Use Termagent Swarm's power as it last existed on the battlefield to determine the number of tokens you create.
Termagant Swarm
The triggered ability that checks to see if X is 5 or greater refers to the value of X that was chosen as the spell was cast, which may be different from the number of counters it entered with if there are replacement effects involved. This is also true for any other ability that it has which refers to X and triggers when it enters the battlefield.
See also "New Keyword Ability: Ravenous" in General Notes.
Magic: The Gathering · ™ & © Wizards of the Coast · Illus. Nikola Matkovic
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