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(b) loss of use of tangible property that is not physically injured or destroyed. 24) Public officials errors and omissions means any actual or alleged misstatement or misleading statement or act or omission by any covered party (individually or collectively) arising in the course and scope of their duties with the covered party or claimed against them solely by reason of their being or having been public officials or employees, and which results in damage neither expected nor intended from the standpoint of the covered party. 25) Retained limit means the amount, identified in the applicable declaration or certificate of coverage, of ultimate net loss which the member entity must incur or become liable for before the Authority is obligated to make any payment, subject to the following: (a) For each occurrence, there shall be only one retained limit regardless of the number of claimants or covered parties against whom a claim is made. If the covered parties have different retained limits, the lowest retained limit of any party found liable will apply. Payment of the retained limit shall be apportioned among the covered parties in accordance with their proportionate shares of liability. (b) If the payment is for a settlement, the retained limit shall be apportioned among the covered parties, in accordance with the respective parties' agreed upon or court -determined share of liability. In the event that the apportionment requires arbitration the covered parties will pay all costs of the California Joint Powers Risk Management Authority in seeking such determination, including its attorney's fees in proportion to the court's determination of liability. (c) In the event that a structured settlement, whether purchased from or through a third party or paid directly by the covered party in installments, is utilized in the resolution of a claim or suit, only the present value of the agreed -upon payments (the present value cost of the structured settlement) shall be considered in determining satisfaction of the covered party's retained limit. (d) The amount which the covered party must "incur or become liable for" so that the retained limit is satisfied and this coverage attaches may include sums paid on behalf of the covered party by: 1) A commercial insurance carrier because of a policy purchased by the covered party; 2) A commercial insurance carrier because of an additional insured endorsement issued to the covered party; Memorandum of Coverage Effective: 0710112019 WO