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notice has been issued by the governmental entity with appropriate jurisdiction that no further activities are needed), and be of no further force or effect. Each Licensor shall give prompt notice to Equilon of any claim or alleged liability hereunder and such Licensors or Licensors shall reasonably cooperate with Equilon in defending or resisting such claims. Provided that Equilon pursues the Work obligations in a reasonable and efficient manner and consistent with the requirements of this Agreement,Equilon's indemnification obligation shall not include direct or indirect economic loss attributable to short term business interruptions as a result of Equilon's activities on the Property. EXCEPT AS SET FORTH HEREIN EQUILON SHALL NOT BE LIABLE TO OWNER FOR ANY INCIDENTAL, INDIRECT, SPECIAL, CONSEQUENTIAL, OR PUNITIVE COST, EXPENSE, LOSS, OR DAMAGE. 11. Insurance. Equilon shall require its contractors, while performing Work on the Property, to maintain at least the following,with limits of liability no less than those stated below: (a) Comprehensive General Liability: Combined single limit for bodily injury and property damage of not less than $1,000,000.00 each occurrence and$2,000,000.00 annual aggregate. Each Licensor shall be identified on the policy as an additional insured. (b) Worker's Compensation Insurance and Employer's Liability Insurance: With limits of liability not less than those required by law. 12. Assignment, Successors and Assigns. This Agreement is binding upon and inures to the benefit of Licensors and Equilon and their respective heirs, executors, administrators, personal representatives, successors, transferees and assigns. 13. Modifications. This Agreement constitutes the Parties' entire agreement on this subject. There are no written or oral representations or understandings that are not fully expressed in this Agreement. No change, waiver, or discharge is valid unless in writing and signed by the party against whom it is sought to be enforced. 14. Rules of Construction and Applicable Law. Licensors and Equilon acknowledge that this Agreement has been negotiated at arm's-length and, therefore, agree that any rule of construction of contracts resolving any ambiguities against the drafting party is waived and shall be inapplicable to this document. This Agreement shall be interpreted, and any dispute arising hereunder shall be resolved in accordance with the substantive laws of the State of California without reference to choice of law rules. 15. Waiver. The waiver of any breach of any term or condition of this Agreement does not waive any other breach of that term or condition or of any other term or condition. 16. Duplicates, Recordation. Electronic copies and multiple counterparts of signed documents are acceptable. This Agreement shall not be recorded. IN WITNESS HEREOF, the Parties hereto are authorized and have executed this Agreement on 3