Security for Performance. Affiliated Airline (or Airline on behalf of Affiliated Airline) shall provide the Authority, on the Effective Date, with a direct pay irrevocable letter of credit or other similar security acceptable to the Authority (“Payment Security”) under the terms and conditions of the Space Rental Agreement as if such terms and conditions were set forth herein and applicable to Affiliated Airline and its Air Transportation Business at the Airport hereunder. Airline may provide a single Payment Security for both its obligations and those of Affiliated Airline.
Appears in 5 contracts
Samples: Carrier Operating Agreement, Carrier Operating Agreement, Carrier Operating Agreement
