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19. Public officials errors and omissions means any, acriial or alleged misstatement or <br /> misleading statement or act or omission by any covered party, individually or <br /> collectively, arising in the course and scope of their duties �vith the covered party or <br /> claimed against them solely by reason of their being or havina been public offcials or <br /> employees, and �vhich results in damage neither expected nor intended from the <br /> standpoint of the covered party. All claims involving the same misstatement or <br /> misleading statement or act or omission or a series of contimtous or repeated <br /> misstatements or misleading statements or acts or omissions will be considered as arising <br /> out of one occurrence. <br /> 20. Retained limit means the amount stated on the applicable Declarations or certificate of <br /> covera�e, �vhich `vill be paid by the covered party before the Authority is obligated to <br /> make any payment from the pooled fimds. Retained limit includes all defense costs. <br /> Retained limit shall be subject to the follo�vina: <br /> (a) For each occurrence, there shall be only one retained limit regardless of the <br /> number of claimants ar coy ered parties a�ainst whom a claim is made. If the <br /> covered parties have different retained limits, the hiahest retained Iimit of any <br /> of the involved covered parties will apply. No covered party shall be required to <br /> pay more than its retained limit. Absent a determination of the covered parties' <br /> proportionate shares of liability, payment of the retained limit shall be <br /> apportioned amon�the co�ered parties as follo�vs: <br /> (1) Thz hiahest retained limit shall be divided by the number of co�ered <br /> parties; <br /> (2) Those covered parties whose retained limits are lo�ver than their equal <br /> shares of the highest retained limit shall pay only the amount of their retained <br /> limits; <br /> (3) The remaininQ amount of the hiQhest retained limit shall be divided <br /> equally amon�the remaininQ covered parties; <br /> (4) If any of the remaining co��ered parties has a retained limit lo�ver than <br /> its revised equal share, that covered partyr shall pay only its retained fimit; <br /> (�) The balance of the highest retained Iimit shall be divided equally amona <br /> the remaininQ covered parties in accordance �vith the above procedures until the <br /> entire amotmt of the hiQhest retained limit has been paid. <br /> (b) If the payment is for a settlement, the retained limit shall be apportioned amon�st <br /> the covered parties, in accordance �vith the respective parties' ab eed upon or <br /> court-determined share of liability. In the event that the apportionment requires <br /> court determination, the covered parties �vill pay all costs of the Authority in <br /> seeking such determination, including its attorney's fees in proportion to the <br /> court's deternlination of liability. <br /> J:'BCJP(A\r�dmin�Documents`Govemine\�IOC's and�(PD's�2013-201a`LiabilitytLiability i410C 20I3-20Ia FNAL.doc i <br />