Ord 1993-038 - Laserfiche WebLink

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FINANCIAL GUARANTY INSURANCE POLICY 13()¡:: j MalA Municipal Bond Investors Assurance Corporation Annonk. New York 10504 Policy No. xx.""'O>: Municipal Bond Investo.-,; Assurance Corporation (the "Insurer"). in consideration of the payment of the premium and subject to the term.~ of Ihis policy, hereby unconditionally and irrevocably guarantees to any owner. as hereinafter defined. of the followin~ described obligations. the full and complete payment required to be made by or on behalf of the Issuer to [INSERT NAÑŒ OF PAYING AG NT] or its successor (the "P"ying Agent") of an amount equal to (i) the principal of (either at the stated maturity or by any advancement of maturity pu",uan! to a mandatory sinking fund payment) and interest on. the Obligations (as that term is defmed below) as such payment' shall become due but shall not be so paid (e,",cept th"t in the event of any ac=leration of the due date of such principal by reason of mandatory or optional redemption or acC"Clcration resulting from default or otherwise, other than any advancement of maturity pursuant to a mandatory sinking fund payment. the payment' guaranteed hereby shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such acceleration): and Cii) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a fin,,1 judgment by a court of conlpetent jurisdiction that such payment constitutes an avoidable preferenC"C to such owner within the meaning of any applicable bankruptcy law. The amounts referTed to in cI"uscs (i) and (ii) of the preceding sentence shall be referred to herein collectively as the "Insured Amounts." "Obligations" shall mean: [pAR AM 0 UNf] [LEGAL TITLE OF OBLIGA TrONS] Upon receipt of telephonic or telegraphic notice. such notice subsequently confirmed in writing by registered or certified mail. or upon receipt of written notiC"C by registered or certified mail. by the Insurer from the Paying Agent or any owner of an Obligation the payment of an Insured Amount for which is then due. that such required payment h:LS not been m"de. the In~urer on the due date of such Jayment or ",.¡thin one businC:'!s day after receipt of notice of such nonpayment. whichever is (ater. will make a deposit of funds. in an account wi Citibank. N.A.. in New York. New York. or its successor. sufficÎCnt fO1' the payment of any such Insured Amounl3 which arc then due. Upon presentment and sum:oder of such Obligations 01' presenunent of such other proof of ownership of the Obligations. together with any appropriate instruments of assignment to evidence the assignment of the Insured Amounts due on the Obligations as are paid by the Insurer. and appropriate instruments to effect the appointment of the Insurer as agent for such owners of the Obli¡ptions 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. 01' the Paying Agent payment of the Insured Amounts due on such Obligations. les:; any amount held by the Paying Agent for the payment of such Insured Amounts and legally available therefor. This policy does not insure against loss of any prepayment premiUltt which may at any time b<: payable with respect to any Obligation. As used herein. the term "owner" shall mean the registered owner of any Obligation as indicated in the boob maintained by the P"ying Agent. the Is.suer. 01' any designee of the Issuer for such purpose. The term owner shall not include the Issuer or any party whose agreement with the L"Sucr constitutes the underlying security fO1' the Obligations. Any service of process on the Insurer may be made to the Insurer at its offices located at 113 King Street. Armonk.. New York 10504 and such service of process shall be valid and binding. This policy is non-cancellablc fO1' any reason. The premium on this policy is not refundable for any reason including the payment prior to maturity of the Obligations. IN WITNESS WHEREOF. the Insurer has caused this policy to be e)lecuted in facsimile on ils behalf by ils duly authorized officers. this [DAìl day of [MOmB. YEAR]. , MUNICIPAL BOND INVESTORS ASSURANCE CORPORATION COUNrERSIGNED: -~~ Resident Licensed Agent P='do.' "" ~ ~ ' City. State ' ~~..' Attest: Assistant Sc~ 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-RCSITX-4