Laserfiche WebLink
Exhibit A <br /> FlllanClal (Alaranty Insurance �!� <br /> Company /IIJJ- <br /> 115 Broadway <br /> New York. \Y 10006 <br /> 1_'I=)31'-3000 <br /> (x00) 35'_-0001 <br /> A GE Capital Company <br /> Municipal Bond Debt Service <br /> Reserve Fund Policy <br /> Issuer: Policy Number: <br /> Control Number: 0010001 <br /> Bonds: together with any parity obligations <br /> issued under the authorizing document,as amended and Premiu <br /> supplemented,and secured by the same debt service m mount: <br /> reserve fund <br /> Paving Agent: <br /> X�4ermination Date: <br /> Financial Guaranty Insurance Compan anc Guaranty"), a New York stock insurance company, in <br /> consideration of the payment of the premi t a d subject to the terms of this Policy, hereby unconditionally and <br /> irrevocably agrees to pay the paying agent named above or its successor, as paying agent for the Bonds (the <br /> "Paying Agent"), for the benefit of Bondholders, that portion (not to exceed the Maximum Amount set forth <br /> above) of the amount required to pay principal and interest (but not any prepayment premium) on the Bonds <br /> which shall become Due for Payment but shall be unpaid by reason of Nonpayment by the Issuer. No payment <br /> shall be due hereunder for any event of Nonpayment that occurs after the Termination Date set forth above. <br /> Financial Guaranty will make such payment to the Paying Agent on the date such principal or interest becomes <br /> Due for Payment or on the Business Day next following the day on which Financial Guaranty shall have <br /> received Notice of Nonpayment, whichever is later. Upon such disbursement, Financial Guaranty shall become <br /> entitled to reimbursement therefor(together with interest thereon) all as provided in the Debt Service Reserve <br /> Fund Policy Agreement between the Issuer and Financial Guaranty dated as of the Effective Date of this Policy. <br /> The Maximum Amount shall be automatically reinstated when and to the extent that the Issuer repays amounts <br /> disbursed hereunder, but shall not be reinstated to the extent of amounts received by Financial Guaranty <br /> constituting interest on amounts disbursed to the Paying Agent pursuant to this Policy. Financial Guaranty shall <br /> provide Notice to the Paying Agent of any reinstatement of any portion of the Maximum Amount within one <br /> Business Day of such reinstatement. <br /> This Policy is non-cancellable for any reason,including the failure of the Issuer to reimburse Financial Guaranty <br /> for any payment made hereunder. <br /> As used herein, the term"Bondholder" means, as to a particular Bond, the person other than the Issuer who, at <br /> the time of Nonpayment, is entitled under the terms of such Bond to payment thereof. "Due for Payment" <br /> means, when referring to the principal of a Bond, the stated maturity date thereof or the date on which the same <br /> shall have been duly called for mandatory sinking fund redemption and does not refer to any earlier date on <br /> which payment is due by reason of call for redemption (other than by mandatory sinking fund redemption). <br /> acceleration or other advancement of maturity and means, when referring to interest on a Bond. the stated date <br /> for payment of interest. "Nonpayment" in respect of a Bond means the failure of the Issuer to have provided <br /> FDIC is a re_istcred senice mark used b_v Financial Guarani%Insurance Cumpan% under license from its parent companv.MIC Corporation. <br /> Funs 9008 1 I'94) <br /> Page I u) <br />