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AMBAC Indemnity Corporation Municipal Bond Insurance Policy c o CT Corporation Systems 4.4 East Mifflin St., Madison, Wisconsin 53703 Administrative Office: One State Street Plaza, New York, NY 10004 'Iclephone: (2 12) 668-0140 Issuer: Policy Number: Bonds: Premium: AMBAC Indemnity Corporation (AMBAC) A Wisconsin Stock Insurance Company in consideration of the payment of the premium and subject to the• terms of this Policy, hereby agrees to pay Company of New York, as trustee, or its successor (the "Insurance Trustee"), for the benefit of Bon cipal of and interest on the above-described debt obligations (the "Bonds*') which shall become Due fi ayn reason of Nonpayment by the Issuer. AMBAC will make such payments to the Insurance Trustee within one ( 1) business ment. Upon a Bondholder's presentation and surrender to the Insurance Trustee of : canceled and in bearer form and free of any adverse claim, the Insurance Trustee principal and interest which is then Due for Payment but is unpaid. Upon suet surrendered Bonds and coupons and shall be fully subrogated to ,ill of r ,Bon C In cases where the Bonds are issuable only in a form whereby Insurance Trustee shall disburse principal to a Bondholder as a of the unpaid Bond, uncanceled and free of any adverse claim, Insurance. Trustee, duly executed by the Bondholder or such Bond to be registered in the name of AMBAC or it o t is payable to registered Bondholders or their assi ns, th Ins upon presentation to the Insurance Trustee of p a the •laim delivery to the Insurance Trustee of an in t t of ssi me claimant Bondholder or such Bondholder' dul aut 'zc rep the interest in respect of which th u cc me payment on registered Bonds t ext t IF t in!^e di iced StatesTrust portion of the prin- Lall be unpaid by A, AC of Nonpay- rtc nt coupons, un- der the face amount of become the owner of the irincip b e� tet i Gdholders or their assigns, the d o r e at n and surrender to the Insurance Trustee 'e er iins u of assignment, in form satisfactory to the �t ik 's a o ed representative, so as to permit ownership of n se. •h c e onds are issuable only in a form whereby interest rice stn s disburse interest to it Bondholder as aforesaid only th i • on entitled to the payment of interest on the Bond and It ii for satisfactory to the Insurance Trustee, duly executed by the it c, transferring to AMBAC all rights under such Bond to receive ade. AMBAC shall he subrogated to all the Bondholders' rights to bursements so made. In the event the trustee or yi0f ag t re as notice that any payment of principal of or interest on it Bond which has become Due for Paym ie a to a ( i0 tier by or on behalf of the Issuer of the Bonds has been deemed it preferential transfer and ill cret r ver fr its registc ed owner pursuant it) the United States Bankruptcy Code in accordance with a final, nonappealable or r a co IF to tent jurisdiction, such registered owner will lie entitled to payment from AMBAC to the extent of such recovery s tent fu re of otherwise available. As used herein, the o h der means any person other than the Issuer who, at the time of Nonpayment, is the owner of a Band or of a coupon appertai ond. As used herein, "Due for Payment", when referring to the principal of Bonds, is when the stated maturity date or a ma edemptton date for the application of a required sinking fund installment has been reached and does not refer to any earlier date on which payment is due by reitnon of call for redemption (other than by application of required sinking fund installments), acceleration or other advancement of maturity; and, when referring to interest on the Bonds, is when the stated date for payment of interest has been reached. As used herein, "Nonpayment" means the failure of the Issuer to have provided sufficient funds to the paying agent for payment in full of all principal of and interest on the Bonds which are Due fix Payment. This Policy is noncancelable. The premium on this Policy is not refundable fix any reason, including payment of the Bonds prior ri maturity. This Policy does not insure against loss of any prepayment or other acceleration payment which at any time may become due in respect of any Bond, other than at the sole option of AMBAC, nor against any risk other than Nonpayment. In witness whereof, AMBAC has caused this Policy to be affixed with it facsimile of its corporate seal and to be signed by its dul} authorized officers in facsimile to become effective as its original seal and signatures and hinding upon AMBAC by virtue of the counter- signature of its duly authorized representative. ••l%qk ♦ rturrN C ► •• °� ��' 1 j't '=•fir • Ptesidem ; Secretary • Effective Date: \��_• Authorized NepresentauMe UNITED STATES TRUST COMPANY OF NEW YORK acknowledges that it has spred to perform the dutks of Insurance Trustee under this Policy, tome sd64W1illVi titd ter