AgdaPkt 2016-09-12 Closed and Joint SA PFA

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EWC MOC 7/1/2012 Page 9 of 10 there should be no recovery in proceedings instituted solely on the initiative of the Authority, the expenses thereof shall be borne by the Authority. IX. INSPECTION AND AUDIT: The Authority shall be permitted but not obligated to inspect the Covered Party’s operations at any time. Neither the Authority’s right to make inspections nor the making thereof nor any report thereon shall constitute an undertaking on behalf of or for the benefit of the Covered Party or others to determine or warrant that such opera tions are safe or harmful, or are in compliance with any law, rule or regulation. The Authority may examine and audit the Covered Party’s books and records at any time during the currency hereof and until three (3) years after the final settlement of all claims or payments made on account of accident or disease occurring during the term of this Memorandum as far as such books and records relate to the subject matter of this Memorandum. X. OTHER COVERAGE: If the Covered Party has other coverage against a loss covered by this Memorandum, the Authority’s coverage shall apply in excess of any other coverage. XI. BANKRUPTCY AND INSOLVENCY: In the event of the bankruptcy or insolvency of the Covered Party or any entity comprising the Covered Party, the Authority shall not be relieved thereby of the payment of any claims under this Memorandum because of such bankruptcy or insolvency. XII. ASSIGNMENT: No assignment of the Covered Party’s interest hereunder shall be binding upon the Authority unless its consent is endorsed hereon. XIII. NOTICE OR PAYMENT: If more than one entity qualifies as a Covered Party under the definition of Covered Party or by endorsement to this Memorandum, all notices, stipulations and payments to or by the entity first named in the Declarations shall be binding upon all other Covered Parties. XIV. CHANGE OR WAIVER: The terms of this Memorandum shall not be waived or changed except by endorsement issued to form a part hereof, signed by a duly authorized representative of the Authority. XV. CANCELLATION: This Memorandum may be canceled by the Covered Party only at the end of the Memorandum Period and pursuant to the provisions of Article 20(b) of the Joint Powers Agreement. The Authority may cancel this agreement pursuant to the provisions of Article 21 (a)(1) and (a)(2) of the Joint Powers Agreement or the Authority’s invoice and premium payment policy as established by the Board of Directors. This Memorandum does not apply to any loss as a result of any occurrences taking place at or after the effective date of any such cancellation. 6.1.C. - Page 58