of the Authority upon a bank that is satisfactory to Authority, which is authorized to do business in the State of Florida. The letter of credit shall be kept in force throughout the term of this Agreement and shall be in the form and content acceptable to the Authority. Said Surety Bond or Irrevocable Letter of Credit may be drawn upon by Authority if Concessionaire fails, for a period of thirty (30) days after written notice, to perform its obligations under this Agreement.
Concessionaire's failure to provide and maintain current said surety bond or irrevocable letter of credit, for a period of thirty (30) days after written notice, shall constitute a default by Concessionaire and shall be grounds for automatic termination of this Agreement.
The refund of the surety bond or irrevocable letter of credit required pursuant to this Article shall be conditioned on the satisfactory performance of all terms, conditions, and covenants contained herein throughout the entire Term of this Agreement.
Concessionaire shall keep, throughout the entire term of this Agreement or any extension thereof, all books of account and records customarily used in this type of operation as from time to time may be required by Authority, including but not limited to gross receipts, contracts, accounts receivable and individual category revenues in accordance with Generally Accepted Accounting Principals (GAAP).
All Concessionaire's books and records in relation to its concession at the Airport shall be open for inspection by the authorized representatives of Authority at reasonable times during business hours upon request. Concessionaire shall maintain such records for five (5) years after the Term of this Agreement, as may be extended. Authority may at any time conduct an audit of the books and records. Should be said audit reflect a shortfall in any percentage payment, Concessionaire shall pay the shortfall immediately upon demand by Authority.
Within sixty (60) days after receipt of a written request from the Authority for a Special Audit, Concessionaire shall provide the books of account requested by the Authority. If the books of account and records are kept at locations other than the Airport, Concessionaire shall arrange for them to be brought to the offices of the auditors for Authority for Authority to conduct the audits and inspections as set forth in this Article, or Concessionaire may at its option transport the Authority audit team to Concessionaire's headquarters for purposes of undertaking said audit. In such event, Concessionaire shall pay costs of transportation, food, and lodging for Authority's audit team.
There may be no limitation in the scope of the examination that would hinder the Authority in
8