Laserfiche WebLink
f I <br /> redemption date thereof be deemed to have been paid within the meaning and with the effect <br /> expressed in paragraph (A) of this Section if(i) in case any of said Bonds are to be redeemed on any <br /> date prior to their maturity, the Issuer shall have given to the escrow agent instructions accepted in <br /> writing by the escrow agent to notify Holders of Outstanding Bonds in the manner required herein <br /> of the redemption of such Bonds on said date and (ii)there shall have been deposited with the escrow <br /> agent either moneys in an amount which shall be sufficient, or Federal Securities (including any <br /> Federal Securities issued or held in book-entry form on the books of the Department of the Treasury <br /> of the United States)the principal of and the interest on which when due will provide moneys which, <br /> together with the moneys, if any, deposited with the escrow agent at the same time, shall be sufficient, <br /> to pay when due the principal of or premium, if any, and interest due and to become due on said <br /> Bonds on or prior to the redemption date or maturity date thereof, as the case may be. <br /> Notwithstanding anything herein to the contrary, in the event that the principal and/or interest <br /> due on the Bonds shall be paid by the Bond Insurer pursuant to the Bond Insurance Policy, the Bonds <br /> shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be considered <br /> paid by the Issuer, and all covenants, agreements and other obligations of the Issuer to the registered <br /> owners shall continue to exist and shall run to the benefit of the Bond Insurer and the Bond Insurer <br /> shall be subrogated to the rights of such registered owners. <br /> Whenever the defeasance of Bonds is accomplished through the delivery of Federal Securities, <br /> the Issuer shall cause to be delivered a verification report of an independent nationally recognized <br /> certified public accountant relating to the adequacy of such deposit of Federal Securities. In addition, <br /> if a forward supply contract is employed in connection with the refunding, (i) such verification report <br /> shall also expressly state that the adequacy of the escrow to accomplish the refunding relies solely on <br /> the initial escrowed investments and the maturing principal thereof and interest income thereon and <br /> does not assume performance under or compliance with the forward supply contract, and (ii) the <br /> applicable escrow agreement shall provide that in the event of any discrepancy or difference between <br /> the terms of the forward supply contract and the escrow agreement (or the authorizing document, <br /> if no separate escrow agreement is utilized), the terms of the escrow agreement or authorizing <br /> document, if applicable, shall be controlling. <br /> SECTION 25. PROVISIONS APPLICABLE TO BOND INSURER. <br /> (A) Payments under the Policy: <br /> (i) If, on the third day preceding any interest payment date for the Bonds there <br /> is not on deposit with the Paying Agent sufficient moneys available to pay all <br /> principal of and interest on the Bonds due on such date, the Paying Agent <br /> shall immediately notify the Bond Insurer and State Street Bank and Trust <br /> Company, N.A., New York, New York or its successor as its Fiscal Agent <br /> (the "Fiscal Agent") of the amount of such deficiency. If, by said interest <br /> payment date, the Issuer has not provided the amount of such deficiency, the <br /> Paying Agent shall simultaneously make available to the Bond Insurer and to <br /> the Fiscal Agent the registration books for the Bonds maintained by the Paying <br /> 23 <br />