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ARTICL VII. (Reserved) <br />ARTICLE VIII. INDEMNIFICATION, INSURANCE, LETTER OF CREDIT AND BOND <br />SECTION 1. GENERAL <br />The City retains all rights of indemnification, insurance, letter of <br />credit or bond as provided in the franchise. <br />SECTION 2. INDEMIFICATICN AND INSURANCE <br />Group W shall fully indemnify, defend and hold harmless, City and all <br />of its agents and employees from liability and judgments for damages in connec- <br />tion with: Damage to persons or property, any claim arising out of the franchise, <br />Group W's failure to comply with provisions of the franchise, or any claim <br />Group W may have against City. <br />SECTION 3. INSURANCE <br />Group W shall maintain liability insurance for the entire term of the <br />franchise for amounts as specified in the franchise and pursuant to the minimum <br />requirements of this section. <br />SECTION 4. LETTER OF CREDIT <br />Group W shall maintain an irrevocable and unconditional Letter of <br />Credit. The Letter of Credit shall provide that funds be paid to the City upon <br />demand by the City pursuant to the procedures and minimum requirements of this <br />section. This section further provides minimum amounts for penalties such as <br />failure to construct the system and failure to comply with terms and conditions <br />of the franchise. Said penalties may be assessed against Group W by the City <br />and collected directly from the Letter of Credit. The Letter of Credit must be <br />maintained pursuant to the procedures and requirements of this section. <br />-6- <br />