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draw from the Letter of Credit all penalties and other monies due the City or the <br /> Commission from the date of the local receipt of notice. <br /> 9.2.6 Prior to drawing on the Letter of Credit, the City or the Commission shall give <br /> Grantee written notice that it intends to draw, and the Grantee may, within seven <br /> (7) days thereafter, notify the City or the Commission in writing that there is a <br /> dispute as to whether a violation or failure has in fact occurred. Such written <br /> notice by the Grantee to the City or the Commission shall specify with <br /> particularity the matters disputed by Grantee. Any penalties shall continue to <br /> accrue, but the City or the Commission may not draw from the Letter of Credit <br /> during any appeal pursuant to this subparagraph 9.2.6. The City or the <br /> Commission shall hear Grantee's dispute within sixty (60) days and the City or <br /> the Commission, as appropriate, shall render a final decision within sixty (60) <br /> days thereafter. Withdrawal from the Letter of Credit may occur only upon a <br /> final decision. <br /> 9.2.7 If said Letter of Credit or any subsequent Letter of Credit delivered pursuant <br /> thereto expires prior to thirty (30) months after the expiration of the term of this <br /> Franchise, it shall be renewed or replaced during the term of this Franchise to <br /> provide that it will not expire earlier than thirty(30)months after the expiration of <br /> this Franchise. The renewed or replaced Letter of Credit shall be of the same <br /> form and with a bank authorized herein and for the full amount stated in <br /> subsection 9.2.1 of this Section. <br /> 9.2.8 If the City or the Commission draws upon the Letter of Credit or any subsequent <br /> Letter of Credit delivered pursuant hereto, in whole or in part, the Grantee shall <br /> replace or replenish to its full amount the same within ten (10) days and shall <br /> deliver to the Commission a like replacement Letter of Credit or certification of <br /> replenishment for the full amount stated in Section 9.2.1 as a substitution of the <br /> previous Letter of Credit. This shall be a continuing obligation for any <br /> withdrawals from the Letter of Credit. <br /> 9.2.9 If any Letter of Credit is not so replaced or replenished, the City or the <br /> Commission may draw on said Letter of Credit for the whole amount thereof and <br /> use the proceeds as the City or the Commission determines in its sole discretion. <br /> The failure to replace or replenish any Letter of Credit may also, at the option of <br /> the City or the Commission, be deemed a default by the Grantee under this <br /> Franchise. The drawing on the Letter of Credit by the City or the Commission, <br /> and use of the money so obtained for payment or performance of the obligations, <br /> duties and responsibilities of the Grantee which are in default, shall not be a <br /> waiver or release of such default. <br /> 9.2.10 The collection by the City or the Commission of any damages, monies or <br /> penalties from the Letter of Credit shall not affect any other right or remedy <br /> available to it, nor shall any act, or failure to act, by the City or the Commission <br /> 39 <br />