Common use of Security for Payment Clause in Contracts

Security for Payment. 16.01 Unless Company has maintained an agreement similar to this Agreement with Authority during the 18 months prior to the commencement date of this Agreement without the occurrence of any act or omission that would have been an event of default enumerated in this Agreement, Company will secure payment for the rents, tax assessments, charges, fees and other payments required hereunder. In such event, Company will comply with either of the following two options prior to the commencement of this Agreement and maintain such security in effect during the term of this Agreement:

Security for Payment. 16.01 8.01 Unless Company has maintained an agreement similar to this Agreement with Authority during the 18 months prior to the commencement date of this Agreement without the occurrence of any act or omission that would have been an event of default enumerated in this Agreement, Company will secure payment for in an amount equal to the rentsestimate of three months' fees, tax assessments, charges, fees charges and other payments required hereunder. In such event, Company will comply with either of the following two options prior to the commencement of this Agreement and maintain such security in effect during the term of this Agreement:

Security for Payment. 16.01 8.01 Unless Company has maintained an agreement similar to this Agreement with Authority during the 18 months prior to the commencement date of this Agreement without the occurrence of any act or omission that would have been an event of default enumerated in this Agreement, Company will secure payment for in an amount equal to the estimate of three months' rents, tax assessmentsfees, charges, fees charges and other payments required hereunder. In such event, Company will comply with either of the following two options prior to the commencement of this Agreement and maintain such security in effect during the term of this Agreement: