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ARtICLe. VIII. <br /> <br />ARPICLE VII. (Reserved) <br /> <br />INDEMNIFICATION, INSURANCE, LETTER OF CREDIT AND BOND <br /> <br /> I <br /> I <br />:1 <br /> I <br /> I <br /> i <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br /> The City retains all rights of indemnification, insurance, letter of <br />credit or bond as provided in the franchise. <br /> <br /> Group W shall fully indemnify, defend and hold harmless, City and <br />of its agents and employees frcm liability and judgments for damages in connec- <br />tion with: Damage to persons or 'property any claim arising out of franchise, <br />Group W's failure to oo~ply with provisions of the franchise, or any claim <br />Group W may have against City. <br /> <br /> Group W shall maintain liability insurance for the entire term of ~he <br />franchise for amounts as specified in the franchise and pursuant to the minimum <br />requirements of Section 3. <br /> <br />SSL~TICIq 4. T~:I~F:R C~ CI~DIT <br /> <br /> Group W sba]] maintain an irrevocable and unconditional Letter of <br />Credit in the amount of $10,000.00. The Letter of Credit shall provide funds <br />paid to the City upon demand by the City pursuant to the procedures and minimum <br />requirements of Section 4. Section 4 further provides minimum amounts for <br />penalties such as failure to oonstruct the .system and failure to comply with <br />terms and conditions of the franchise. Said penalties may be assessed against <br />Group W by the City and collected directly from the Letter of Credit. The <br />Letter of Credit must be maintained pursn~nt to the procedures and requirements <br />of Section 4. <br /> <br />-6- <br /> <br /> <br />