BICEP 2-1988 - Laserfiche WebLink

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1 SECTION 5.2 Receipt of a Participant's Allocable Share Upon Withdrawal or Expulsion. In connection with permitting 3 withdrawal of a Participant from Coverage pursuant to Section 6.2 hereof or ex?elling a Participant pursuant to Section 6.3 5 hereof, a portion of Undesignated Reserves shall at such time be allocated to such Participant in accordance with Allocable 7 Proportion (as adjusted pursuant to Section 5.1 hereof). In addition, a portion of the Debt Service Reserve Fund shall be 9 allocated to such Participant in accordance with Allocable Proportion (as adjusted pursuant to Section 5.1 hereof). The 11 sum of such amounts allocated to such Participant shall be applied first to the payment of Termination Premium pursuant to 13 Section 6.2 or Section 6.3 hereof. The Authority shall submit a Requisition pursuant to Section 3.02 of the Indenture for the 15 amount of such portion in excess of such Termination Premium and all other obligations due from such Participant under the 17 terms of this Agreement (its "Allocable Share"). The'Authority will hold the Allocable Share of each such Participant and any 19 interest thereon in a segregated account for the benefit of such Participant, subject only to assessment for Pure Premium 21 Adjustment assessed against such Participant. The Authority will transfer to such Participant its Allocable Share, less 23 assessments for Pure Premium Adjustment, on the earliest practicable date when such Participant is no longer subject to 25 assessment for any obligations under the terms of this Agreement, i.e. when all Claims within the scope of Coverage 27 prior to withdrawal or expulsion of such Participant have been finally determined and/or paid as Settlements. 29 31 33 35 37 SECTION 5.3 Receipt of a Participant's Share of Debt Service Reserve Fund Upon Prepayment. Upon any deposit of security or any prepayment by any Participant pursuant to Sections 11.1 or 11.3 of this Agreement, such Participant shall receive its share of amounts on deposit in the Debt Service Reserve Fund, determined using the ratio set forth in Section 5.1(b)(i) above. 39 ARTICLE VI 41 ADMISSION TO, WITHDRAWAL FROM AND EXPULSION FROM THE POOLED SELF-INSURANCE PROGR~ 43 SECTION 6.1 Conditions to Providinq Coveraqe to a New 45 Participan_~. Commencing July 1, 1989~ the Authority may provide Coverage to a new Participant which is not currently a 47 Participant under this Agreement, subject to the following conditions: 49 30 2658002/2