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default. <br />e. The rights reserved to City or Commission, as applicable, with respect to the <br />performance bond are in addition to all other rights of City or Commission <br />whether reserved by this Franchise or authorized by law, and no action, <br />proceeding or exercise of a right with respect to the performance bond shall <br />affect any other right City or Commission may have. <br />2. Letter of Credit. <br />a. At the time of acceptance of this Franchise, Grantee shall deliver to <br />Commission an irrevocable and unconditional Letter of Credit, in form and <br />substance acceptable to Commission, from aNational or State bank approved <br />by Commission, in the amount of $25,000.00. <br />b. The Letter of Credit shall provide that funds will be paid to City or <br />Commission, as appropriate, upon written demand of City or Commission, <br />and in an amount solely determined by City or Commission in payment for <br />penalties charged pursuant to this Section, in payment for any monies owed <br />by Grantee to City or Commission or any person pursuant to its obligations <br />under this Franchise, or in payment for any damage incurred by City or any <br />person as a result of any acts or omissions by Grantee pursuant to this <br />Franchise. <br />C. In addition to recovery of any monies owed by Grantee to City or <br />Commission or any person or damages to City or Commission or any person <br />as a result of any acts or omissions by Grantee pursuant to the Franchise, City <br />or Commission in their sole discretion may charge to and collect from the <br />Letter of Credit the following penalties: <br />i. For failure to timely complete System upgrades as provided in this <br />Franchise unless City or Commission approves the delay, the penalty <br />shall be $500.00 per day for each day, or part thereof, such failure <br />occurs or continues. <br />ii. For failure to provide data, documents, reports or information or to <br />cooperate with City or Commission during an application process or <br />system review or as otherwise provided herein, the penalty shall be <br />$250.00 per day for each day, or part thereof, such failure occurs or <br />continues. <br />iii. Fifteen (15) days following notice from City or Commission of a <br />failure of Grantee to comply with construction, operation or <br />maintenance standards, the penalty shall be $500.00 per day for each <br />Ox <br />