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23 <br />Grantor, such failure by the Grantee can be remedied by demand on the letter of <br />credit. -The Grantor may immediately request payment of the amount due from <br />the letter of credit. Upon such request for payment, the Grantor shall notify the <br />Grantee of the amount and date thereof. <br />C. The letter of credit shall be maintained at the amount indicated in Section 25A <br />above during the entire term of the Franchise unless modified in accordance with <br />the procedures provided for in Section 35 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amounts are withdrawn pursuant to this Section, the Grantee, shall take any 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 to the original amount within ten (10) <br />business days of notification by the Grantor of its withdrawal against the letter of <br />credit. <br />D. The rights reserved to the Grantor with respect to the letter of credit 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 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 not less than thirty (30) calendar days <br />prior to its expiration and provide a copy of the renewal to the Grantor. Failure to <br />comply with this provision shall entitle the Grantor to draw down the letter of <br />credit 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. Damage amounts may be adjusted throughout <br />term of Franchise by the Grantor by Board resolution to track changes in the <br />Consumer Price Index. <br />B. For failure to extend service in accordance with Section 4: five hundred dollars <br />($500.00) for each offense. A separate and distinct offense shall be deemed <br />committed each calendar day on which a violation occurs or continues; <br />8/22/2003 <br />