Ord 2007-035 - Laserfiche WebLink

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occur within such period, then such period will be extended so long as compliance is begun within such period and diligently pursued, but only if such extension would not materially adversely affect the interests of any registered owner of the Certificates. DEFEASANCE Notwithstanding anything in the Ordinance to the contrary, in the event that the principal and/or interest due on the Certificates shall be paid by Ambac Assurance Corporation pursuant to the Financial Guaranty Insurance Policy, the Certificates shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be considered paid by the City, and all covenants, agreements and other obligations of the City to the registered owners shall continue to exist and shall run to the benefit of Ambac Assurance, and Ambac Assurance shall be subrogated to the rights of such registered owners. PAYMENT PROCEDURE PURSUANT TO THE FINANCIAL GUARANTY INSURANCE POLICY 1. As long as the City insurance shall be in full force and effect, the City and the Paying Agent agree to comply with the following provisions. (a) at least one (1) business day prior to all interest payment dates the Paying Agent will determine whether there will be sufficient funds in the funds and Accounts to pay the pnncipal of or interest on the Certificates on such interest payment date. If the Paying Agent, if any, determines that there will be insufficient funds in such funds or accounts, the Paying Agent shall so notify Ambac Assurance. Such notice shall specify the amount of the anticipated deficiency, the Certificates to which such deficiency is applicable and whether such Certificates will be deficient as to principal or interest, or both. If the Paying Agent has not so notified Ambac Assurance at least one (1) business day prior to an interest payment date, Ambac Assurance will make payments of pnncipal or interest due on the Certificates on or before the first (1st) business day next following the date on which Ambac Assurance shall have received nonce of nonpayment from the Paying Agent; (b) the Paying Agent shall, after giving notice to Ambac Assurance as provided in (a) above, make available to Ambac Assurance and, at Ambac Assurance's direction, to The Bank of New York, as insurance trustee for Ambac Assurance or any successor insurance trustee (the "Insurance Trustee"), the registration books of the City maintained by the Paying Agent and all records relating to the funds and accounts maintained under the Ordinance; (c) the Paying Agent shall provide Ambac Assurance and the Insurance Trustee with a list of registered owners of Certificates entitled to receive principal or interest payments from Ambac Assurance under the terms of the Financial Guaranty Insurance Policy, and shall make arrangements with the Insurance Trustee (i) to mail checks or drafts to the registered owners of Certificates entitled to receive full or partial interest payments from Ambac Assurance and (ii) to pay principal upon Certificates surrendered to the Insurance Trustee by the registered owners of Certificates entitled to receive full or partial principal payments from Ambac Assurance, (d) the Paying Agent shall, at the time ~t provides nonce to Ambac Assurance pursuant to (a) above, notify registered owners of Certificates entitled to receive the payment of pnncipal or interest thereon from Ambac Assurance (i) as to the fact of such entitlement, (ii) that Ambac Assurance will remit to them all or a part of the interest payments next coming due upon proof of holder entitlement to interest San Marcos CTRCO 2007B: Ordinance