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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />48 <br />49 <br />7. Duration of an occurrence: <br />An OCCURRENCE with a duration of more than one MEMORANDUM PERIOD shall <br />treated as a single OCCURRENCE arising during the MEMORANDUM PERIOD when <br />OCCURRENCE began. <br />8. Endorsements to the MEMORANDUM: <br />Notice to any agent or knowledge possessed by any agent or by any other person shall not affec a <br />waiver or change in any part of this MEMORANDUM or stop BICEP from asserting any ri t <br />under the terms of this MEMORANDUM, nor shall the terms of this MEMORANDUM e <br />waived or changed, except by endorsement issued to form apart of this MEMORANDUM. <br />9. No third party beneficiaries: <br />Nothing in this MEMORANDUM is intended to make any person or entity, other than <br />COVERED PARTY, a third party beneficiary of the coverage that this MEMORANDU] <br />provides. <br />This MEMORANDUM confers no coverage or benefits on any person or entity other than <br />COV ERED PARTY; no person or entity other than a COVERED PARTY shall have the right <br />bring a legal action against BICEP, without its consent, to determine BICEP's obligations tc <br />COVERED PARTY under this MEMORANDUM. <br />10. Subrogation: <br />BICEP shall be subrogated to the extent of any payment hereunder to the COVERED PAR <br />rights of recovery thereof, and the COVERED PARTY shall do nothing after loss to prey <br />such right and shall do everything necessary to secure such right. Any amount so recovered <br />be apportioned as follows: <br />a. The expenses of all such recovery proceedings shall be paid before any reimbursements <br />made. If there is no recovery in the proceedings conducted by BICEP, then BICEP shall 1 <br />the expenses thereof. <br />b. The highest layer of coverage shall be reimbursed first and, if there be sufficient <br />then the next highest layer, until all recoveries are used up. <br />11. Assignment of interest: <br />Assignment of interest under this MEMORANDUM shall not bind B[CEP unless approved by <br />BICEP Board of Directors. <br />12. Drop down exclusion: <br />BICEP's LIMIT OF LIABILITY shall not be increased for any reason, including, but not limit <br />to, the refusal or inability of the COVERED PARTY to pay the SELF-INSURED RETENTIC <br />or by the refusal or inability of any underlying insurer or joint powers authority to pay, whether <br />reason of insolvency, bankruptcy, or otherwise. <br />03-OS-06 <br />13 <br />a <br />a <br />