Replenishment by the Company. Within 30 days after receipt of notice from the City that any amount has been withdrawn from the Security Fund, as provided in § 5.4 hereof, the Company shall replenish the Security Fund to the amount specified in § 5.1 hereof, by submitting such documentation as may be necessary to restore the Security Fund to the full amount required by § 5.1. If the Company has not made the required replenishment of the Security Fund within such 30-day period, liquidated damages for such failure in the amount of such required replenishment will accrue interest at the rate specified in § 3.8 hereof, such accrual to commence at the end of such 30-day period, which shall be payable to the City as reasonable compensation to the City for its loss of security for the Company’s obligations hereunder and not as a penalty.
Appears in 6 contracts
Samples: Information Services Franchise Agreement, Information Services Franchise Agreement, Information Services Franchise Agreement
