Common use of Performance Surety Clause in Contracts

Performance Surety. 1443 Within seven (7) Calendar Days of the Authority’s notification to Contractor that the Authority has 1444 executed this Agreement, Contractor shall file with the Authority a letter of credit or a performance 1445 bond, payable to the Authority, securing the Contractor's performance of its obligations under this 1446 Agreement and such bond shall be renewed annually if necessary so that the performance bond is 1447 maintained at all times during the Term. The surety shall be in the amount of two million dollars 1448 ($2,000,000) and shall be used to secure the performance of the Contractor’s Post-Collection Services 1449 obligations under the Agreement. The bond shall be executed as surety by a corporation authorized to 1450 issue surety bonds in the State of California that has a rating of A or better in the most recent edition of 1451 Best’s Key Rating Guide, and that has a record of service and financial condition satisfactory to the 1452 Authority. 1453 1454

Performance Surety. 1443 1646 Within seven (7) Calendar Days of the Authority’s notification to Contractor that the Authority has 1444 1647 executed this Agreement, Contractor shall file with the Authority a letter of credit or a performance 1445 1648 bond, payable to the Authority, securing the Contractor's performance of its obligations under this 1446 1649 Agreement and such bond shall be renewed annually if necessary so that the performance bond is 1447 1650 maintained at all times during the Term. The surety shall be in the amount of two million dollars 1448 1651 ($2,000,000) and shall be used to secure the performance of the Contractor’s Post-Collection Services 1449 1652 obligations under the Agreement. The bond shall be executed as surety by a corporation authorized to 1450 1653 issue surety bonds in the State of California that has a rating of A or better in the most recent edition of 1451 1654 Best’s Key Rating Guide, and that has a record of service and financial condition satisfactory to the 1452 1655 Authority. 1453 14541656 1657

Performance Surety. 1443 1442 Within seven (7) Calendar Days of the Authority’s notification to Contractor that the Authority has 1444 1443 executed this Agreement, Contractor shall file with the Authority a letter of credit or a performance 1445 1444 bond, payable to the Authority, securing the Contractor's performance of its obligations under this 1446 1445 Agreement and such bond shall be renewed annually if necessary so that the performance bond is 1447 1446 maintained at all times during the Term. The surety shall be in the amount of two million dollars 1448 1447 ($2,000,000) and shall be used to secure the performance of the Contractor’s Post-Collection Services 1449 1448 obligations under the Agreement. The bond shall be executed as surety by a corporation authorized to 1450 1449 issue surety bonds in the State of California that has a rating of A or better in the most recent edition of 1451 1450 Best’s Key Rating Guide, and that has a record of service and financial condition satisfactory to the 1452 1451 Authority. 1453 14541452 1453