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the Grantee's insurance and shall not contribute to it provided the occurrence arises <br /> out of Grantee's negligence; and <br /> (c) Grantee's insurance shall apply separately to each insured against <br /> whom a claim is made or lawsuit is brought, except with respect to the limits of the <br /> insurer's liability. <br /> (B) Acceptability of Insurers <br /> The insurance obtained by Grantee shall be placed with insurers licensed to do business in the State <br /> of Washington with a Best's rating of no less than"A VII." <br /> (C) Verification of Coverag-. <br /> The Grantee shall furnish the City with certificates of insurance and endorsements or a copy of the <br /> page of the applicable policy reflecting blanket additional insured status. The certificates and <br /> endorsements for each insurance policy are to be signed by a person authorized by that insurer to <br /> bind coverage on its behalf. The certificates and endorsements for each insurance policy are to be <br /> on standard forms or such forms as are consistent with standard industry practices, and are to be <br /> received by and are subject to the approval of the City prior to the commencement of any activities <br /> associated with this Franchise. The Grantee hereby warrants that its insurance policies satisfy the <br /> requirements of this Franchise and City laws. <br /> 5.4 Letter of Credit <br /> (A) If there is an uncured breach by Grantee of a material provision of this Franchise or <br /> a pattern of repeated violations of any provision(s) of this Franchise, then the City may request and <br /> Grantee shall establish and provide to the City, as security for the faithful performance by Grantee <br /> of all of the provisions of this Franchise, a letter of credit from a financial institution satisfactory to <br /> the City in the amount of twenty-five thousand dollars ($25,000). <br /> (B) The letter of credit, if established, shall then be maintained at twenty-five thousand <br /> dollars ($25,000)throughout the term of this Franchise. <br /> (C) After the giving of notice by the City to Grantee and expiration of any applicable <br /> cure period, the letter of credit may be drawn upon by the City for purposes which include, but are <br /> 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 /> Page 23 of 58 <br />