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s e <br /> (iii) The Bond Insurer shall, to the extent it makes payment of principal of or <br /> interest on the Bonds, become subrogated to the rights of the recipients of <br /> such payments in accordance with the terms of the Bond Insurance Policy and, <br /> to evidence such subrogation, (A) in the case of subrogation as to claims for <br /> past due interest, the Paying Agent shall note the Bond Insurer's fights as <br /> subrogee on the registration books maintained by the Paying Agent upon <br /> receipt from the Bond Insurer of proof of the payment of interest thereon to <br /> the Bondholders of such Bonds and(B)in the case of subrogation as to claims <br /> for past due principal, the Paying Agent shall note the Bond Insurer's rights <br /> as subrogee on the registration books for the Bonds maintained by the Paying <br /> Agent upon receipt of proof of the payment of principal thereof to the <br /> Bondholders of such Bonds. Notwithstanding anything in this Resolution or <br /> the Bonds to the contrary, the Paying Agent shall make payment of such past <br /> due interest and past due principal directly to the Bond Insurer to the extent <br /> that the Bond Insurer is a subrogee with respect thereto. <br /> (B) Reporting Requirements: The Bond Insurer shall be provided with the following <br /> information: <br /> (i) Within 180 days after the end of each Fiscal Year, the budget for the <br /> succeeding year, the annual audited financial statements, a statement of the <br /> amount on deposit in the Reserve Account as of the last valuation, and, if not <br /> presented in the audited financial statements, a statement of the tax revenues <br /> pledged to payment of Bonds in each such fiscal year; <br /> (ii) The official statement or other disclosure document, if any, prepared in <br /> connection with the issuance of additional debt, whether or not on parity with <br /> the Bonds within 30 days after the sale thereof, <br /> (iii) Notice of any drawing upon or deficiency due to market fluctuation in the <br /> amount, if any, on deposit, in the Reserve Account; <br /> (iv) Notice of the redemption, other than mandatory sinking fund redemption, of <br /> any of the Bonds, or of any advance refunding of the Bonds, including the <br /> principal amount, maturities and CUSP numbers thereof, and <br /> (v) Such additional information as the Bond Insurer may reasonably request from <br /> time to time. <br /> 25 <br />