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<br /> , <br /> 12QÂS <br /> ARTICLE XV <br /> GUARANTY INSURANCE <br /> Section 15.01. Guaranty Insurance. <br /> The provisions of this Article XXI shall apply and remain in <br /> force and effect so long, but only so long, as the payment of the <br /> Bonds is insured by a policy of guaranty insurance (the "Policy") <br /> issued by Municipal Bond Insurance Investors Assurance Corporation <br /> ("MBIA") and are solely for the benefit of MEIA. For the purposes <br /> of this Article XXI, the term MBIA shall include MBIA and any <br /> successor thereto. <br /> Section 15.02. Notices to MBIA. <br /> Notices required to be given by the City or any other person <br /> or entity pursuant to this Ordinance or to the Escrow Agreement or <br /> the Paying Agent/Registrar Agreement approved hereby shall also be <br /> given to MBIA¡ provided, however, that failure of any notice to MBIA <br /> with respect to the redemption of Bonds or Refunded Bonds shall have <br /> no effect upon the validity of any such notice otherwise given by or <br /> on behalf of the City or any other person or entity. All notices <br /> required to be given to MBIA shall be in writing and shall be sent <br /> by United States registered or certified mail, postage prepaid, <br /> addressed to Municipal Bond Investors Assurance Corporation, 113 <br /> King Street, Armonk, New York 10504, Attention: Surveillance. <br /> Section 15.03. Amendments: Remedies for Default. <br /> (a) No amendment of this Ordinance requiring the consent of <br /> Holders of the Bonds shall be effective unless and until MEIA also <br /> shall have given its consent to such amendment. The provisions of <br /> this Ordinance with respect to the time and manner of giving consent <br /> to any such amendment and the duration and other effects of any such <br /> consent shall apply to any such consent given"by MBIA. <br /> (b) The City shall send or cause to be sent to Standard & <br /> Poor's Corporation by first class United States mail, postage <br /> prepaid, a copy of each amendment to this Ordinance to which MBIA <br /> shall have given consent pursuant to subsection (a) above. <br /> (c) The written consent of MBIA shall be a condition <br /> precedent to the undertaking by any Holder or Holders of the Bonds <br /> of any remedy for default contemplated by this Ordinance, which <br /> consent shall not be withheld unreasonably. MEIA shall have the <br /> right to pursue any remedy for default provided or contemplated by <br /> this Ordinance with or without the consent or joinder of any Holder <br /> or Holders of the Bonds. <br /> 4618f/2 <br />