New Operations. If Airline has operated at the Airport for less than two (2) full years of the Commencement Date of this Agreement, and Airline cannot obtain an exemption as set forth in Section 28.1, then Airline shall obtain and deliver to the Port, on or before the Effective Date of this Agreement, a Security Deposit, in accordance with Section 28.3, to secure Airline's full performance of all obligations under this Agreement. If, after procuring and maintaining the Security Deposit required by Section 28.2 for a period of twenty-four (24) consecutive months, during which period Airline has provided regular passenger service to and from the Airport, Airline commits no Event of Default under Section 31.1(a), then the Port shall return the Security Deposit to Airline, and Airline will be exempt from posting a Security Deposit, unless it commits an Event of Default, as described below.
Appears in 2 contracts
Sources: Passenger Airline Lease and Operating Agreement, Passenger Airline Lease and Operating Agreement