Ord 2000-011 - Laserfiche WebLink

Home Browse Search

(b) Applicability of Article. Notwithstanding anything to the contrary set forth in this Ordinance, the provisions of this Article (and Article XIII to the extent applicable to the Insurer) shall control so long as the Bonds are insured by the Insurer and the Insurer is not in default under the Insurance Policy. (c) Consent of Insurer; Notices. (i) The Insurer shall be deemed to be the sole holder of the Bonds insured by it for the purpose of exercising any voting right or privilege or giving any consent or direction or taking any other action that the holders of the Bonds insured by it are entitled to take pursuant to of the Ordinance. (ii) No waiver, modification, amendment or supplement to the Ordinance may become effective except upon obtaining the prior written consent of the Insurer. (iii) The prior written consent ofthe Insurer shall be a condition precedent to the deposit of any credit instrument provided in lieu of a cash deposit into the Reserve Fund. (iv) Copies of any modification or amendment to the Ordinance shall be provided to Standard & Poor's Ratings Services and Moody's Investors Service, Inc. at least 3 days prior to the effective date thereof. (v) The Insurer shall be provided with all reports, notices and correspondence to be delivered under the terms of the Ordinance. (vi) The notice address of the Insurer is: Financial Security Assurance Inc., 350 Park Avenue, New York, New York 10022-6022, Attention: Managing Director -- Surveillance; Re: Policy No._, Telephone: (212) 826-0100; Telecopier: (212) 339-3529. In each case in which notice or other communication refers to an Event of Default, then a copy of such notice or other communication shall also be sent to the attention of General Counsel and shall be marked to indicate "URGENT MATERIAL ENCLOSED." (d) Payment Pursuant to Insurance Policy. (i) Amounts paid by the Insurer under the Insurance Policy shall not be deemed paid for purposes ofthe Ordinance and shall remain Outstanding and continue to be due and owing until paid by the Issuer in accordance with the Ordinance. The Insurer shall, to the extent it makes any payment of principal of or interest on the Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Insurance Policy. The Ordinance shall not be discharged unless all amounts due or to become due thereunder have been paid in full or duly provided for. (ii) If, on the business day prior to the related scheduled interest payment date or principal payment date ("Payment Date") there is not on deposit with the Paying Agent/Registrar, after making all transfers and deposits required under the Ordinance, moneys sufficient to pay the principal of and interest on the Bonds due on such Payment Date, the Paying Agent/Registrar shall. make a claim under the Insurance Policy and give notice to the Insurer and to its designated agent (if any) (the "Insurer's Fiscal Agent") by telephone or telecopy of the amount of such deficiency, and the allocation of such deficiency between the amount required to pay interest on the Bonds and the amount required to pay principal of the Bonds, confirmed in writing to the Insurer and the R:\SANMAR\ WWSS.llO\DOCSIFinaIIORDWWSS. WPD 30