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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 />51 <br /> <br />availability of amounts in the Claims Payment Fund to pay <br />Claims made against any Participant, or for any other reason <br />(other than the termination of the obligation to pay <br />Participation Premium pursuant to Section 4.1 hereof) each <br />Participant shall appropriate funds sufficient to pay and shall <br />make all Premium payments when due and shall not withhold any <br />Premium payments pending the final resolution of such dispute. <br /> <br /> (b) Rate on Overdue Payments. In the event a Participant <br />fails to make any of the payments required in this Article, the <br />payment in default shall continue as an obligation of the <br />Participant until the amount in default shall have been fully <br />paid, and in addition to any remedies available with respect to <br />such default, the Participant agrees to pay the same with <br />interest thereon, at twelve percent (12%) per annum, but not to <br />exceed the highest rate permitted by law, from ~he date such <br />amount was originally payable. <br /> <br /> (c) Pledqe to Bondowners. Pursuant to the Indenture, the <br />Authority will pledge its right to receive and collect all <br />Premium payments and prepayments (but not Administrative <br />Premium) or any rights or obligations with respect thereto and <br />Termination Premium payable with respect thereto to the Trustee <br />in trust for the benefit of the Bond Owners. The Authority <br />hereby directs each Participant, and each Participant hereby <br />agrees to pay to the Trustee a~ the Trustee~s principal <br />corporate trust office, or to the Trustee at such other place <br />as the Trustee shall direct in writing, all payments payable by <br />the Participant pursuant to this Section and Article XI hereof. <br /> <br />SECTION 4.4 Premiums. <br /> <br /> (a) Participation Premium. The Participation Premium <br />payments due in any Coverage Period shall be made in <br />consideration for Coverage for such Coverage Period. The <br />entire amount of Participation Premium is due on the Basic <br />Premium Payment Date; provided, that with respect to the first <br />Coverage Period, Participation Premium shall be due on <br />October 25 (provided that Basic Premium shall be due on the <br />date of initial issuance and delivery of the Bonds) and shall <br />be payable in the respective amounts listed in Exhibit C hereto. <br /> <br />(b) Basic Premium. <br /> <br /> (1) Time and Amount. Notwithstanding any provision <br />of this Agreement to the contrary, no provision of this <br />Agreement relating to Basic Premium shall be effective <br />prior to the Closing Date of the first Series of Bonds. <br />Subject to the provisions of Article XI hereof (regarding <br />prepayment of Basic Premium and payment of Termination <br />Premium), Section 6.2 hereof (regarding withdrawal), <br /> <br /> 21 <br />2658002/2 <br /> <br /> <br />