Common use of Put Option Premium Clause in Contracts

Put Option Premium. 5.1 In consideration for the Custodial Trust’s agreement to purchase the Preferred Stock in accordance with the terms of this Agreement, MBIA Insurance will pay to the Custodial Trust, in US dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Put Option Premium,” in an amount equal to the product of (A) the Auction Rate on the CPS Securities for the respective Distribution Period less the excess of (i) the Stated Yield for such Distribution Period over (ii) the expenses of the Custodial Trust for such Distribution Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Distribution Period, and the denominator of which will be 360 days. The Put Option Premium for each Distribution Period will be calculated on the Auction Date. If as a result of losses of principal of or interest on Eligible Assets there is a Delayed Auction, MBIA Insurance will pay to the Custodial Trust, in US dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Delayed Put Option Premium,” in an amount equal to the product of (A) the Delayed Auction Rate on the CPS Securities for the Delayed Auction Period less the excess of (i) the Stated Yield for such Delayed Auction Period over (ii) the expenses of the Custodial Trust for such Delayed Auction Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Delayed Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Delayed Auction Period, and the denominator of which will be 360 days. The Delayed Put Option Premium for each Delayed Auction Period will be calculated on the Delayed Auction Date.

Put Option Premium. 5.1 In consideration for the Custodial Trust’s 's agreement to purchase the Preferred Stock in accordance with the terms of this Agreement, MBIA Insurance will pay to the Custodial Trust, in US dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “"Put Option Premium,” " in an amount equal to the product of (A) the Auction Rate on the CPS Securities for the respective Distribution Period less the excess of (i) the Stated Yield for such Distribution Period over (ii) the expenses of the Custodial Trust for such Distribution Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Distribution Period, and the denominator of which will be 360 days. The Put Option Premium for each Distribution Period will be calculated on the Auction Date. If as a result of losses of principal of or interest on Eligible Assets there is a Delayed Auction, MBIA Insurance will pay to the Custodial Trust, in US dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “"Delayed Put Option Premium,” " in an amount equal to the product of (A) the Delayed Auction Rate on the CPS Securities for the Delayed Auction Period less the excess of (i) the Stated Yield for such Delayed Auction Period over (ii) the expenses of the Custodial Trust for such Delayed Auction Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Delayed Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Delayed Auction Period, and the denominator of which will be 360 days. The Delayed Put Option Premium for each Delayed Auction Period will be calculated on the Delayed Auction Date.

Put Option Premium. 5.1 In consideration for the Custodial Master Trust’s agreement to purchase the Preferred Stock on behalf of the Sub-Trust in accordance with the terms of this Agreement, MBIA Insurance will Ambac Assurance agrees to pay to the Custodial Master Trust, on behalf of the Sub-Trust, in US dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereofDate, the “Put Option Premium,” in an amount equal to the product of (A) the Auction Rate on the CPS ABC Securities for the respective Distribution Period less the excess of (i) the Stated Yield for such Distribution Period over (ii) the expenses of the Custodial Trust Rate for such Distribution Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS ABC Securities of the Sub-Trust outstanding at the time the Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Distribution Period, and the denominator of which will be 360 days. The amount derived in accordance with such formula shall be known herein as the “Put Option Premium for each Distribution Period will be calculated on the Auction Date. Premium.” If as a result of losses of principal of or interest on Eligible Assets there is a Delayed AuctionDefault during any Distribution Period, MBIA Insurance will then Ambac Assurance agrees to pay to the Custodial Master Trust, on behalf of the Sub-Trust, in US dollars, dollars on each Distribution Payment Date during which following receipt of the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Delayed Put Option Premium,” in Premium Certificate an amount amount, as determined by the Trustee, equal to the product of (A) the Delayed Auction Rate on the CPS ABC Securities for the Delayed Auction Period less the excess of (i) the Stated Yield Delayed Distribution Rate for such Delayed Auction Period over (ii) the expenses of the Custodial Trust for such Delayed Auction Distribution Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS ABC Securities of the respective Sub-Trust outstanding at the time the Delayed Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Delayed Auction Period, and the denominator of which will be 360 days. The amount derived in accordance with such formula shall be known herein as the “Delayed Put Option Premium for each Delayed Auction Period will be calculated on the Delayed Auction DatePremium.”

Put Option Premium. 5.1 In consideration for the Custodial Trust’s agreement to purchase the Preferred Stock in accordance with the terms of this Agreement, MBIA Insurance FSA will pay to the Custodial Trust, in US dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Put Option Premium,” in an amount equal to the product of (A) the Auction Rate on the CPS Securities for the respective Distribution Period less the excess of (i) the Stated Yield for such Distribution Period over (ii) the expenses of the Custodial Trust for such Distribution Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Distribution Period, and the denominator of which will be 360 days. The Put Option Premium for each Distribution Period will be calculated on the Auction Date. If as a result of losses of principal of or interest on Eligible Assets there is a Delayed Auction, MBIA Insurance FSA will pay to the Custodial Trust, in US dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Delayed Put Option Premium,” in an amount equal to the product of (A) the Delayed Auction Rate on the CPS Securities for the Delayed Auction Period less the excess of (i) the Stated Yield for such Delayed Auction Period over (ii) the expenses of the Custodial Trust for such Delayed Auction Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Delayed Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Delayed Auction Period, and the denominator of which will be 360 days. The Delayed Put Option Premium for each Delayed Auction Period will be calculated on the Delayed Auction Date.

Put Option Premium. 5.1 In consideration for the Custodial Trust’s agreement to purchase the Radian Securities Preferred Stock in accordance with the terms of this Agreement, MBIA Insurance Radian Securities will pay to the Custodial Trust, in US U.S. dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Put Option Premium,” in an amount equal to the product of (A) the Auction Rate on the CPS Securities for the respective Distribution Period less the excess of (i) the Stated Yield for such Distribution Period over (ii) the expenses of the Custodial Trust Expenses for such Distribution Period, ; provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Distribution Period, and the denominator of which will be 360 days. The Put Option Premium for each Distribution Period will be calculated on the Auction Date. If as a result of losses of principal of or interest on Eligible Assets there is a Delayed Auction, MBIA Insurance Radian Securities will pay to the Custodial Trust, in US U.S. dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Delayed Put Option Premium,” in an amount equal to the product of (A) the Delayed Auction Rate on the CPS Securities for the Delayed Auction Period less the excess of (i) the Stated Yield for such Delayed Auction Period over (ii) the expenses of the Custodial Trust Expenses for such Delayed Auction Period, ; provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Delayed Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Delayed Auction Period, and the denominator of which will be 360 days. The Delayed Put Option Premium for each Delayed Auction Period will be calculated on the Delayed Auction Date.

Put Option Premium. 5.1 In consideration for the Custodial Trust’s Radian Securities’ agreement to purchase the Radian Asset Preferred Stock in accordance with the terms of this Agreement, MBIA Insurance Radian Asset will pay to the Custodial TrustRadian Securities, in US U.S. dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Put Option Premium,” in an amount equal to the product of (A) the Auction Rate on the CPS Securities for the respective Distribution Period less the excess of (i) the Stated Yield for such Distribution Period over (ii) the expenses of the Custodial Trust Expenses for such Distribution Period, ; provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Distribution Period, and the denominator of which will be 360 days. The Put Option Premium for each Distribution Period will be calculated on the Auction Date. If as a result of losses of principal of or interest on Eligible Assets there is a Delayed Auction, MBIA Insurance Radian Asset will pay to the Custodial TrustRadian Securities, in US U.S. dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Delayed Put Option Premium,” in an amount equal to the product of (A) the Delayed Auction Rate on the CPS Securities for the Delayed Auction Period less the excess of (i) the Stated Yield for such Delayed Auction Period over (ii) the expenses of the Custodial Trust Expenses for such Delayed Auction Period, ; provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS Securities outstanding at the time the Delayed Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Delayed Auction Period, and the denominator of which will be 360 days. The Delayed Put Option Premium for each Delayed Auction Period will be calculated on the Delayed Auction Date.

Put Option Premium. 5.1 In consideration for the Custodial Master Trust’s 's agreement to purchase the Preferred Stock on behalf of the Sub-Trust in accordance with the terms of this Agreement, MBIA Insurance will Ambac Assurance agrees to pay to the Custodial Master Trust, on behalf of the Sub-Trust, in US dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereofDate, the “Put Option Premium,” in an amount equal to the product of (A) the Auction Rate on the CPS ABC Securities for the respective Distribution Period less the excess of (i) the Stated Yield for such Distribution Period over (ii) the expenses of the Custodial Trust Rate for such Distribution Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS ABC Securities of the Sub-Trust outstanding at the time the Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Distribution Period, and the denominator of which will be 360 days. The amount derived in accordance with such formula shall be known herein as the "Put Option Premium for each Distribution Period will be calculated on the Auction Date. Premium." If as a result of losses of principal of or interest on Eligible Assets there is a Delayed AuctionDefault during any Distribution Period, MBIA Insurance will then Ambac Assurance agrees to pay to the Custodial Master Trust, on behalf of the Sub-Trust, in US dollars, dollars on each Distribution Payment Date during which following receipt of the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Delayed Put Option Premium,” in Premium Certificate an amount amount, as determined by the Trustee, equal to the product of (A) the Delayed Auction Rate on the CPS ABC Securities for the Delayed Auction Period less the excess of (i) the Stated Yield Delayed Distribution Rate for such Delayed Auction Period over (ii) the expenses of the Custodial Trust for such Delayed Auction Distribution Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS ABC Securities of the respective Sub-Trust outstanding at the time the Delayed Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Delayed Auction Period, and the denominator of which will be 360 days. The amount derived in accordance with such formula shall be known herein as the "Delayed Put Option Premium for each Delayed Auction Period will be calculated on the Delayed Auction DatePremium."

Put Option Premium. 5.1 In consideration for the Custodial Master Trust’s 's agreement to purchase the Preferred Stock on behalf of the Sub-Trust in accordance with the terms of this Agreement, MBIA Insurance will Ambac Assurance agrees to pay to the Custodial Master Trust, on behalf of the Sub-Trust, in US dollars, on each Distribution Payment Date during which the put option remains in effect and is exercisable as set forth in Section 2.2 hereofDate, the “Put Option Premium,” in an amount equal to the product of (A) the Auction Rate on the CPS ABC Securities for the respective Distribution Period less the excess of (i) the Stated Yield for such Distribution Period over (ii) the expenses of the Custodial Trust Rate for such Distribution Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS ABC Securities of the Sub-Trust outstanding at the time the Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Distribution Period, and the denominator of which will be 360 days. The amount derived in accordance with such formula shall be known herein as the "Put Option Premium for each Distribution Period will be calculated on the Auction Date. Premium." If as a result of losses of principal of or interest on Eligible Assets there is a Delayed AuctionDefault during any Distribution Period, MBIA Insurance will then Ambac Assurance agrees to pay to the Custodial Master Trust, on behalf of the Sub-Trust, in US dollars, dollars on each Distribution Payment Date during which following receipt of the put option remains in effect and is exercisable as set forth in Section 2.2 hereof, the “Delayed Put Option Premium,” in Premium Certificate an amount amount, as determined by the Trustee, equal to the product of (A) the Delayed Auction Rate on the CPS ABC Securities for the Delayed Auction Period less the excess of (i) the Stated Yield Delayed Distribution Rate for such Delayed Auction Period over (ii) the expenses of the Custodial Trust for such Delayed Auction Distribution Period, provided that such amount shall be annualized and expressed as an annual rate with respect to the face amount of the CPS Securities outstanding on the date the Put Option Premium is determined, (B) the aggregate face amount of the CPS ABC Securities of the respective Sub-Trust outstanding at the time the Delayed Put Option Premium is calculated and (C) a fraction, the numerator of which will be the actual number of calendar days in the respective Delayed Auction Period, and the denominator of which will be 360 days. The amount derived in accordance with such formula shall be known herein as the "Delayed Put Option Premium for each Delayed Auction Period will be calculated on the Delayed Auction Date.Premium"