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"Financial Guaranty Insurance Policy" shall mean the financial guaranty insurance policy <br />issued by Ambac Assurance insuring the payment when due of the principal of and interest on the <br />Obligations as provided therein. <br />A. Consent of Ambac Assurance. <br />Any provision of the Ordinance expressly recognizing or granting rights in or to <br />Ambac Assurance may not be amended in any manner which affects the rights of Ambac <br />Assurance under the Ordinance without the prior written consent of Ambac Assurance <br />Ambac Assurance reserves the right to charge the City a reasonable fee for any consent or <br />amendment to the Ordinance while the Financial Guaranty Insurance Policy is outstanding. <br />B. Consent of Ambac Assurance in lieu of Holder Consent. <br />Ambac Assurance's consent shall be required in lieu of holder consent, when required, <br />for the following purposes (i) execution and delivery of any amendment, supplement or <br />change to or modification of the Ordinance, (ii) removal of the Paying Agent and selection <br />and appointment of any successor paying agent and (iii) initiation or approval of any action <br />not described in (i) or (ii) above which requires holder consent <br />C. Consent of Ambac Assurance in the Event of Insolvency. <br />Any reorganization or liquidation plan with respect to the City must be acceptable to <br />Ambac Assurance In the event of any reorganization or liquidation, Ambac Assurance shall <br />have the right to vote on behalf of all holders who hold Ambac Assurance-insured Bonds <br />absent a default by Ambac Assurance under the applicable Financial Guaranty Insurance <br />Policy insuring such Bonds <br />NOTICES/INFORMATION TO BE GIVEN TO AMBAC ASSURANCE <br />Notices to be sent to the attention of the SURVEILLANCE DEPARTMENT: <br />A. While the Financial Guaranty Insurance Policy is in effect, the City shall furnish to <br />Ambac Assurance, upon request, the following <br />(a) a copy of any financial statement, audit and/or annual report of the City and <br />(b) such additional information it may reasonably request <br />Upon request, such information shall be delivered at the City's expense to the attention of the <br />Surveillance Department, unless otherwise indicated <br />SANMARCOS/WWWSRev2007~ Ordinance 43 <br />