Common use of Performance Deposit Clause in Contracts

Performance Deposit. Permittee shall deposit the Performance Deposit required under Paragraph F of this Permit with Port upon execution of this Permit, which sum (and any additions thereto required hereunder) shall be by cash or irrevocable letters of credit, each in a form and from an issuer acceptable in Port’s sole discretion. Any letter of credit provided as a Performance Deposit must be in the form of the letter of credit attached hereto as Exhibit “11”, or such successor form as Port may from time to time require by written notice to Permittee, and shall be drawn on a bank located within the continental United States acceptable to the Port’s Chief Financial Officer. The Port’s preference is for Permittee to provide a letter of credit that can be drawn at a site or counter of such a bank with a branch office located in Oakland or San Francisco, California. (Letters of credit issued through correspondent banks will not be accepted.) Unless the Port receives a written extension or replacement of the letter of credit at least ninety (90) days before the end of the term of the letter of credit, the Port without notice to Permittee, may draw on the letter of credit and retain all proceeds as a cash Performance Deposit pursuant to the terms of this Section 27. The Performance Deposit shall be retained by Port as security for the faithful performance of Permittee’s obligations hereunder and under any other agreement between Port and Permittee. From time to time, the Port shall have the right to increase the amount of the Performance Deposit to reflect any increases in the amount of the total Minimum Annual Guaranty (rounded to the nearest thousand), or to such greater amount required by Port Administrative Policy No. 509 – Collection of Delinquent Accounts, as such Policy may be amended from time to time, by giving Permittee fifteen (15) days written notice and Permittee shall be obligated to increase the Performance Deposit to such amount by the end of such fifteen (15) day period. Port shall have the right, but not the obligation, to apply said Performance Deposit to the payment of any sum due to Port which has not been paid, including, but not limited to, reimbursement of any expenses incurred by Port in curing any default of Permittee, or to the cost of restoring the Assigned Space or its furnishings, fixtures or equipment to their original condition, reasonable use and wear excepted, or to Port’s future rent damages arising out of the termination of this Permit because of Permittee’s default. In the event that all or any portion of the Performance Deposit is so applied, Permittee shall be obligated, within five

Performance Deposit. Permittee shall deposit the Performance Deposit required under Paragraph F of this Permit with Port upon execution of this Permit, which sum (and any additions thereto required hereunder) shall be by cash or irrevocable letters of credit, each in a form and from an issuer acceptable in Port’s sole discretion. Any letter of credit provided as a Performance Deposit must be in the form of the letter of credit attached hereto as Exhibit “11”, or such successor form as Port may from time to time require by written notice to Permittee, and shall be drawn on a bank located within the continental United States acceptable to the Port’s Chief Financial Officer. The Port’s preference is for Permittee to provide a letter of credit that can be drawn at a site or counter of such a bank with a branch office located in Oakland or San Francisco, California. (Letters of credit issued through correspondent banks will not be accepted.) Unless the Port receives a written extension or replacement of the letter of credit at least ninety (90) days before the end of the term of the letter of credit, the Port without notice to Permittee, may draw on the letter of credit and retain all proceeds as a cash Performance Deposit pursuant to the terms of this Section 27. The Performance Deposit shall be retained by Port as security for the faithful performance of Permittee’s obligations hereunder and under any other agreement between Port and Permittee. From time to time, the Port shall have the right to increase the amount of the Performance Deposit to reflect any increases in the amount of the total Minimum Annual Guaranty (rounded to the nearest thousand), or to such greater amount required by Port Administrative Policy No. AP 509 – Collection of Delinquent Accounts, as such Policy may be amended from time to time, by giving Permittee fifteen (15) days written notice and Permittee shall be obligated to increase the Performance Deposit to such amount by the end of such fifteen (15) day period. Port shall have the right, but not the obligation, to apply said Performance Deposit to the payment of any sum due to Port which has not been paid, including, but not limited to, reimbursement of any expenses incurred by Port in curing any default of Permittee, or to the cost of restoring the Assigned Space or its furnishings, fixtures or equipment to their original condition, reasonable use and wear excepted, or to Port’s future rent damages arising out of the termination of this Permit because of Permittee’s default. In the event that all or any portion of the Performance Deposit is so applied, Permittee shall be obligated, within fivefifteen

Performance Deposit. (1) Permittee shall deposit the Performance Deposit required under Paragraph F of this Permit with Port upon execution of this Permit, which sum (and any additions thereto required hereunder) shall be by cash or irrevocable letters of credit, each in a form and from an issuer acceptable in Port’s sole discretion. Any letter of credit provided as a Performance Deposit must be in the form of the letter of credit attached hereto as Exhibit “11”, or such successor form as Port may from time to time require by written notice to Permittee, and shall be drawn on confirmed by and payable at the counters of a bank located within the continental United States acceptable to the Port’s Chief Financial Officer. The Port’s preference is for Permittee to provide a letter of credit that can be drawn at a site or counter of such a bank with a branch office located in Oakland or San Francisco, California, Oakland, California, or at another location near the nine (9) county San Francisco Bay Area, California, as may be approved by the Port’s Deputy Chief Financial Officer in the exercise of his or her sole discretion. (Letters of credit issued through correspondent banks xxxxx will not be accepted.) Unless the Port receives a written extension or replacement of the letter of credit at least ninety (90) days before the end of the term of the letter of credit, the Port without notice to Permittee, may draw on the letter of credit and retain all proceeds as a cash Performance Deposit pursuant to the terms of this Section 27. The Performance Deposit shall be retained by Port as security for the faithful performance of PermitteeXxxxxxxxx’s obligations obligation hereunder and under any other agreement between Port and Permittee. From time to timePermittee shall be obligated, the Port shall have the right within fifteen (15) days after Port’s written demand, to increase the amount of the Performance Deposit to reflect any increases by the same percentage increase, if any, in the amount of the total Minimum Annual Guaranty (rounded applicable to all Concession Units included in the nearest thousand)Assigned Space, determined pursuant to Paragraph E.1(b) of this Permit, or to such greater amount required by Port Administrative Policy No. 509 – Collection of Delinquent Accountsthe Airport Rules, as such Policy may be amended from time to time, by giving Permittee fifteen (15) days written notice Policies and Permittee shall be obligated to increase the Performance Deposit to such amount by the end of such fifteen (15) day periodRegulations. Port shall have the right, but not the obligation, to apply said Performance Deposit to the payment of any sum due to Port which has not been paid, including, but not limited to, reimbursement of any expenses incurred by Port in curing any default of Permittee, or to the cost of restoring the Assigned Space or its furnishings, fixtures or equipment to their original condition, reasonable use and wear excepted, or to Port’s future rent damages arising out of the termination of this Permit because of Permittee’s default. In the event that all or any portion of the Performance Deposit is so applied, Permittee shall be obligated, within fivefive (5) days after Port’s written demand, to remit to Port the amount required to restore the Performance Deposit to the full amount required by this Section 27. If said Performance Deposit shall not have been applied for any of the foregoing purposes, it shall be returned to Permittee, without interest, within ninety (90) days after the end of the Term or the end of any hold-over as described in Section 21 above, whichever is later (as such ninety (90) day period may reasonably be extended by Port by written notice to Permittee to allow Port to determine if Permittee has satisfied all of its obligations under Section 32 of this Permit). The Port will not pay any interest on the Performance Deposit. Permittee hereby expressly waives the protections of California Civil Code Section 1950.7.

Performance Deposit. (1) In the event that a Performance Deposit is required under Section 5 of this Permit, Permittee shall deposit the Performance Deposit required under Paragraph F of this Permit with Port upon execution of this Permit, which sum (and any additions thereto required hereunder) shall be calculated pursuant to Port Policy No. AP 509 – Collection of Delinquent Accounts, as such Policy may be amended from time to time. The Performance Deposit shall be by cash or irrevocable letters of credit, each in a form and from an issuer acceptable in Port’s sole discretion. Any letter of credit provided as a Performance Deposit must be in the form of the letter of credit attached hereto as Exhibit “11C”, or such successor form as Port may from time to time require by written notice to Permittee, and shall be drawn on a bank located within the continental United States acceptable to the Port’s Chief Financial Officer. The Port’s preference is for Permittee to provide a letter Letter of credit Credit that can be drawn at a site or counter of such a bank with a branch office located in Oakland or San Francisco, California. (Letters of credit issued through correspondent banks xxxxx will not be accepted.) Unless the Port receives a written extension or replacement of the letter of credit at least ninety (90) days before the end of the term of the letter of credit, the Port without notice to Permittee, may draw on the letter of credit and retain all proceeds as a cash Performance Deposit pursuant to the terms of this Section 27. Paragraph T. The Performance Deposit shall be retained by Port as security for the faithful performance of PermitteeXxxxxxxxx’s obligations hereunder and under any other agreement between Port and Permittee. From time to time, the Port shall have the right to increase the amount of the Performance Deposit to reflect any increases in the amount of the total Minimum Annual Guaranty Monthly Payment (rounded to the nearest thousand), or to such greater amount required by Port Administrative Policy No. 509 – Collection of Delinquent Accounts, as such Policy may be amended from time to timeAP 509, by giving Permittee fifteen (15) days written notice and Permittee shall be obligated to increase the Performance Deposit to such amount by the end of such fifteen (15) day period. Port shall have the right, but not the obligation, to apply said Performance Deposit to the payment of any sum due to Port which has not been paid, including, but not limited to, reimbursement of any expenses incurred by Port in curing any default of Permittee, or to the cost of restoring the Assigned Space or its furnishings, fixtures or equipment to their original condition, reasonable use and wear excepted, or to Port’s future rent damages arising out of the termination of this Permit because of Permittee’s default. In the event that all or any portion of the Performance Deposit is so applied, Permittee shall be obligated, within fivefive (5) days after Port’s written demand, to remit to Port the amount required to restore the Performance Deposit to the full amount required by this Paragraph T. If said Performance Deposit shall not have been applied for any of the foregoing purposes, it shall be returned to Permittee, without interest, within ninety (90) days after the end of the Term or the end of any hold-over as described in Paragraph O above, whichever is later (as such ninety (90) day period may reasonably be extended by Port by written notice to Permittee to allow Port to determine if Permittee has satisfied all of its obligations under this Permit). The Port will not pay any interest on the Performance Deposit. Permittee hereby expressly waives the protections of California Civil Code Section 1950.7.

Performance Deposit. (1) Permittee shall deposit the Performance Deposit required under Paragraph F of this Permit with Port upon execution of this Permit, which sum (and any additions thereto required hereunder) shall be by cash or irrevocable letters of credit, each in a form and from an issuer acceptable in Port’s sole discretion. Any letter of credit provided as a Performance Deposit must be in the form of the letter of credit attached hereto as Exhibit “11”, or such successor form as Port may from time to time require by written notice to Permittee, and shall be drawn on confirmed by and payable at the counters of a bank located within the continental United States acceptable to the Port’s Chief Financial Officer. The Port’s preference is for Permittee to provide a letter of credit that can be drawn at a site or counter of such a bank with a branch office located in Oakland or San Francisco, California, Oakland, California, or at another location near the nine (9) county San Francisco Bay Area, California, as may be approved by the Port’s Deputy Chief Financial Officer in the exercise of his or her sole discretion. (Letters of credit issued through correspondent banks will not be accepted.) Unless the Port receives a written extension or replacement of the letter of credit at least ninety (90) days before the end of the term of the letter of credit, the Port without notice to Permittee, may draw on the letter of credit and retain all proceeds as a cash Performance Deposit pursuant to the terms of this Section 27. The Performance Deposit shall be retained by Port as security for the faithful performance of Permittee’s obligations obligation hereunder and under any other agreement between Port and Permittee. From time to timePermittee shall be obligated, the Port shall have the right within fifteen (15) days after Port’s written demand, to increase the amount of the Performance Deposit to reflect any increases by the same percentage increase, if any, in the amount of the total Minimum Annual Guaranty (rounded applicable to all Concession Units included in the nearest thousand)Assigned Space, determined pursuant to Paragraph E.1(b) of this Permit, or to such greater amount required by Port Administrative Policy No. 509 – Collection of Delinquent Accountsthe Airport Rules, as such Policy may be amended from time to time, by giving Permittee fifteen (15) days written notice Policies and Permittee shall be obligated to increase the Performance Deposit to such amount by the end of such fifteen (15) day periodRegulations. Port shall have the right, but not the obligation, to apply said Performance Deposit to the payment of any sum due to Port which has not been paid, including, but not limited to, reimbursement of any expenses incurred by Port in curing any default of Permittee, or to the cost of restoring the Assigned Space or its furnishings, fixtures or equipment to their original condition, reasonable use and wear excepted, or to Port’s future rent damages arising out of the termination of this Permit because of Permittee’s default. In the event that all or any portion of the Performance Deposit is so applied, Permittee shall be obligated, within fivefive (5) days after Port’s written demand, to remit to Port the amount required to restore the Performance Deposit to the full amount required by this Section 27. If said Performance Deposit shall not have been applied for any of the foregoing purposes, it shall be returned to Permittee, without interest, within ninety (90) days after the end of the Term or the end of any hold-over as described in Section 21 above, whichever is later (as such ninety (90) day period may reasonably be extended by Port by written notice to Permittee to allow Port to determine if Permittee has satisfied all of its obligations under Section 32 of this Permit). The Port will not pay any interest on the Performance Deposit. Permittee hereby expressly waives the protections of California Civil Code Section 1950.7.