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1 <br />3 <br />5 <br />7 <br />9 <br />11 <br />13 <br />15 <br />17 <br />19 <br />21 <br />23 <br />25 <br />27 <br />29 <br />31 the <br />33 <br /> <br />35 <br />37 <br />39 <br />41 <br />43 <br />45 <br />47 <br />49 <br /> <br />Retention as described in Exhibit F hereto, and, in <br />particular, (i) to the extent such Participant has control <br />over any negotiation or structuring of a Settlement and <br />subject to the limitations in the Memorandum, not to effect <br />Settlement payment dates earlier than the date the Claims <br />Payment Fund has been or will be fully funded to cover Loss <br />Reserves established for the payment of such Claim, and <br />(ii) at any time during which the Low Reserves Mode is in <br />effect or when otherwise requested by the Authority, with <br />respect to any judgment (as defined in California <br />Government Code Section 970) in an amount of one million <br />dollars ($1,000,000) or more, assuming such amount exceeds <br />such Participant's Self Insured Retention, to petition the <br />court for payment of such judgment in installments pursuant <br />to the provisions of California Government Code Section <br />970.6. <br /> <br /> (f) Compliance with Memorandum. Such Participant <br />hereby expressly covenants to comply with the terms and <br />conditions set forth in the Memorandum and with the <br />Underwriting and Claims Administration Standards and the <br />Liability Claims Quality Control Guidelines set forth in <br />Exhibit G hereto. <br /> <br /> (g) Acknowledqment of Security Interest. Such <br />Participant hereby expressly acknowledges the security <br />interest of the Trustee on behalf of the Bond Owners in <br />moneys to be paid hereunder and held by the Trustee. <br /> <br /> SECTION 2.2 Representations, Covenants and Warranties of <br /> Authority. The Authority represents, covenants and <br />warrants to each Participant as follows. <br /> <br /> (a) Recitals Correct. <br />are true and correct. <br /> <br />The recitals to this Agreement <br /> <br /> (b) Due Orqanization and Existence; Enforceability. <br />The Authority is a joint exercise of powers authority duly <br />organized, existing and in good standing under and by <br />virtue of the laws of the State, authorized under the <br />Constitution and laws of the State to enter into this <br />Agreement and the Indenture: is possessed of full power to <br />provide self-insurance to consenting public entities; and <br />has duly authorized the execution and delivery of all of <br />the aforesaid agreements. This Agreement and the Indenture <br />constitute the legal, valid, binding and enforceable <br />obligations of the Authority in accordance with their <br />respective terms, except to the extent limited by <br />applicable bankruptcy, insolvency, reorganization, <br /> <br /> 13 <br />2658002/2 <br /> <br /> <br />