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" .#' I I I "~ Agent/Registrar, who shall note on such Certificates the portion of the principal paid by Paying Agent/Registrar, and then, along with an appropriate instrument of assignment in form satisfactory to the I nsurance Trustee, to the Insurance Trustee, which will then pay the unpaid portion of principal. (e) In the event that Paying Agent/Registrar, has notice that any payment of principal of or interest on a Obligation which has become Due for Payment and which is made to a Holder by or on behalf of the City has been deemed a preferential transfer and theretofore recovered from its registered owner pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance with the final, nonappealable order of a court having competent jurisdiction, Paying Agent/Registrar, shall, at the time Ambac Assurance IS notified pursuant to (a) above, notify all registered owners that in the event that any registered owner's payment is so recovered, such registered owner will be entitled to payment from Ambac Assurance to the extent of such recovery if sufficient funds are not otherwise available, and Paying Agent/Registrar, shall furnish to Ambac Assurance its records evidencing the payments of principal of and interest on the Certificates which have been made by Paying Agent/Registrar, and subsequently recovered from registered owners and the dates on which such payments were made. (f) In addition to those rights granted Ambac Assurance under this Ordinance, Ambac Assurance shall, to the extent it makes payment of principal of or interest on Certificates, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Financial Guaranty Insurance Policy, and to evidence such subrogation (i) in the case of subrogation as to claims for past due interest, Paying Agent/Registrar, shall note Ambac Assurance's rights as subrogee on the registration books of the City maintained by Paying Agent/Registrar, upon receipt from Ambac Assurance of proof of the payment of interest thereon to the registered owners of the Certificates, and (ii) in the case of subrogation as to claims for past due principal, Paying Agent/Registrar, shall note Ambac Assurance's rights as subrogee on the registration books of the City maintained by Paying Agent/Registrar, upon surrender of the Certificates by the registered owners thereof together with proof of the payment of principal thereof. Section 14.08 Ambac as Third Party Beneficiary. To the extent that this Ordinance confers upon or gives or grants to Ambac any right, remedy or claim under or by reason of this Ordinance, Ambac is hereby explicitly recognized as being a third-party beneficiary hereunder and may enforce any such right, remedy or claim conferred, given or granted hereunder. [Execution page follows] R.ISan MarcoslCO 041DocslOrdinancelCO Ord Final wpd 35