunder, as the case may be, and shall adjust the amount of the Security Assurance to reflect any increase in the rentals, fees or charges payable by Lessee hereunder. The failure of Lessee to furnish (and keep in full force and effect) the Security Assurance, to renew the same, to adjust the amount thereof, or to obtain the consent of surety, insurer or obligor as heretofore set forth, shall constitute an event of default under this Agreement.

Security Assurances. Concurrent Concurrently with execution exception of this Agreement, Lessee Concessionaire shall obtain and deliver to SRASARAA, unless specifically released waiver in writing by SRASARAA, a good and sufficient corporate surety company bond or a bank irrevocable letter of credit (“Security Assurance in a form acceptable under the Minimum Standards for Commercial Aeronautical Activities at Stillwater Regional Airport, Assurance”) renewable for the Term hereof. Said Security Assurance shall serve the purpose of securing payment of all sums payable by Lessee Concessionaire to SRA SARAA hereunder and will be forfeited in whole or in part to of satisfy a Lessee liability in the event of Lessee’s failure to pay any rates, rentals, fees or charges of whatsoever nature due SRA and conditioned to ensure the faithful and full performance by Lessee Concessionaire of all its covenants, terms, conditions conditions, and obligations of this Agreement. Upon request of SARAA, Concessionaire shall restore the Security Assurance to its original Amount. The Security Assurance shall be in the an amount equal to fifty of twenty-five percent (5025%) of the annual rental rates, fees estimated first year’s Rent shall remain in full force and charges to be paid by Lessee pursuant to Section 3.1 hereofeffect during the Term and any extended period thereof. The form, provisions and nature of the Security Assurance, and the identity of the surety, insurer or other obligor, shall be subject to the approval of SRASARAA. In the event even that SRA SARAA and Lessee Concessionaire hereafter agree to any amendment or modification of this Agreement, Lessee Concessionaire shall, if required by the terms of the Security Assurance, obtain the consent of the surety, insurer or other obligor hereunder, as the case may be, and shall adjust the amount of the Security Assurance to reflect any increase a change in the rentals, fees or charges changes payable by Lessee Concessionaire hereunder. The failure of Lessee Concessionaire to furnish (and keep in full force and effect) the Security Assurance, to renew review the same, to adjust the amount thereof, or to obtain the consent of surety, insurer or obligor as heretofore set forth, shall constitute an event of default under this Agreement.