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.I <br />i <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br /> <br /> City during the term of the Franchise. The above minimum <br /> amounts shall be changed from time to time by Grantee as <br /> requested by City. Grantee shall immediately give notice to <br /> City of any threatened or pending litigation affecting this <br /> insurance. <br />C. Neither the provisions of this section nor any damages re- <br /> <br /> covered by City or any individual shall be construed to, or <br /> shall limit the liability of Grantee. <br /> <br />D. No recovery by City of any sum by reason of the Letter of <br /> Credit or Bond required in this Franchise shall be any lim- <br /> itation upon the liability of Grantee to City under the <br /> terms of this section, except that the sum so received by <br /> City from such Letter of Credit or Bond shall be deducted <br /> from a recovery by City under this section, if for the same <br /> act or occurrence. <br /> <br />E. All insurance policies maintained pursuant to this Franchise <br /> <br /> shall contain the following endorsement: <br /> It is hereby understood and agreed that this insurance <br /> policy may not be cancelled nor the intention not to <br /> renew be stated until 60 days after receipt by City, by <br /> registered mail, of written notice of such intention to <br /> cancel or not to renew. <br /> <br />SECTION 4. LETTER OF CREDIT <br /> <br />A. At the time of acceptance of this Franchise, Grantee shall <br /> deliver to City an irrevocable and unconditional Letter of <br /> Credit, in form and substance acceptable to City, from a <br /> National or State bank approved by City, in the amount of <br /> <br />58 <br /> <br /> <br />