BICEP 2-1988 - Laserfiche WebLink

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1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 option to prepay Basic Premium of all Participants pursuant to Section 11.3 hereof in the manner and upon the terms set forth in such Section. The Participants may uee Undesignated Reserves in the Claims Payment Fund, moneys in the Debt Service Reserve Fund or any other lawfully available moneys to deposit or prepay the amounts described in this Section. Notwithstanding the foregoing, in the event that the number of Participants is five (5) or less, so that a Participant is unable to withdraw pursuant to Section 6.3 hereof unless deposit of security for Basic Premium or optional prepayment by all Participants is provided for pursuant to this Section 11.2, any Participant may cause the Authority to use any amounts in the Claims Payment Fund and moneys in the Debt Service Reserve Fund to deposit or prepay the amounts described in this Section. Unless the Participants elect otherwise by vote of at least a majority of the Participant members of the Governing Board of the Authority, the pooled self-insurance program shall terminate by virtue of such deposit or prepayment, except for the obligations of each Participant to pay Pure Premium Adjustments, as provided in Section 4.1 hereof. SECTION 11.3 Optional Redemption of Bonds. Subject to the terms and conditions of this Section, the Authority hereby grants an option to each Participant to prepay in whole, the unpaid principal amount of such Participant's Basic Premium, on the dates specified below. Said option shall be exercised by a Participant by giving written notice to the Trustee of the exercise of such option at least forty-five (45) days prior to the date of prepayment. Such~ option shall be exercised by . depositing with said notice cash in an amount equal to the corresponding outstanding principal of Bonds to be redeemed, plus accrued interest on the principal amount to be prepaid to the date of redemption, together with any Basic Premium then due but unpaid, and said cash deposit shall be accompanied by an amount equal to the amount expressed as a percentage of the principal amount prepaid constituting a prepayment price which is designated in an amendment to this Agreement entered into on or prior to the date of issuance of the first Series of the Bonds. SECTION 11.4 Termination Premium. (a) A Participant may withdraw from Coverage pursuant to Section 6.2 hereof or be expelled from Coverage pursuan~ to Section 6.3 hereof when the full amount of Termination Premium shall have been deemed to have been paid to the 43 2658002/2