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I <br /> <br />! <br />I <br />i <br /> <br />I <br />i/ <br /> <br />Ns <br /> <br /> provide that it will not expire earlier than 15 months after <br /> the expiration of this Franchise. The renewed or replaced <br /> Letter of Credit shall be on the same form and with a bank <br /> authorized herein and for the full amount stated in para- <br /> graph A of this section. Failure to renew or replace the <br /> Letter of Credit shall be grounds for termination of this <br /> Franchise. <br /> <br />If City draws upon the Letter of Credit, or any subsequent <br />Letter of Credit delivered pursuant hereto, in whole or in <br />part, Grantee shall replace the same within fifteen days and <br />shall deliver to City a like replacement Letter of Credit <br />for the full amount stated in paragraph A of this section as <br />a substitution of the previous Letter of Credit. <br /> <br />If any Letter of Credit is not so replaced, City may draw on <br />said Letter of Credit for the whole amount thereof and hold <br />the proceeds, without interest, and use the proceeds to pay <br />costs incurred by City in performing and paying for any or <br />all of the obligations, duties and responsiblities of <br />Grantee under this Franchise that are not performed or paid <br />for by Grantee pursuant hereto, including attorneys' fees <br />incurred by the City in so performing and paying. The <br />failure to replace any Letter of Credit may also, at the <br />option of City, be deemed a default by Grantee under this <br />Franchise. The drawing on the Letter of Credit by City, and <br />use of the money so obtained for payment or performance of <br />the obligations, duties and responsibilities of Grantee <br />which are in default, shall not be a waiver or release of <br /> <br />62 <br /> <br /> <br />