Laserfiche WebLink
<br /> 17Þ þ~ <br /> (b) receive as designee of the respective Holders (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 shal1 not be considered to discharge the, obligation of <br /> the Issuer with respect to such Bonds, and MBIA shal1 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 will 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 /> paragraph of the Policy, which principal and interest shall be <br /> deemed past due and not to have been paid), with interest <br /> thereon as provided in this Ordinance and the Bond, but only <br /> from the sources and in the manner provided herein for the <br /> payment of principal of and interest on the Bonds to Holders, <br /> and wil1 otherwise treat MBIA as the owner of such rights to <br /> the amount of such principal and interest. <br /> (g) In connection with the issuance of Additional Parity <br /> Bonds, the Issuer shall deliver to MBIA a copy of the disclosure <br /> document, if any, circulated with respect to such Additional Parity <br /> Bonds. <br /> (h) Copies of any amendments made to the documents executed <br /> in connection with the J.ssuance of the Bonds which are consented to <br /> by MBIA shall be sent to standard & Poor's Corporation. <br /> (i) MBIA shall receive notice of the resignation or removal <br /> of the Paying Agent/Registrar and the appointment of a successor <br /> thereto. <br /> (j) MBIA shall receive copies of all notices required to be <br /> delivered to Bondholders and, on an annual basis, copies of the <br /> Issuer's audited financial statements and Annual Budget. <br />