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1 <br /> <br /> 3 <br /> <br /> 5 <br /> <br /> 7 <br /> <br /> 9 <br /> <br />11 <br /> <br />13 <br /> <br />15 <br /> <br />17 <br /> <br />19 <br /> <br />21 <br /> <br />23 <br /> <br />25 <br /> <br />27 <br /> <br />29 <br /> <br />31 <br /> <br />33 <br /> <br />35 <br /> <br />37 <br /> <br />39 <br /> <br />41 <br /> <br />43 <br /> <br />45 <br /> <br />47 <br /> <br />49 <br /> <br /> Notwithstanding the foregoing, failure by a Participant to <br />comply with the Underwriting and Claims Administration <br />Standards (including the Liability Claims Quality Control <br />Guidelines) referred to in Exhibit G shall be an event of <br />default only after following the procedures described therein. <br /> <br /> SECTION 10.2 Remedies on Default. Whenever any event of <br />default referred to in Section 10.1 hereof shall have happened <br />and be continuing, it shall be lawful for the Authority to <br />exercise any and all remedies available pursuant to law or <br />granted pursuant to this Agreement. Upon the occurrence of any <br />event of default with respect to the obligation to pay <br />Premiums, the Authority may and, upon an Event of Default <br />described in Section 10.1(i) or upon the written direction of <br />O%~ners of a majority in aggregate principal amount of Bonds <br />then outstanding, shall cancel all Coverage rights of the <br />defaulting Partidipant for the portion of the then-c~rrent <br />Coverage Period commencing with the event of default and ending <br />with its cure. Despite the cancellation of Coverage of a <br />defaulting Participant for a given Coverage Period, th~ <br />Participant nonetheless agrees to pay to the Authority all <br />costs, losses and damages howsoever arising or occurring as a <br />result of such default and cancellation. No such cancellation <br />shall be or become effective by operation of law or otherwise, <br />unless and until the Authority shall have given at least sixty <br />(60) days, or in the case of an Event of Default described in <br />Section 10.1(i), at least ten (10) days~ written notice of such <br />cancellation to the Participant; no such cancellation shall be <br />effected by operation of law or acts of the parties hereto, <br />except in the manner herein expressly provided; and no such <br />cancellation shall terminate the obligation of the cancelled <br />Participant to pay Pure Premium Adjustments relating to <br />Coverage Periods prior to such cancellation or to pay Premium <br />for subsequent Coverage Periods for which Coverage is made <br />available to such defaulting Participant; provided, however, <br />that notwithstanding anything herein or in the Indenture to the <br />contrary, there shall be no right under any circumstances to <br />accelerate the Basic Premium or otherwise declare any Basic <br />Premium not then in default to be immediately due and payable. <br /> <br /> In the event that the Authority elects to expel any <br />defaulting Participant, subject to the conditions described and <br />in the manner provided in Section 6.3 hereof, the Participant <br />nevertheless agrees to pay to the Authority all costs, losses <br />or damages howsoever arising or occurring as a result of such <br />default. No such expulsion shall be or become effective by <br />operation of law or otherwise, unless and until the Authority <br />shall have given at least sixty (60) days~ written notice, or <br />in the case of an Event of Default described in Section <br />10.1(i), at least ten (10) days' written notice of such <br /> <br /> 39 <br />2658002/2 <br /> <br /> <br />