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will be the lower of: (1) the Limit stated in the Declarations page for the Member Entity; (2) any limit stated in the Additional Covered Party certificate or (3) the amount required to be provided by contract or agreement with the Member Entity. Where this Agreement, or an endorsement or declaration, lists a "sublimit," that sublimit operates as the limit of coverage. (For example, if the covered party has a $2,000,000 sublimit and a $1,000,000 retained limit, the Authority will pay not more than $1,000,000 after exhaustion of the retained limit.) Should it appear to the Board of Directors that the total exposure for all claims in a program year may exceed a general aggregate limit for Pool D, the aggregate limit will be prorated between the member entities, on the basis of the member entities' respective premium contributions for the program year at issue. For purposes of determining whether the aggregate limit has been exhausted, the Board retains full discretion regarding placement of reserves, and payment of claims in order to equitably allocate the general aggregate limit. Once the general aggregate limit for such claims occurring during a program year has been exhausted, the Authority will have no further obligation to pay for covered ultimate net loss for such claims within Pool D, but this will not limit coverage which may be available within Pools B or C. EPL Sublimit A sublimit applies to employment practices liability. For any claims arising out of employment practices liability, the limit of coverage will be $10,000,000 per occurrence all allegations by an employee or former employee or applicant for employment in the same claim shall be considered as one occurrence for the purpose of the limit of coverage. All claims by all employees or former employees or applicants for employment arising from the same act, policy, or course of conduct by a covered party shall be considered as one occurrence for the purpose of the limit of coverage. All claims which allege employment practices liability for occurrences extending to a duration of more than one coverage period shall be treated as a single occurrence arising during the first coverage period when the occurrence begins. The sublimit of coverage is $5,000,000 per occurrence in Pool C and $5,000,000 in Pool D subject to a $5,000,000 annual aggregate collectively in Pool D only, for all covered parties; Limit of coverage is the most the Authority will pay for all ultimate net loss arising out of employment practices liability for any covered party (inclusive of its employees, commissions, agencies, districts, authorities or boards), as defined in Section II(8)(a) or (b) for any coverage year. Subsidence Sublimit For bodily injury, property damage or personal injury arising out of the subsidence of land or earth, the sublimit will be $5,000,000 per occurrence. Subsidence means the Memorandum of Coverage Effective: 0710112019 13