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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 />Authority. The Termination Premium for a Participant shall <br />be determined by the Authority in an amount equal to the <br />sum of the following at the time of such expulsion or <br />withdrawal: (i) the amount that would be required to (1) <br />secure the pa_xrment of such Participant's Basic Premium <br />pursuant to Section 11.1 hereof or (2) prepay such <br />Participant's Basic Premium pursuant to Section 11.3 hereof <br />on the next date on which such prepayment may be made, as <br />the case may be, (ii) an amount equal to such Participant's <br />Allocable Proportion of the amount, if any, by which the <br />amount in the Debt Service Reserve Fund is less than the <br />Reserve Re~diremen~ and (iii) an amount equal to all Pure <br />Premium AdjusTments scheduled to be paid by such <br />Participant. Termination Premium shall be paid from, to <br />the extent available: (x) such Participant's Allocable <br />Proportion of the Debt Service Reserve Fund, and its <br />Allocable Proportion of Undesignated Reserves in the Claims <br />Payment Fund not to exceed its Allocable Proportion of <br />deposits made to the Claims Payment Fund from Bond proceeds <br />or its cash deposit into the Claims Payment Fund in lieu of <br />Bond proceeds hereof and (y) in.the event of withdrawal, <br />from voluntary premium payments by the withdrawing <br />Participant and, in the event of expulsion, from voluntary <br />premium payments by other Participants. If Undesignated <br />Reserves are less than a withdrawing Participant's <br />Allocable Proportion of deposits made to the Claims Payment <br />Fund from Bond proceeds or its cash deposit into the Claims <br />Payment Fund, such withdrawing Participant shall receive a <br />credit to subsequent Pure Premium Adjustments in accordance <br />with Schedule B hereto. <br /> <br /> (b) The Authority, at the direction of the Governing <br />Board of the Authority by, majority vote, will direct the <br />Trustee by written instruction to use the components of <br />Termination Premium described in clause (i) of the <br />preceding paragraph to either (i) make an irrevocable <br />deposit pursuant to Section 11.1 hereof or (ii) redeem a <br />corresponding principal amount of Bonds then redeemable. <br />The portion of Termination Premium not required for such <br />deposit or prepayment will be deposited in the Debt Service <br />Reserve Fund or the Claims Payment Fund, as the case may be. <br /> <br />43 SECTION 11.5 Continuinq Premium Obliqations. In the event <br /> of irrevocable deposit by a Participant pursuant to Section <br />45 11.1 hereof or prepayment (except in connection with voluntary <br /> withdrawal or expulsion) pursuant to Section 11.3 hereof, such <br />47 Participant shall remain liable in each Coverage Period to,pay~ <br /> SupplemenTal Basic Premium, Administrative Premium, Pure <br />49 Premium and Pure Premium Adjustment. In the event that an <br /> irrevocable deposit or prepayment by all Participants pursuant <br /> <br /> 44 <br />2658002/2 <br /> <br /> <br />