BICEP 2-1988 - Laserfiche WebLink

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1 (whether at maturity or upon mandatory sinking fund redemption) and interest on the Bonds, as set forth in Section 4.4(b) of 3 this Agreement. 5 "Basic Premium Payment Date" means August 1 of each year during the period in which Bonds are Outstanding; provided that 7 the first Basic Premium Payment Date shall be the date of initial issuance and delivery of the Bonds. 9 "Case Reserves" means amounts in the Claims Payment Fund 11 required to be designated as reserves for payment of Settlements pursuant to Section 3~6 hereof in accordance with 13 prudent insurance practice and in accordance with the recommendations of the Claims Review Committee of the Authority 15 and the annual report of the Qualified Claims Auditor. Case Reserves will be determined by the Qualified Claims Auditor 17 annually, on or prior to February 1 of each year. Case Reserves will be adjusted to reflect changed circumstances 19 subsequent to the year any Claim is filed and to reflect the amount by which a Settlement exceeds reserves established for 21 any Claim; provided, however, that there shall be no Case Reserves established for a Claim or any portion thereof within 23 a Participant's Self-Insured Retention, as described in Exhibit F hereto, or which is covered by commercial insurance 25 or reinsurance pursuant to Section 3.5 hereof. 27 "Claim" means a demand against an Insured to recover for losses or damages within or alleged to be within the scope of 29 the Memorandum. 31 "Claims Paymen~ Fund" means the Claims Payment Fund established for The payment of Settlements pursuant to 33 Section 3.4 hereof. Nothing in this Agreement is intended to prohibit the Authority from designating the Claims Payment Fund 35 as being comprised of separate claims payment funds for the purposes of issuing and securing additional bonds issued by the 37 Authority and secured by premium payments of new Participants. 39 "Code" means the Internal Revenue Code of 1986, as amended. 41 "Consumer Price Index" means The Consumer Price Index, Urban Wage Earners and Clerical Workers, All Items, Base 43 1967=100, published by the Bureau of Labor Statistics, U.S. Department of Labor, or if said Index is not available for the 45 United States, 5hen an available index for the geographical area within The United States most similar to the entire United 47 States, published by said bureau or its successor, or if none, by any other instrumentality of the United States or of the 49 State of California, in the order mentioned. 6 2658002/2