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REV: 03-25-24 LF amount of the Performance Bond. Licensee will keep the Performance Bond in place during the term of this License. The form and content of the Performance Bond shall be subject to approval by Licensor and shall be in substantially the form attached hereto as Exhibit “D”. 3.7.2 Upon Licensee’s failure to pay Licensor any amount owing under this License which remain unpaid for a period of more than sixty (60) days following receipt of notice from Licensor citing such failure to pay, the Performance Bond may be assessed by Licensor for purposes including, but not limited to: (i) reimbursement of costs borne by Licensor to correct violations of the License not corrected by Licensee, after Licensor provides notice and a reasonable opportunity to cure such violations, or (ii) to provide monetary remedies or to satisfy damages assessed against Licensee due to a material breach of this License. 3.7.3 Licensee must deposit a sum of money or a replacement instrument sufficient to restore the Performance Bond to its original amount within 30 days after written notice from Licensor (which such notice shall be sent to Licensee at the address listed in Paragraph 14.1 below) that any amount has been recovered from the Performance Bond. Failure to restore the bond to its full amount within 30 days will constitute a material breach of this License. Licensee will be relieved of the foregoing requirement to replenish the bond during the pendency of an appeal from Licensor’s decision to draw on the Performance Bond. 3.7.4 The Performance Bond is subject to the approval of the City Attorney and must contain the following endorsement: “This bond may not be canceled until sixty (60) days after receipt by the City Attorney, by registered mail, return receipt requested, of a written notice of intent to cancel or not to renew.” 3.7.5 The rights reserved by Licensor with respect to the Performance Bond is in addition to all other rights and remedies Licensor may have under this License or any other law. 3.7.6 The surety supplying the Performance Bond shall be an “admitted surety insurer”, as defined in Code of Civil Procedure § 995.120 and authorized to do business in the State of California. 3.7.7 Licensee shall have the right to use a direct deposit system with regard to License Fee payments. Licensor agrees to cooperate with Licensee in providing requisite information to Licensee for such direct deposit. The implementation of the direct deposit system shall be at Licensee’s expense. 3.8 Payment Bond. Licensee shall furnish and deliver a labor and materials bond (“Payment Bond”) in the amount of $158,700, concurrently with the execution of this License, which security must be acceptable to Licensor and shall be in substantially the form attached hereto as Exhibit “E”. The Payment Bond shall secure payment to the contractor(s) and subcontractor(s) performing any work subject to this License and to all persons furnishing labor, materials or equipment to them (each a potential “Claimant”). If Licensor draws on the bond to pay any claimant, it will notify Licensee of the amount drawn, and Licensee will promptly restore the bond to the full amount of $158,700. The rights reserved by Licensor with respect to the Payment Bond are in addition to all other rights and remedies Licensor may have under this License or any other ATTY/AGR.2024.027/Verizon Wirelsss (License Agreement) (Page 5 of 46)