Dominique Strauss-Kahn, the former head of the International Monetary Fund, has been indicted on seven counts of sexual assault by a New York grand jury, but Judge Michael Obus granted his request to leave Rikers Island jail on a bail of $1 million plus a $5 million guarantee. He will be confined to a rented New York apartment under armed guard. According to the Wall Street Journal's Tamar El-Gobashy, Strauss-Kahn is set to be released tomorrow.

The indictment means he'll stand trial or plead out for allegedly trying to rape a maid on Saturday in his room at the Sofitel Hotel in Midtown. Strauss-Kahn faces up to 25 years in prison if he's convicted of all the counts against him. Here's a copy of the indictment on two counts of criminal sexual acts, one attempted rape, one count of sexual abuse, and one count of unlawful imprisonment, courtesy of ABC News.

"I expect you will be here when we need you. If there is the slightest problem, we can withdraw conditions," Obus told Strauss-Kahn as he granted the bail request. Strauss-Kahn was remanded to Rikers at his Monday arraignment because Judge Melissa Jackson said he was a flight risk.

Strauss Kahn's lawyers, headed today by Bill Taylor, said the defendant's one interest was to clear his name, reported Bloomberg's Sara Eisen. They said the idea that he would try to escape to France as an accused sex offender was "ludicrous." As part of his bail application, Strauss-Kahn waived his right as a French citizen not to be extradited, in order to overcome the prosecution's protest that he is a flight risk. But a prosecutor said today, "This not enough. He's 'a man, who by his own conduct in this case, has shown a propensity for impulsive criminal conduct.' " 

Reporters tweeting from the courtroom said Strauss-Kahn's wife, Anne Sinclair, and his daughter, Camille Strauss-Kahn, attended the hearing. Camille Strauss-Kahn, who lives in New York, has figured into the case, as Strauss-Kahn reportedly had lunch with her after the alleged assault and before boarding an Air France flight to Paris on Saturday. As the judge called a recess, Julian Cummings noted, "When leaving the courtroom Strauss-Kahn blew a kiss to his wife." He reportedly smiled at his family members as he left after being granted bail.

Update (6:20 p.m.): Now that Strauss-Kahn has stepped down as director of the IMF, he's entitled to a pension. CNBC reports this evening that that's going to be $250,000 per year for the rest of his life, regardless of how the legal case plays out. Also, for those interested in a bit more detail from the hearing today, Reuters has a roundup of key quotes you'll probably be seeing a lot of over the news cycle. And finally, Felix Salmon offers a goofy theory as to what happened in that hotel room on Saturday. Could it all have been a case of mistaken identity with a prostitute asked to dress like a maid?