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to pay to the Grantor any penalties, claims,liens,liquidated damages, fees due the <br /> Grantor, such failure by the Grantee can be remedied by demand on the letter of <br /> credit. The Grantot may immediately request payment of the amount due from <br /> the letter of credit or bond. Upon such request for payment, the Grantor shall <br /> notify the Grantee of the amount and date thereof. <br /> C. The letter of credit or bond shall be maintained at the amount indicated in Section <br /> 25A above during the entire term of the Franchise unless modified in accordance <br /> with the procedures-provided for in Section 34 of this Franchise. In the event that <br /> amounts are withdrawn pursuant to this Section, the Grantee, shall take any <br /> required action to restore the letter of credit or bond to the original amount within <br /> ten (10) business days of notification by the Grantor of its withdrawal against the <br /> letter of credit. <br /> D. The rights reserved to the Grantor with respect to the letter of credit or bond are in <br /> addition to all other rights of the Grantor, whether reserved by the Franchise, or <br /> authorized by law, and no action, proceeding or exercise of a right with respect to <br /> such a letter shall affect any other right the Grantor may have. <br /> E. The letter of credit or bond shall contain the following endorsement: <br /> "It is hereby understood and agreed that this letter of credit shall <br /> not be canceled by the surety nor the intention not to renew be <br /> stated by the surety until thirty (30) calendar days after receipt by <br /> the Grantor, by registered mail, of a written notice of such an <br /> intention to cancel or not to renew." <br /> F. The Grantee shall renew the letter of credit or bond not less than thirty (30) <br /> calendar days prior to its expiration and provide a copy of the renewal to the <br /> Grantor. Failure to comply with this provision shall entitle the Grantor to draw <br /> down the letter of credit or bond in its entirety. <br /> Section 26. Remedies—Liquidated Damages <br /> A. Because the Grantee's failure to comply with provisions of this Franchise will <br /> result in injury to the Grantor, and because it will be difficult to estimate the <br /> extent of such injury, the Grantor and the Grantee hereby agree to the following <br /> liquidated damages, which represent both parties' best estimate of the damages <br /> resulting from the specified injury. <br /> 1. For failure to extend service in accordance with Section 4: one hundred <br /> dollars ($100.00) for each day such offense continues. <br /> 2. For failure to submit reports, records and provide documents or <br /> information: a one time fee of two hundred fifty dollars ($250.00) for each <br /> offense. <br /> 16 <br />