Ord 1993-037 - Laserfiche WebLink

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FINANCIAL GUARANn- INSURANCE POLICY /2.Q[ J" MalA Ì\-1unicipal Bond Investors Assurance Corporation Annonk. New York 10504 PIJlicy r-.;u. XÀ,"""X:X Municipal Bond Investorn Assurance Corporation (the "Insurer"). in consideration of the payment of the premium and subject to the term' of this policy. hereby unconditionally and irrevocably guarantees to any owner. as hereinafter defined. of the following described obhgariuns. the full and complete payment required to b-c made by or an b-chalf of the Iss""r to [INSERT NAJo,æ OF PA Yil"G AGENT] or its successor (the "Paying Agenl") of an amount equal to (i) the principal of !either at the sl.ICed maturiry or by any advancement of maturity pul>uant to a mandatory sinking fund payment) and interest an. the Obligations (as that term is defm<:d below) as such payment' shall become due but shaH not be so paid lexcepr that in Ùle event of any acceleration of the due date of such principal by reason of mandatory or optional redemption or acceleration resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatory sinking fund payment. the payment' guaranteed hereby shall b-c made in such amounts and at such times as such payment' of principal would have been due had there not been any such acceleratIon): and (ii) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final judgment by a court of competent jurisdiction that such payment constiWtes an avoidable preference to such owner within the meaning of any applicable bankruprcy 13..... The amounts referred to in clauses (i) and (ii) of the preceding sentence shall b-c referred to herein collectively as the "Insured Amounts," "Obligations" shall mean: [PAR AMOUNT] [LEGAL TmE OF OBLIGATIONS) Upon receipt of telephonic or telegraphic notice. such notice subsequently confirmed in writing by registered or certified mail. or upon receipt of wnllen notIce by registered or certified mail. by the Insurer trom the Paying Agent or any own<:r of an Obligation the payment of an Insured Amount for which is then due. that such required payment ha., not b-cen made. the Insurer on the due date of such ,hayment or within one business day after receipt of notice of such nonpayment. whichever is later. will make a dep03it of funds. in an account wi Cirib.nk. NA.. in New Yor... New York. or its successor, sufficknt for the payment of any such Insured Amounts which are then due. Cpon presentmenr and surrender of such Obligations or presentment of such other proof of ownership of the Obligations. together with any appropriate instruments of assignment to evidence the assisomenl of the Insured Amounts due on the Obligations as are paid by the Insurer. and appropriate in.strument, to effect rhe appointment of the Insurer as agent for such own<:rs of the Obligations in any legal proceeding related to payment of Insured Amounts on the Obligations. such instruments being in a form satisfactory to Citibank. N.A.. Citibank. N.A. shall disburse to such owners. or the Paying Agent payment of the In,ured Amount.' due on such Obligations. Ie.. any amount held by the Paying Agent fer the payment of ~uch Insured Amount' and legally available therefor. This policy docs not insure against loss of any prepayment premium ....ruch may at any time be payable with res¡x:ct 10 any Obligation. ~ As used herein. the term "owner" shall mean the registered owner of any Obligation as Indicated in the boob maintained by the Paying Agent. the Issuer. or any designo:: of the Issuer for such purp03e. The term owner shall not incluùc the Issuer or any' party whose agreement with the i.<.uer constitutes the underlying security for the Obligations. Any service of process on the Insurer may be made to the Insurer at its offices located at 113 King Scr--et. Armonk. New York IO5().j and such service of process shall b-c valid and binding. ll1Ìs policy is non-cancellable for any reason. The premium on this policy is not refundable for any reason including the payment prior to maturity of the Obligations. IN WiT1'<'ESS WHEREOF. the Insurer has caused this policy to be executed in facsimile on its b-chaii by its duly authorized officers. this [OA Y) day of [MO!'iTH. YEAR]. , MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION COUNTERS IGNED: .... ~. p=;ò<", '" R ~ ' Resident Licensed Agent .- City. Stale ~~ ' Anes!: AssIstant se~ ~ Date " DISCLOSURE OF GUARANTY FUND NONPARTICIPATION In the event the Insurer IS unable to fulfill Its contractual obligation under this policy or contract or application or certificate or evidence of coverage, the policyholder or certificateholder is not protected by an insurance guaranty fund or other solvency protection arrangement. STD-RCSffX-4