Common use of Security Assurances Clause in Contracts

Security Assurances. If Lessee has operated at the Airport for less than twelve (12) consecutive months prior to the Commencement Date or if ▇▇▇▇▇▇ has received a written notice from ▇▇▇▇ of an overdue payment on more than one occasion during any rolling twelve (12) month period, then Lessee shall obtain and deliver to ▇▇▇▇, unless specifically waived in writing by ▇▇▇▇, a good and sufficient corporate surety company bond, cash deposit or a bank irrevocable letter of credit ("Security Assurance") renewable for the Term hereof. Said Security Assurance shall serve the purpose of securing payment of all sums payable by ▇▇▇▇▇▇ to ▇▇▇▇ hereunder and will be forfeited in whole or in part to satisfy a Lessee liability in the event of ▇▇▇▇▇▇’s failure to pay any Rents of whatsoever nature due ▇▇▇▇. Said Security Assurance shall be conditioned to ensure the faithful and full performance by ▇▇▇▇▇▇ of all its covenants, terms, conditions and obligations of this Agreement. Upon request of ▇▇▇▇, Lessee shall restore the Security Assurance to its original amount. The Security Assurance in an amount of twenty five percent (25%) of ▇▇▇▇▇▇’s estimated annual Rents for the current Fiscal Year shall remain in full force and effect during the Term and any extended period thereof until the later of (a) twelve

Security Assurances. If Lessee has operated at the Airport for less than twelve (12) consecutive months prior to the Commencement Date or if ▇▇▇▇▇▇ has received a written notice from ▇▇▇▇ of an overdue payment on more than one occasion during any rolling twelve (12) month period, then Lessee shall obtain and deliver to ▇▇▇▇, unless specifically waived in writing by ▇▇▇▇, a good and sufficient corporate surety company bond, cash deposit or a bank irrevocable letter of credit ("Security Assurance") renewable for the Term hereof. Said Security Assurance shall serve the purpose of securing payment of all sums payable by ▇▇▇▇▇▇ to ▇▇▇▇ hereunder and will be forfeited in whole or in part to satisfy a Lessee liability in the event of ▇▇▇▇▇▇’s failure to pay any Rents of whatsoever nature due ▇▇▇▇. Said Security Assurance shall be conditioned to ensure the faithful and full performance by ▇▇▇▇▇▇ Lessee of all its covenants, terms, conditions and obligations of this Agreement. Upon request of ▇▇▇▇, Lessee shall restore the Security Assurance to its original amount. The Security Assurance in an amount of twenty five percent (25%) of ▇▇▇▇▇▇Lessee’s estimated annual Rents for the current Fiscal Year shall remain in full force and effect during the Term and any extended period thereof until the later of (a) twelve