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<br /> ~ <br /> I ':;..'1 AN <br /> successors under the Policy (the "Insurance Paying Agent"), in <br /> form satisfactory to the Insurance Paying Agent, an instrument <br /> appointing MBIA as agent for such Holders in any legal <br /> proceeding related to the payment of such interest and an <br /> assignment to MBIA of the claims for interest to which such <br /> deficiency relates and which are paid by MBIA, (b) receive as <br /> designee of the respective Holders (and not as Paying Agent) <br /> in accordance with the tenor of the Policy payment from the <br /> Insurance Paying Agent with respect to the claims for interest <br /> so assigned, and (c) disburse the same to such respective <br /> Holders; and <br /> (ii) If and to the extent of a deficiency in amounts <br /> required to pay principal of the Bonds, the Paying Agent shall <br /> (a) execute and deliver to the Insurance Paying Agent in form <br /> satisfactory to the Insurance Paying Agent an instrument <br /> appointing MBIA as agent for such Holder in any legal <br /> proceeding relating to the payment of such principal and an <br /> assignment to MBIA of any of the Bonds surrendered to the <br /> Insurance Paying Agent of so much of the principal amount <br /> thereof as has not previously been paid or for which moneys <br /> are not held by the Paying Agent and available for such <br /> payment (but such assignment shall be delivered only if <br /> payment from the Insurance Paying Agent is received), <br /> (b) receive as designee of the respective Ho1.ders (and not as <br /> Paying Agent) in accordance with the tenor of the Policy <br /> payment therefor from the Insurance Paying Agent, and <br /> (c) disburse the same to such Holders. <br /> (e) Payments with respect to claims for interest on and <br /> principal of Bonds disbursed by the Paying Agent from proceeds of <br /> the Policy shall not be considered to discharge the obligation of <br /> the Issuer with respect to such Bonds, and. MBIA shall become the <br /> owner of such unpaid Bond and claims for the interest in accordance <br /> with the tenor of the assignment made to it under the provisions of <br /> this subsection or otherwise. . <br /> (f) Irrespective of whether any such assignment is executed <br /> and delivered, the Issuer hereby agrees for the benefit of MBIA that <br /> (i) To the extent MBIA makes payments, directly or <br /> indirectly (as by paying through the Paying Agent), on account <br /> of principal of or interest on the Bonds, MBIA will be <br /> subrogated to the rights of such Holders to receive the amount <br /> of such principal and interest from the Issuer, with interest <br /> thereon as provided and solely from the sources stated in this <br /> Ordinance and the Bonds; and <br /> (ii) There wil1 accordingly be paid to MBIA the amount <br /> of such principal and interest (including principal and <br /> interest recovered under subparagraph (ii) of the first <br /> 4579f <br /> -36- <br />