Common use of Security for Payment Clause in Contracts

Security for Payment. 8.11.1 If at any time during the twelve (12) consecutive months immediately preceding the Effective Date of this Agreement, the Airline committed an act or omission that constituted a default in payments due to the Authority pursuant to the terms and provisions of the Prior Agreements and Leases, then the Authority has the right to require the Airline to provide to the Authority, on the Effective Date, payment of outstanding default amounts, if any, and a surety bond, irrevocable letter of credit or other security acceptable to the Authority ("Contract Security") in an amount equal to an estimate of four (4) months' rentals, fees, and charges payable by the Airline pursuant to this Article 8. Such Contract Security shall be for the purpose of guaranteeing the payment of all rentals, fees, and charges due hereunder. If Contract Security is required by the Authority, the Airline shall maintain such Contract Security in effect until the expiration of twelve (12) consecutive months during which period the Airline commits no act or omission that would constitute a payment default pursuant to Paragraph 13.01.9 of this Agreement. Such Contract Security shall be in such form and with such company approved to do business in the Commonwealth of Virginia as shall be reasonably acceptable to the Authority. 8.11.2 Upon the failure of the Airline to make a payment on or before the date due, as prescribed in Section 8.09, and the continued failure by the Airline to make payments within five (5) calendar days after the date of written notice from the Authority of such failure to pay, the Authority, within thirty (30) days of the date of the written notice, shall have the right to impose or reimpose the requirements of Paragraph 8.11.1, above, on the Airline. In such event, the Airline shall provide the Authority with the required Contract Security within fourteen (14) days from its receipt of such written notice that the Authority is imposing or reimposing such Contract Security requirement and maintain said security in effect until the expiration of a period of twelve (12) consecutive months during which the Airline makes all payments to the Authority as required by Section 8.09 herein when due. The Authority shall have the right to reimpose the requirements of Paragraph 8.11.1, above, on the Airline each time the Airline fails to make a payment as required by Section 8.09 during the Period of this Agreement. 8.11.3 The Authority's rights under this Section 8.11 shall be in addition to all other rights and remedies available to the Authority either by law or under the terms of this Agreement.

Security for Payment. 8.11.1 8.13.1 If at any time during the twelve (12) consecutive months immediately preceding the Effective Date of this Agreement, the Airline committed an act or omission that constituted a default in payments due to the Authority pursuant to the terms and provisions of the Prior Agreements and Leases, then the Authority has the right to require the Airline to provide to the Authority, Authority on the Effective Date, payment of outstanding default amounts, if any, and a surety bond, irrevocable letter of credit or other security acceptable to the Authority ("Contract Security") in an amount equal to an estimate of four (4) months' rentals, fees, and charges payable by the Airline pursuant to this Article 8. Such Contract Security shall be for the purpose of guaranteeing the payment of all rentals, fees, and charges due hereunder. If Contract Security is required by the Authority, the Airline shall maintain such Contract Security in effect until the expiration of twelve (12) consecutive months during which period the Airline commits no act or omission that would constitute a payment default pursuant to Paragraph 13.01.9 of this Agreement. Such Contract Security shall be in such form and with such company approved to do business in the Commonwealth of Virginia as shall be reasonably acceptable to the Authority. 8.11.2 8.13.2 Upon the failure of the Airline to make a payment on or before the date due, as prescribed in Section 8.098.11, and the continued failure by the Airline to make payments within five (5) calendar days after the date of written notice from the Authority of such failure to pay, the Authority, within thirty (30) days of the date of the written notice, shall have the right to impose or reimpose the requirements of Paragraph 8.11.18.13.1, above, on the Airline. In such event, the Airline shall provide the Authority with the required Contract Security within fourteen (14) days from its receipt of such written notice that the Authority is imposing or reimposing such Contract Security requirement and maintain said security in effect until the expiration of a period of twelve (12) consecutive months during which the Airline makes all payments payment, to the Authority as required by Section 8.09 8.11 herein when due. The Authority shall have the right to reimpose the requirements of Paragraph 8.11.18.13.1, above, on the Airline each time the Airline fails to make a payment as required by Section 8.09 8.11 during the Period of this Agreement. 8.11.3 . The Authority's rights under this Section 8.11 Paragraph 8.13.2 shall be in addition to all other rights and remedies available to the Authority either by law or under the terms of this Agreement.

Security for Payment. ‌ 8.11.1 If at any time during the twelve (12) consecutive months immediately preceding the Effective Date of this Agreement, the Airline committed an act or omission that constituted a default in payments due to the Authority pursuant to the terms and provisions of the Prior Agreements and Leases, then the Authority has the right to require the Airline to provide to the Authority, on the Effective Date, payment of outstanding default amounts, if any, and a surety bond, irrevocable letter of credit or other security acceptable to the Authority ("Contract Security") in an amount equal to an estimate of four (4) months' rentals, fees, and charges payable by the Airline pursuant to this Article 8. Such Contract Security shall be for the purpose of guaranteeing the payment of all rentals, fees, and charges due hereunder. If Contract Security is required by the Authority, the Airline shall maintain such Contract Security in effect until the expiration of twelve (12) consecutive months during which period the Airline commits no act or omission that would constitute a payment default pursuant to Paragraph 13.01.9 of this Agreement. Such Contract Security shall be in such form and with such company approved to do business in the Commonwealth of Virginia as shall be reasonably acceptable to the Authority. 8.11.2 Upon the failure of the Airline to make a payment on or before the date due, as prescribed in Section 8.09, and the continued failure by the Airline to make payments within five (5) calendar days after the date of written notice from the Authority of such failure to pay, the Authority, within thirty (30) days of the date of the written notice, shall have the right to impose or reimpose the requirements of Paragraph 8.11.1, above, on the Airline. In such event, the Airline shall provide the Authority with the required Contract Security within fourteen (14) days from its receipt of such written notice that the Authority is imposing or reimposing such Contract Security requirement and maintain said security in effect until the expiration of a period of twelve (12) consecutive months during which the Airline makes all payments to the Authority as required by Section 8.09 herein when due. The Authority shall have the right to reimpose the requirements of Paragraph 8.11.1, above, on the Airline each time the Airline fails to make a payment as required by Section 8.09 during the Period of this Agreement. 8.11.3 The Authority's rights under this Section 8.11 shall be in addition to all other rights and remedies available to the Authority either by law or under the terms of this Agreement.Paragraph

Security for Payment. 8.11.1 8.13.1 If at any time during the twelve (12) consecutive months immediately preceding the Effective Date of this Agreement, the Airline committed an act or omission that constituted a default in payments due to the Authority pursuant to the terms and provisions of the Prior Agreements and Leases, then the Authority has the right to require the Airline to provide to the Authority, Authority on the Effective Date, payment of outstanding default amounts, if any, and a surety bond, irrevocable letter of credit or other security acceptable to the Authority ("Contract Security") in an amount equal to an estimate of four (4) months' rentals, fees, and charges payable by the Airline pursuant to this Article 8. Such Contract Security shall be for the purpose of guaranteeing the payment of all rentals, fees, and charges due hereunder. If Contract Security is required by the Authority, the Airline shall maintain such Contract Security in effect until the expiration of twelve (12) consecutive months during which period the Airline commits no act or omission that would constitute a payment default pursuant to Paragraph 13.01.9 of this Agreement. Such Contract Security shall be in such form and with such company approved to do business in the Commonwealth of Virginia as shall be reasonably acceptable to the Authority. 8.11.2 8.13.2 Upon the failure of the Airline to make a payment on or before the date due, as prescribed in Section 8.098.11, and the continued failure by the Airline to make payments within five (5) calendar days after the date of written notice from the Authority of such failure to pay, the Authority, within thirty (30) days of the date of the written notice, shall have the right to impose or reimpose the requirements of Paragraph 8.11.18.13.1, above, on the Airline. In such event, the Airline shall provide the Authority with the required Contract Security within fourteen (14) days from its receipt of such written notice that the Authority is imposing or reimposing such Contract Security requirement and maintain said security in effect until the expiration of a period of twelve (12) consecutive months during which the Airline makes all payments to the Authority as required by Section 8.09 8.11 herein when due. The Authority shall have the right to reimpose the requirements of Paragraph 8.11.18.13.1, above, on the Airline each time the Airline fails to make a payment as required by Section 8.09 8.11 during the Period of this Agreement. 8.11.3 . The Authority's rights under this Section 8.11 Paragraph 8.13.2 shall be in addition to all other rights and remedies available to the Authority either by law or under the terms of this Agreement.

Security for Payment. 8.11.1 8.13.1 If at any time during the twelve (12) consecutive months immediately preceding the Effective Date of this Agreement, the Airline committed an act or omission that constituted a default in payments due to the Authority pursuant to the terms and provisions of the Prior Agreements and Leases, then the Authority has the right to require the Airline to provide to the Authority, Authority on the Effective Date, payment of outstanding default amounts, if any, and a surety bond, irrevocable letter of credit or other security acceptable to the Authority ("Contract Security") in an amount equal to an estimate of four (4) months' rentals, fees, and charges payable by the Airline pursuant to this Article 8. Such Contract Security shall be for the purpose of guaranteeing the payment of all rentals, fees, and charges due hereunder. If Contract Security is required by the Authority, the Airline shall maintain such Contract Security in effect until the expiration of twelve (12) consecutive months during which period the Airline commits no act or omission that would constitute a payment default pursuant to Paragraph 13.01.9 of this Agreement. Such Contract Security shall be in such form and with such company approved to do business in the Commonwealth of Virginia as shall be reasonably acceptable to the Authority. 8.11.2 8.13.2 Upon the failure of the Airline to make a payment on or before the date due, as prescribed in Section 8.098.11, and the continued failure by the Airline to make payments within five (5) calendar days after the date of written notice from the Authority of such failure to pay, the Authority, within thirty (30) days of the date of the written notice, shall have the right to impose or reimpose the requirements of Paragraph 8.11.18.13.1, above, on the Airline. In such event, the Airline shall provide the Authority with the required Contract Security within fourteen (14) days from its receipt of such written notice that the Authority is imposing or reimposing such Contract Security requirement and maintain said security in effect until the expiration of a period of twelve (12) consecutive months during which the Airline makes all payments to the Authority as required by Section 8.09 herein when due. The Authority shall have the right to reimpose the requirements of Paragraph 8.11.1, above, on the Airline each time the Airline fails to make a payment as required by Section 8.09 during the Period of this Agreement. 8.11.3 The Authority's rights under this Section 8.11 shall be in addition to all other rights and remedies available to the Authority either by law or under the terms of this Agreement.fourteen