Common use of Payment Security Requirements Clause in Contracts

Payment Security Requirements. A. Unless Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) days or more of the due date under such prior agreement,, Company will provide the Authority on or before the Effective Date of this Agreement with acceptable Payment Security. Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State of Florida. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to the Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event the Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is DocuSign Envelope ID: 592E0882-A82A-48D1-B8F8-29D404B52E52 necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated fees and charges or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated fees and charges payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or upon Company’s election to assume this Agreement under Federal Bankruptcy Rules and Regulations, as such may be amended, supplemented, or replaced, the Authority, by written notice to Company given at any time within ninety (90) days of the date such event becomes known to the Authority, may impose or re-impose the requirements of this Article upon Company. In such event, Company will provide the Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to the Authority under this Agreement.

Payment Security Requirements. A. Unless Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) months prior to the Effective Date without the occurrence of any failure to pay within sixty (60) DocuSign Envelope ID: CE9146BA-E4EF-40FF-9FA5-1CD4FAE8DD2B days or more of the due date under such prior agreement,, Company will provide the Authority on or before the Effective Date of this Agreement with acceptable Payment Security. Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) consecutive months during which Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State of Florida. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to the Authority at least sixty (60) days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event the Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) days after such draw down or collection, take such action as is DocuSign Envelope ID: 592E0882-A82A-48D1-B8F8-29D404B52E52 necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated fees and charges or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated fees and charges payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or upon Company’s election to assume this Agreement under Federal Bankruptcy Rules and Regulations, as such may be amended, supplemented, or replaced, the Authority, by written notice to Company given at any time within ninety (90) days of the date such event becomes known to the Authority, may impose or re-impose the requirements of this Article upon Company. In such event, Company will provide the Authority with the required Payment Security within fifteen (15) days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to the Authority under this Agreement.. DocuSign Envelope ID: CE9146BA-E4EF-40FF-9FA5-1CD4FAE8DD2B

Payment Security Requirements. A. Unless Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) 18 months prior to the Effective Date of this Agreement without the occurrence of any failure to pay within sixty (60) days act or more of the due date omission that would have been a default under such prior agreement,this Agreement, Company will provide the Authority Authority, on or before the Effective Date of this Agreement, with an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three months’ Rents, fees and charges (excluding PFCs), payable by Company under this Agreement, to guarantee the faithful performance by Company of its obligations under this Agreement with acceptable and the payment of all Rents, fees, tax assessments, and charges due hereunder (hereinafter referred to as “Payment Security”). Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) 18 consecutive months during which Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State of Florida. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) 60 days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to the Authority at least sixty (60) 60 days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event the Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) 15 days after such draw down or collection, take such action as is DocuSign Envelope ID: 592E0882-A82A-48D1-B8F8-29D404B52E52 necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents, fees and charges or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents, fees and charges payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or upon Company’s election to assume this Agreement under Federal Bankruptcy Rules and Regulations, as such may be amended, supplemented, or replaced, the Authority, by written notice to Company given at any time within ninety (90) 90 days of the date such event becomes known to the Authority, may impose or re-impose the requirements of this Article upon Company. In such event, Company will provide the Authority with the required Payment Security within fifteen (15) 15 days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) 18 consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to the Authority under this Agreement.

Payment Security Requirements. A. Unless Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) 18 months prior to the Effective Date effective date of this Agreement without the occurrence of any failure to pay within sixty (60) days act or more of the due date omission that would have been a default under such prior agreement,this Agreement, Company will provide the Authority on or before the Effective Date effective date of this Agreement with an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three months’ rents, fees and charges (excluding PFCs), payable by Company under this Agreement, to guarantee the faithful performance by Company of its obligations under this Agreement and the payment of all rents, fees, tax assessments, and charges due hereunder (hereinafter referred to as “Payment Security”). Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) 18 consecutive months during which Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State of Florida. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) 60 days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to the Authority at least sixty (60) 60 days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event the Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) 15 days after such draw down or collection, take such action as is DocuSign Envelope ID: 592E0882-A82A-48D1-B8F8-29D404B52E52 necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated rents, fees and charges or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated rents, fees and charges payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or upon Company’s election to assume this Agreement under Federal Bankruptcy Rules and Regulations, as such may be amended, supplemented, or replaced, the Authority, by written notice to Company given at any time within ninety (90) 90 days of the date such event becomes known to the Authority, may impose or re-impose the requirements of this Article upon Company. In such event, Company will provide the Authority with the required Payment Security within fifteen (15) 15 days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) 18 consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to the Authority under this Agreement.

Payment Security Requirements. A. Unless Company has maintained an agreement similar to this Agreement with the Authority during the eighteen (18) 18 months prior to the Effective Date effective date of this Agreement without the occurrence of any failure to pay within sixty (60) days act or more of the due date omission that would have been a default under such prior agreement,this Agreement, Company will provide the Authority on or before the Effective Date commencement date of this Agreement with an acceptable bond, irrevocable letter of credit or other similar security acceptable to Authority in an amount equal to the estimate of three months’ Rents, fees and charges (excluding PFCs), payable by Company under this Agreement, to guarantee the faithful performance by Company of its obligations under this Agreement and the payment of all Rents, fees, tax assessments, and charges due hereunder (hereinafter referred to as “Payment Security”). Company will be obligated to maintain such Payment Security in effect until the expiration of eighteen (18) 18 consecutive months during which Company commits no default under this Agreement. Such Payment Security will be in a form and with a company acceptable to the Authority and licensed to do business in the State of Florida. In the event that any such Payment Security is for a period less than the full period required under this Agreement or if such Payment Security is canceled, Company will provide a renewal or replacement Payment Security for the remaining required period at least sixty (60) 60 days prior to the date of such expiration or cancellation. Such Payment Security will require notice by the surety to the Authority at least sixty (60) 60 days prior to any cancellation. If such renewal or replacement Payment Security is not provided within thirty days prior to cancellation, the Authority may draw upon such Payment Security and hold such funds as Payment Security hereunder. B. In the event the Authority is required to draw down or collect against Company's Payment Security for any reason, Company will, within fifteen (15) 15 days after such draw down or collection, take such action as is DocuSign Envelope ID: 592E0882-A82A-48D1-B8F8-29D404B52E52 necessary to replenish the existing Payment Security to an amount equal to three (3) months’ estimated Rents, fees and charges or provide additional or supplemental Payment Security from another source so that the aggregate of all Payment Security is equal to three (3) months’ estimated Rents, fees and charges payable by Company pursuant to this Agreement. C. In addition to the foregoing, upon the occurrence of any act or omission by Company that would constitute a default under this Agreement, or upon Company’s election to assume this Agreement under Federal Bankruptcy Rules and Regulations, as such may be amended, supplemented, or replaced, the Authority, by written notice to Company given at any time within ninety (90) 90 days of the date such event becomes known to the Authority, may impose or re-impose the requirements of this Article upon Company. In such event, Company will provide the Authority with the required Payment Security within fifteen (15) 15 days from its receipt of such written notice and will thereafter maintain such Payment Security in effect until the expiration of a period of eighteen (18) 18 consecutive months during which Company commits no additional act or omission that would constitute a default under in this Agreement or the termination of bankruptcy proceedings, whichever is later. D. If Company fails to obtain and keep in force the Payment Security required hereunder, such failure will be grounds for immediate termination of this Agreement. The Authority’s rights under this Article will be in addition to all other rights and remedies provided to the Authority under this Agreement.