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the first month following each draw, and each such monthly payment shall be in an amount at least equal to 1/12 of the aggregate of Policy Costs related to such draw. Amounts in respect of Policy Costs paid to Financial Security shall be credited first to interest due, then to the expenses due and then to principal due. As and to the extent that payments are made to Financial Security on account of principal due, the coverage under the Surety Policy will be increased by a like amount, subject to the terms of the Surety Policy. All cash and investments in the Reserve Fund shall be transferred to the Interest and Sinking Fund before any drawing may be made on the Surety Policy or any other credit facility credited to the Reserve Fund in lieu of cash ("Credit Facility"). Payment of any Policy Costs shall be made prior to replenishment of any such cash amounts. Draws on all Credit Facilities (including the Surety Policy) on which there is available coverage shall be made on a pro-rata basis (calculated by reference to the coverage then available thereunder) after applying all available cash and investments in the Reserve Fund. Payment of Policy Costs and reimbursement of amounts with respect to other Credit Facilities shall be made on a pro-rata basis prior to replenishment of any cash drawn from the Reserve Fund. (b) If the City shall fail to pay any Policy Costs in accordance with the requirements of Paragraph 5(a) hereof, Financial Security shall be entitled to exercise any and all legal and equitable remedies available to it, including those provided herein other than (i) acceleration of the maturity of the Bonds or (ii) remedies which would adversely affect owners of the Bonds. (c) The agreement and commitments contained herein shall not be discharged until all Policy Costs owing to Financial Security shall have been paid in full. The City's obligation to pay such amounts shall expressly survive payment in full of the Bonds. (d) The additional bonds test and the rate covenant herein provide for at least one times coverage of the Policy Costs then due and owing. (e) The Paying Agent/Registrar shall ascertain the necessity for a claim upon the Surety Policy and to provide notice to Financial Security in accordance with the terms of the Surety Policy at least five business days prior to each date upon which interest or principal is due on the Bonds. Where deposits are required to be made by the City with the Trustee to the debt service fund for the Bonds more often than semi-annually, the Paying Agent/Registrar shall be instructed to give notice to Financial Security of any failure of the City to make timely payment in full of such deposits within two business days of the date due. ARTICLE XV AMENDMENTS; FURTHER PROCEDURES; AND SEVERABILITY Section 15.01. Amendments. This Ordinance shall not be amended or repealed by the City while any Bond remains outstanding, except as permitted by this Section. The City, without the consent of or notice to any Owner, from time to time and at any time, may amend this Ordinance in any manner not SANMARCOS/MW W SRev2008: Ordinance 4 g