Common use of R enewal Clause in Contracts

R enewal. Any letter of credit that is to constitute the Security Fund required hereunder must provide that it will not be cancelled, and will not expire without renewal, except after at least 60 days’ notice to the City of the impending cancellation, or expiration without renewal, of such letter of credit. Any failure to replace or renew a Security Fund letter of credit by a date which is 30 days prior to the impending cancellation or expiration of such a letter of credit will constitute an Event of Default under this Agreement, which the City may cure by (a) drawing on the Security Fund and itself holding the proceeds as a replacement Security Fund (with all withdrawal rights provided under this Agreement) until such time as the Company replaces or renews such letter of credit or (b) exercising any other lawful remedies. Interest earned on proceeds held by the City as a replacement Security Fund will be retained by the City.