COMCAST (ADELPHIA) 1C - 1989 - Laserfiche WebLink

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Fifteen Thousand Dollars ($9l5,000), issued by a banking institution authorized to do business in the State of Cali- fornia, for a five (5) year period for the purpose of fund- ing the local programming commitment pursuant to subsection 7.1 in the event, and only in the event, Grantee fails com- pletely to perform such commitment. As used herein, the term 'completely fails to perform such commitment' shall not include matters which are or can be submitted to arbitration pursuant to section 7.1 hereinabove. said letter of credit shall provide that Grantor's City Manager shall have the unconditional right to draw upon the letter of credit upon certification that Grantee has completely failed to perfom its local programming obligation; provided, however, Grantor must first provide Grantee with written notice of its determination that Grantee has completely failed to perform its local programming obligation and Grantee has failed to cure or correct that deficiency within forty- five (45) days from the date of such written notice. The form and substance of said letter of credit shall be subject to reasonable approval by Grantor's City Attorney. After three (3) years, if the City Manager of Grantor, in his or her sole discretion, determines that Grantee has faithfully and in good faith performed its local programming commitment, said City Manager may permit the amount of the letter of credit to be reduced to Seven Hundred Twenty-Eight Thousand Dollars ($728,000) for the fourth year and Five Hundred Forty-One Thousand Dollars ($54l,000) for the fifth year, "which permission shall not be unreasonably -lO-