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1 "Coveraqe" means the insurance provided pursuant to and in <br /> accordance with and on the terms set forth in this Agreement <br /> 3 and 5n the Memorandum attached as Exhibit F hereto, including, <br /> but not limited to, rights to payment of Settlements from funds <br /> 5 on deposit in the Claims Payment Fund under the terms of this <br /> Agreement. <br /> 7 <br /> "Coverage Period" means each year for which a Participant <br /> 9 pays Participation Premium~ provided, however, that the first <br /> Coverage Period shall be the period of 12:01 a.m. on October 1, <br />11 1988 ~krough July t, 1989 at 12:01 a.m. California time. <br /> <br />13 "Governinq Board" means members of the Board of Directors <br /> of tke Authority; provided that only members representing <br />15 Part±cipan~s shall be entitled to vote on any action with <br /> respect to the pooled self-insurance program of the <br />17 PartScipants established by this Agreement and any references <br /> in this Agreement to a majority or specified percentage of the <br />19 Governing Board shall be deemed to mean a majority or specified <br /> percentage of Participant Members of the Governing Board. <br />21 <br /> "Insured", as used in the Memorandum, means a Participant <br />23 and any other insured described therein. <br /> <br />25 '~Loss Reserves" means the amounts in the Claims Payment <br /> Fund required to be designated as reserves for payment of <br />27 SeTtlements pursuant to Section 3.6 hereof. Loss Reserves <br /> shall include Case Reserves. Loss Reserves other than Case <br />29 Reserves are not required to be funded by any means other than <br /> the paymen~ of Pure Premium and are not required to be <br />31 established at any time for Coverage in excess of $10,000,000 <br /> per occurrence. <br />33 <br /> "Low Reserves Mode" means the occurrence and continuance of <br />35 one or more of the following events: <br /> <br />37 <br /> <br />39 <br /> <br />41 <br /> <br />43 <br /> <br />45 <br /> <br /> (1) the sum of the amounts in the Claims Payment <br />Fund, the Debt Service Reserve Fund and any other funds <br />held by the Trustee which are available to pay principal of <br />and interest on the Bonds is less than the greater of (a) <br />$10,000,000 or (b) sixty percent (60%) of the outstanding <br />principal amount of the Bonds; or <br /> <br /> (2) the total outstanding Case Reserves exceed 75% of <br />~he amounts Then on deposit in the Claims Payment Fund. <br /> <br />47 <br /> <br />49 <br /> <br /> "Memorandum" means the Memorandum of Liability Coverage set <br />forth in E~ibit F hereto. <br /> <br /> 7 <br />2658002/2 <br /> <br /> <br />