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licensing requirements of this Article, deposit one hundred and twenty (120) days following the last day of the month in which business was first commenced such security (per individual business license) in a form acceptable to the collector in an amount not larger than the commercial cannabis business owner's/operator's estimated average monthly business license tax liability as determined by the collector or the sum of ten thousand dollars ($10,000.00), whichever is least. Provided, however, in the event that two or more commercial cannabis business licensees sharing at least 80% underlying common ownership, regardless of form of business structure, are engaged in an integrated cannabis business (whether vertically or horizontally integrated) as defined in section 21-142, then a single consolidated deposit shall be made equal to the deposit amount owing for the integrated commercial cannabis activity having the highest individual business license tax liability. Each new city commercial cannabis business licensee shall upon obtaining their City business license(s) deposit a similar security as applicable per business license within thirty (30) days after commencing business. (b) Extension of Time. If, upon request and in the judgment of the collector, a determination of any commercial cannabis business' estimated average monthly tax liability for purposes of setting the amount of their required security deposit requires an extension of time beyond one hundred and twenty (120) days following the last day of the month in which business was first commenced, then the collector may issue a written notification to such commercial cannabis business granting such extension. (c) Application of Security Deposit. To recover past -due business license taxes, including penalties, interest, charges, fees, or costs (hereinafter collectively referred to as business license tax liabilities) remittable by the depositor, the collector may apply the security deposited with the collector. At least fifteen (15) days prior to the application of a security deposit, the collector shall serve upon the depositing commercial cannabis business owner/operator notice of intent to apply the security deposit. Service of notice may be made by placing the notice in the United States mail, postage prepaid, addressed to the depositing commercial cannabis business owner/operator at their place of business or other mailing address of record. Any portion of the security remaining after satisfaction of outstanding business license tax liabilities and any expenses related to third -party administrative charges or fees relating to the liquidation and application of non -cash deposits may be retained by the collector for security or in the case of a closeout audit may be paid over by the collector to the depositing owner/operator. Except in the case of a closeout audit pursuant to section 21-141, in the event the collector applies the security deposit, or any portion of said deposit, as an offset against remittable business license tax liabilities and any expenses related to third -party administrative charges or fees relating to the liquidation and application of non -cash deposits, the commercial cannabis business owner/operator shall be required within thirty (30) days of the 16 11 A-42