Ord 2005-099 - Laserfiche WebLink

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(v) Funds held in the Policy Payments Account shall not be invested by the Paying Agent/Registrar and may not be applied to satisfy any costs, expenses or liabilities of the Paying Agent/Registrar. (vi) Any funds remaining in the Policy Payments Account following a Payment Date shall be promptly remitted to the Insurer. (d) Rights of Insurer. (i) The rights granted to the Insurer under the Ordinance to request, consent to or direct any action are rights granted to the Insurer in consideration of its issuance of the Insurance Policy. Any exercise by the Insurer of such rights is merely an exercise of the Insurer's contractual rights and shall not be construed or deemed to be taken for the benefit or on behalf of the Bondholders nor does such action evidence any position of the Insurer, positive or negative, as to whether Bondholder consent is required in addition to consent of the Insurer. (ii) To the extent that this Ordinance confers upon or gives or grants to the Insurer any right, remedy or claim under or by reason of this Ordinance, the Insurer is hereby recognized as being a third-party beneficiary hereunder and may enforce any such right remedy or claim conferred, given or granted hereunder. (iii) The Insurer shall be entitled to pay principal or interest on the Bonds that shall become Due for Payment but shall be unpaid by reason of Nonpayment by the Issuer (as such terms are defined in the Insurance Policy) whether or not the Insurer has received a Notice of Nonpayment (as such terms are defined in the Insurance Policy) or a claim upon the Insurance Policy. (iv ) To the extent permitted by law, the Issuer shall payor reimburse the Insurer any and all charges, fees, costs and expenses which the Insurer may reasonably payor incur in connection with (i) the administration, enforcement, defense or preservation of any rights or security in the Ordinance or any document related thereto; (ii) the pursuit of any remedies under the Ordinance or any document related thereto or otherwise afforded by law or equity, (iii) any amendment, waiver or other action with respect to, or related to, the Ordinance or any document related thereto whether or not executed or completed, (iv) the violation by the City of any law, rule or regulation, or any judgment, or decree applicable to it or (v) any litigation or other dispute in connection with the Ordinance or any other document related thereto or the transactions contemplated thereby, other than amounts resulting from negligence or willful misconduct on the part of the Insurer or from the failure of the Insurer to honor its obligations under the Insurance Policy. The Insurer reserves the right to charge a reasonable fee as a condition to executing any amendment, waiver or consent proposed in respect of the Ordinance or any document related thereto. (f) Information to be Provided to Insurer. The Insurer shall be provided with the following information: 1. Annual audited financial statements within 120 days after the end of the Issuer's fiscal year and the Issuer's annual budget within 30 days after the approval thereof; 11. Notice of any draw upon the Reserve Fund within two Business Days after knowledge thereof other than (i) withdrawals of amounts in excess of the Required Reserve and (ii) withdrawals in connection with a refunding of Bonds; San Marcos WS 200SA: Ordinance 11-16-2005 37