Common use of CONTRACT BOND OR LETTER OF CREDIT Clause in Contracts

CONTRACT BOND OR LETTER OF CREDIT. Company shall provide to the Aviation Authority on the execution of this Agreement, a Contract Bond or, at the option of Company (and subject to certain additional requirements as described below), an irrevocable standby Letter of Credit ("Letter of Credit") in the form attached hereto as Item III-A and Item III-B. Such Contract Bond or Letter of Credit shall be effective as of the Commencement Date hereof and shall be maintained by Company throughout the Term of this Agreement in an amount equal to percent ( %) of the initial Minimum Annual Concession Fee during the Initial Period, percent ( %) of the initial Minimum Annual Concession Fee during the next Agreement Period, and during each subsequent Agreement Period, percent ( %) of the Minimum Annual Concession Fee of the immediately preceding Agreement Period (in each event the amount of the Contract Bond or Letter of Credit shall be rounded to the nearest One Thousand Dollars ($1,000.00). Such Contract Bond or Letter of Credit shall guarantee the faithful performance by Company of all its obligations under this Agreement, including, without limitation, the payment by Company of all Concession Fees due hereunder. Any Contract Bond shall be on a form to be provided by the Aviation Authority and shall be written by a company that meets at least one of the following criteria: (A) has at least one investment grade long-term debt rating from Xxxxx’x Investors Service (“Moodys”), Standard & Poor’s Financial Services (“S&P”) or Fitch Ratings (“Fitch”); or (B) has a Financial Strength rating of A- or better from A.M. Best Company (“A.M. Best”). Any Letter of Credit provided hereunder shall be on a form provided by the Aviation Authority and shall be issued by an FDIC- insured bank that meets a minimum of one of the following criteria: (A) has at least one investment grade long-term debt rating from Xxxxx’x, S&P or Fitch; or (B) has a Financial Strength rating of A- or better from A.M. Best; or (C) has at least $100 million in total assets, has maintained this asset level for the past three years, and has maintained a Tier 1 (core) risk based capital ratio of at least 6.0% for the past three years. In addition, no bank that is subject to enforcement by any regulatory agency may provide a Contract Bond or Letter of Credit. Finally, Contract Bonds and Letter of Credit agreements must be governed by Florida law, and the federal law of the United States, and must be provided by institutions physically located within the United States. In the event that any Contract Bond or Letter of Credit provided under this Article 9 shall be for a period of less than the full Term of this Agreement, or in the event the amount of the Contract Bond or Letter of Credit is to be increased or decreased, Company shall provide a renewal or replacement Contract Bond or Letter of Credit which complies with the requirements of this Article 9 at least one hundred eighty (180) days prior to the date on which the previous Contract Bond or Letter of Credit expires. Failure to timely provide a renewal or replacement bond shall be a default hereunder. The Letter of Credit must contain a condition that it shall be deemed automatically extended without amendment for one (1) year from the expiration date herein, or any future expiration date, unless ninety (90) days prior to any expiration date the Bank on which the Letter of Credit is drawn, shall notify the Aviation Authority by Registered Mail that such Bank elects not to consider the Letter of Credit renewed for any such additional period. Company's failure to timely provide a replacement Contract Bond or Letter of Credit hereunder shall constitute a default under this Agreement and the Aviation Authority shall be entitled to any remedies provided hereunder, and may, without limitation, proceed to recover under Company's existing Contract Bond or draw on the full amount of its existing Letter of Credit. If Company provides the Aviation Authority with a Letter of Credit or Contract Bond, Company shall maintain such Letter of Credit or Contract Bond in effect for at least one (1) year after the expiration or earlier termination of the Term hereof in the amount required for the last Agreement Period. However, the Aviation Authority shall release any existing Letter of Credit or Contract Bond provided by Company upon the Aviation Authority's receipt of a replacement Letter of Credit or Contract Bond that complies with the requirements of this Article 9.

CONTRACT BOND OR LETTER OF CREDIT. Company shall provide to the Aviation Authority on the execution of this Agreement, a Contract Bond or, at the option of Company (and subject to certain additional requirements as described below), an irrevocable standby Letter of Credit ("Letter of Credit") in the form attached hereto as Item III-A and Item III-B. Such Contract Bond or Letter of Credit shall be effective as of the Commencement Date hereof and shall be maintained by Company throughout the Term of this Agreement in an amount equal to percent ( %) of the initial Minimum Annual Concession Fee during the Initial Period, percent ( %) of the initial Minimum Annual Concession Fee during the next Agreement Period, and during each subsequent Agreement Period, percent ( %) of the Minimum Annual Concession Fee of the immediately preceding Agreement Period (in each event the amount of the Contract Bond or Letter of Credit shall be rounded to the nearest One Thousand Dollars ($1,000.00). Such Contract Bond or Letter of Credit shall guarantee the faithful performance by Company of all its obligations under this Agreement, including, without limitation, the payment by Company of all Concession Fees due hereunder. Any Contract Bond shall be on a form to be provided by the Aviation Authority and shall be written by a company that meets at least one of the following criteria: (A) has at least one investment grade long-term debt rating from Xxxxx’x Investors Service (“Moodys”), Standard & Poor’s Financial Services (“S&P”) or Fitch Ratings (“Fitch”); or (B) has a Financial Strength rating of A- or better from A.M. Best Company (“A.M. Best”). Any Letter of Credit provided hereunder shall be on a form provided by the Aviation Authority and shall be issued by an FDIC- insured bank that meets a minimum of one of the following criteria: (A) has at least one investment grade long-term debt rating from Xxxxx’x, S&P or Fitch; or (B) has a Financial Strength rating of A- or better from A.M. Best; or (C) has at least $100 million in total assets, has maintained this asset level for the past three years, and has maintained a Tier 1 (core) risk based capital ratio of at least 6.0% for the past three years. In addition, no bank that is subject to enforcement by any regulatory agency may provide a Contract Bond or Letter of Credit. Finally, Contract Bonds and Letter of Credit agreements must be governed by Florida law, and the federal law of the United States, and must be provided by institutions physically located within the United States. In the event that any Contract Bond or Letter of Credit provided under this Article 9 10 shall be for a period of less than the full Term of this Agreement, or in the event the amount of the Contract Bond or Letter of Credit is to be increased or decreased, Company shall provide a renewal or replacement Contract Bond or Letter of Credit which complies with the requirements of this Article 9 10 at least one hundred eighty (180) days prior to the date on which the previous Contract Bond or Letter of Credit expires. Failure to timely provide a renewal or replacement bond shall be a default hereunder. The Letter of Credit must contain a condition that it shall be deemed automatically extended without amendment for one (1) year from the expiration date herein, or any future expiration date, unless ninety (90) days prior to any expiration date the Bank on which the Letter of Credit is drawn, shall notify the Aviation Authority by Registered Mail that such Bank elects not to consider the Letter of Credit renewed for any such additional period. Company's failure to timely provide a replacement Contract Bond or Letter of Credit hereunder shall constitute a default under this Agreement and the Aviation Authority shall be entitled to any remedies provided hereunder, and may, without limitation, proceed to recover under Company's existing Contract Bond or draw on the full amount of its existing Letter of Credit. If Company provides the Aviation Authority with a Letter of Credit or Contract Bond, Company shall maintain such Letter of Credit or Contract Bond in effect for at least one (1) year after the expiration or earlier termination of the Term hereof in the amount required for the last Agreement Period. However, the Aviation Authority shall release any existing Letter of Credit or Contract Bond provided by Company upon the Aviation Authority's receipt of a replacement Letter of Credit or Contract Bond that complies with the requirements of this Article 910.

CONTRACT BOND OR LETTER OF CREDIT. Company shall provide to the Aviation Authority on the execution of this Agreement, a Contract Bond or, at the option of Company (and subject to certain additional requirements as described below), an irrevocable standby Letter of Credit ("Letter of Credit") in the form attached hereto as Item III-A and Item III-B. Such Contract Bond or Letter of Credit shall be effective as of the Commencement Date hereof and shall be maintained by Company throughout the Term of this Agreement in an amount equal to ____ percent ( (____%) of the initial Minimum Annual Concession Fee during the Initial Period, ____ percent ( (___%) of the initial Minimum Annual Concession Fee during the next Agreement Period, and during each subsequent Agreement Period, _____ percent ( (___%) of the Minimum Annual Concession Fee of the immediately preceding Agreement Period (in each event the amount of the Contract Bond or Letter of Credit shall be rounded to the nearest One Thousand Dollars ($1,000.00). Such Contract Bond or Letter of Credit shall guarantee the faithful performance by Company of all its obligations under this Agreement, including, without limitation, the payment by Company of all Concession Fees due hereunder. Any Contract Bond shall be on a form to be provided by the Aviation Authority and shall be written by a company that meets at least one of the following criteria: (A) has at least one investment grade long-term debt rating from Xxxxx’x Investors Service (“MoodysXxxxx’x”), Standard & Poor’s Financial Services (“S&P”) or Fitch Ratings (“Fitch”); or (B) has a Financial Strength rating of A- or better from A.M. Best Company (“A.M. Best”). Any Letter of Credit provided hereunder shall be on a form provided by the Aviation Authority and shall be issued by an FDIC- FDIC-insured bank that meets a minimum of one of the following criteria: (A) has at least one investment grade long-term debt rating from Xxxxx’x, S&P or Fitch; or (B) has a Financial Strength rating of A- or better from A.M. Best; or (C) has at least $100 million in total assets, has maintained this asset level for the past three years, and has maintained a Tier 1 (core) risk based capital ratio of at least 6.0% for the past three years. In addition, no bank that is subject to enforcement by any regulatory agency may provide a Contract Bond or Letter of Credit. Finally, Contract Bonds and Letter of Credit agreements must be governed by Florida law, and the federal law of the United States, and must be provided by institutions physically located within the United States. In the event that any Contract Bond or Letter of Credit provided under this Article 9 shall be for a period of less than the full Term of this Agreement, or in the event the amount of the Contract Bond or Letter of Credit is to be increased or decreased, Company shall provide a renewal or replacement Contract Bond or Letter of Credit which complies with the requirements of this Article 9 at least one hundred eighty (180) days prior to the date on which the previous Contract Bond or Letter of Credit expires. Failure to timely provide a renewal or replacement bond shall be a default hereunder. The Letter of Credit must contain a condition that it shall be deemed automatically extended without amendment for one (1) year from the expiration date herein, or any future expiration date, unless ninety (90) days prior to any expiration date the Bank on which the Letter of Credit is drawn, shall notify the Aviation Authority by Registered Mail that such Bank elects not to consider the Letter of Credit renewed for any such additional period. Company's failure to timely provide a replacement Contract Bond or Letter of Credit hereunder shall constitute a default under this Agreement and the Aviation Authority shall be entitled to any remedies provided hereunder, and may, without limitation, proceed to recover under CompanyCom­pany's existing Contract Bond or draw on the full amount of its existing Letter of Credit. If Company provides the Aviation Authority with a Letter of Credit or Contract Bond, Company shall maintain such Letter of Credit or Contract Bond in effect for at least one (1) year after the expiration or earlier termination of the Term hereof in the amount required for the last Agreement Period. However, the Aviation Authority shall release any existing Letter of Credit or Contract Bond provided by Company upon the Aviation Authority's receipt of a replacement Letter of Credit or Contract Bond that complies with the requirements of this Article 9.

CONTRACT BOND OR LETTER OF CREDIT. Company shall provide to the Aviation Authority on Authority, upon taking possession of the execution of this AgreementPremises, a Contract Bond or, at the option of Company (and subject to certain additional requirements as described below), an irrevocable standby Letter of Credit ("Letter of Credit") in the form attached hereto as Item III-A and Item III-B. Such Contract Bond or Letter of Credit shall be effective as of the Commencement Date hereof and shall be maintained by Company throughout the Term of this Agreement in an amount equal to percent ( %) of the initial Minimum Annual Concession Fee during the Initial Period, percent ( %) of the initial Minimum Annual Concession Fee during the next Agreement Period, and during each subsequent Agreement Period, percent ( %) of the Minimum Annual Concession Fee of the immediately preceding Agreement Period (in each event the amount of the Contract Bond or Letter of Credit shall be rounded to the nearest One Thousand Dollars ($1,000.00). Such Contract Bond or Letter of Credit shall guarantee the faithful performance by Company of all its obligations under this Agreement, including, without limitation, the payment by Company of all Concession Fees due hereunder. Any Contract Bond shall be on a form to be provided by the Aviation Authority and shall be written by a company that meets at least one of the following criteria: (A) has at least one investment grade long-term debt rating from Xxxxx’x Investors Service (“Moodys”), Standard & Poor’s Financial Services (“S&P”) or Fitch Ratings (“Fitch”); or (B) has a Financial Strength rating of A- or better from A.M. Best Company (“A.M. Best”). Any Letter of Credit provided hereunder shall be on a form provided by the Aviation Authority and shall be issued by an FDIC- insured bank that meets a minimum of one of the following criteria: (A) has at least one investment grade long-term debt rating from Xxxxx’x, S&P or Fitch; or (B) has a Financial Strength rating of A- or better from A.M. Best; or (C) has at least $100 million in total assets, has maintained this asset level for the past three years, and has maintained a Tier 1 (core) risk based capital ratio of at least 6.0% for the past three years. In addition, no bank that is subject to enforcement by any regulatory agency may provide a Contract Bond or Letter of Credit. Finally, Contract Bonds and Letter of Credit agreements must be governed by Florida law, and the federal law of the United States, and must be provided by institutions physically located within the United States. In the event that any Contract Bond or Letter of Credit provided under this Article 9 10 shall be for a period of less than the full Term of this Agreement, or in the event the amount of the Contract Bond or Letter of Credit is to be increased or decreased, Company shall provide a renewal or replacement Contract Bond or Letter of Credit which complies with the requirements of this Article 9 10 at least one hundred eighty (180) days prior to the date on which the previous Contract Bond or Letter of Credit expires. Failure to timely provide a renewal or replacement bond shall be a default hereunder. The Letter of Credit must contain a condition that it shall be deemed automatically extended without amendment for one (1) year from the expiration date herein, or any future expiration date, unless ninety (90) days prior to any expiration date the Bank on which the Letter of Credit is drawn, shall notify the Aviation Authority by Registered Mail that such Bank elects not to consider the Letter of Credit renewed for any such additional period. Company's failure to timely provide a replacement Contract Bond or Letter of Credit hereunder shall constitute a default under this Agreement and the Aviation Authority shall be entitled to any remedies provided hereunder, and may, without limitation, proceed to recover under Company's existing Contract Bond or draw on the full amount of its existing Letter of Credit. If Company provides the Aviation Authority with a Letter of Credit or Contract Bond, Company shall maintain such Letter of Credit or Contract Bond in effect for at least one (1) year after the expiration or earlier termination of the Term hereof in the amount required for the last Agreement Period. However, the Aviation Authority shall release any existing Letter of Credit or Contract Bond provided by Company upon the Aviation Authority's receipt of a replacement Letter of Credit or Contract Bond that complies with the requirements of this Article 910.