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(B) Acceptability of Insurers. The insurance obtained by Grantee shall be placed with <br /> insurers with a Best's rating of no less than "A-." <br /> (C) Verification of Coverage. The Grantee shall furnish the City with certificates of <br /> insurance and endorsements or a copy of the page of the policy reflecting blanket additional insured <br /> status. The certificates and endorsements for each insurance policy are to be signed by a person <br /> authorized by that insurer to bind coverage on its behalf. The certificates and endorsements for <br /> each insurance policy are to be on standard forms or such forms as are consistent with standard <br /> industry practices, and are to be received and approved by the City prior to the commencement of <br /> activities associated with this Franchise. The Grantee hereby warrants that its insurance policies <br /> satisfy the requirements of this Franchise and City laws. <br /> 5.4 Irrevocable Letter of Credit or Performance Bond <br /> (A) No later than the Effective Date of this Franchise, Grantee shall establish and <br /> provide to the City, as security for the faithful performance by Grantee of all of the provisions of <br /> this Franchise, an irrevocable letter of credit from a financial institution satisfactory to the City or a <br /> performance bond in the amount of ten thousand dollars ($10,000.00). <br /> (B) The irrevocable letter of credit or performance bond may be drawn upon by the City <br /> for purposes including,but not limited to,the following: <br /> (1) Failure of Grantee to pay the City sums due under the terms of this <br /> Franchise; <br /> (2) Reimbursement of costs borne by the City to correct Franchise violations not <br /> corrected by Grantee; and <br /> (3) Monetary remedies or damages assessed against Grantee due to default or <br /> breach of Franchise requirements. <br /> (C) The City shall give Grantee written notice of any withdrawal under this subsection <br /> upon such withdrawal. Within seven (7) days following receipt of such notice, Grantee shall <br /> restore the irrevocable letter of credit or performance bond to the amount required under this <br /> Franchise. Grantee's maintenance of the irrevocable letter of credit or performance bond shall not <br /> be construed to excuse unfaithful performance by Grantee or to limit the liability of Grantee to the <br /> amount of the irrevocable letter of credit or performance bond or otherwise to limit the City's <br /> recourse to any other remedy available at law or equity. <br /> (D) Grantee shall have the right to appeal to the City Council for reimbursement in the <br /> event Grantee believes that the irrevocable letter of credit or performance bond was drawn upon <br /> improperly. Grantee shall also have the right of judicial appeal if Grantee believes the irrevocable <br /> letter of credit or performance bond has not been properly drawn upon in accordance with this <br /> Franchise. Any funds the City erroneously or wrongfully withdraws from the irrevocable letter of <br /> II <br />