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Form of Deposit: The deposit shall be in the form of a cash deposit or an irrevocable <br /> letter of credit. If in the form of an irrevocable letter of credit,the letter of credit shall be <br /> renewed at least 30 days prior to its expiration. Failure to renew a letter of credit will <br /> result in the letter of credit being drawn on and the cash recovered from the letter of <br /> credit being held by ERMU as a cash deposit. If ERMU is not able to draw on the letter <br /> of credit,the customer shall submit a cash deposit prior to expiration of the letter of <br /> credit. Failure to submit the required deposit shall be cause for immediate termination of <br /> service by ERMU. <br /> Receipt for Deposit: At the time the deposit is made ERMU will furnish the customer <br /> with a written receipt specifying the conditions, if any, the deposit will be diminished <br /> upon return. <br /> Return of Deposit: Any deposit received by ERMU shall be returned to the customer <br /> within 45 days of termination of service,provided that the customer has paid in full all <br /> amounts due on the account. If the customer has not paid in full within 30 days of the <br /> termination of service,the deposit will be applied to any outstanding amounts owed by <br /> the customer to ERMU. If the deposit exceeds the amount due, the balance will be <br /> returned to the customer. If the deposit is not sufficient to cover the amount due,the <br /> customer shall remain liable to ERMU for the balance and shall pay the balance due <br /> within 15 days of notice from ERMU. ERMU reserves the right to use reasonable legal <br /> means to collect amounts due. <br /> Interest on Deposits: Interest shall be paid on all deposits in excess of$20 at the rate <br /> established by Minnesota Statutes. ERMU may, at its option,pay the interest at intervals <br /> it chooses, but at least annually, by direct payment or as a credit on the customer's <br /> account. <br /> Submission of and Exceptions to Deposit Requirement: <br /> A. Residential Customers. <br /> Residential customers may submit the required deposit at the time service is <br /> requested, or have the deposit billed with the customer's first bill for services provided. <br /> Failure to pay a deposit when billed shall be cause for ERMU to immediately terminate <br /> service. ERMU may, in its discretion, waive the required deposit for residential <br /> customers if the customer consents to ERMU's collection of credit history data on the <br /> customer, the customer's credit score is above 90 percent probability of non-default, and <br /> the customer has no history of disconnection for non payment to ERMU, and no history <br /> of late payments to ERMU two times in 12 months. <br /> B. Commercial and Industrial Customers. <br /> All commercial and industrial customers will complete an application for service <br /> that identifies the individual or business entity that will be entering into a service <br /> agreement and will pay an application fee per the fee schedule. All commercial and <br /> industrial customers shall submit the required deposit and enter into a service agreement <br /> 2 <br /> 36 <br />