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Grantor. The insurance carriers shall be authorized to do business <br />in California, and subject to Grantor approval. <br /> <br /> 3.6 Sequrity Fund. Within thirty (30) days after the <br />effective date of the franchise, Grantee shall deposit into a bank <br />account of Grantor, established by Grantor, and maintain on deposit <br />throughout the term of this franchise, the sum of not less than <br />Fifty Thousand Dollars ($50,000) as security. Of said amount, a <br />portion or all may be in the form of an irrevocable letter of <br />credit, the form of which is subject to the prior approval of the <br />Grantor. After completion of the system upgrade construction <br />specified in Exhibit A, the amount of the security fund may be <br />reduced to Five Thousand Dollars ($5,000), all o'f which may be in <br />the form of an irrevocable letter of credit. <br /> <br /> 3.7 Construction and Performance Bonds. Grantor waives any <br />requirement for construction and performance bonds, in favor of <br />security fund required by 3.6 above. <br /> <br />4. CONSTRUCTION AND SERVICE REQUIREMENTS <br /> <br /> 4.1 General. The Grantee shall meet or exceed all the <br />material construction and system upgrade requirements set out in <br />this Agreement. The Grantee shall meet the requirements regardless <br />of whether subscriber penetration and/or revenue projections prove <br />to be correct. <br /> <br /> 4.2 Construction Schedule. Grantee shall complete system <br />upgrade construction and offer upgraded service to all residents in <br />accordance with the requirements of Exhibit A. <br /> <br /> Consistent with sound engineering practice, system upgrade <br />construction shall follow a logical construction schedule, so that <br />no geographic portion of the City is discriminated against in <br />receiving prompt upgraded service. Upgraded service shall be <br />offered to all residents within the City no later than ninety (90) <br />days after the cables have been engergized therein. <br /> <br /> 4.3 Liquidated Damages. It is understood that it is <br />impractical at this time'to reasonably ascertain the total extent <br />of damages which may be incurred as a result of a failure by <br />Grantee to complete system upgrade construction within the time <br />period specified in this Agreement. Such impracticality arises out <br />of the difficulty of establishing a cost for future damages <br />suffered by the public who are denied upgraded services or the <br />effect of noncompletion with respect to inconvenience, anxiety, <br />frustration, financial loss, effective and efficient regulation of <br />the franchise for the promotion and protection of the public <br />convenience, health, safety and/or welfare, or other factors which <br />are incapable of measurement in precise monetary terms. Therefore, <br />Grantee offers and agrees to compensate the Grantor upon Grantor <br />request, in the amount of Two Hundred Fifty Dollars ($250) per day <br />for each calendar day on which Grantee has not completed system <br /> <br /> <br />