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such Bondholder must tender his bond for payment first to the Paying Agent, which shall note on such bond the portion of principal paid by the Paying Agent, and then, with the form of transfer executed in the name of the Series 1993 Bond Insurer, to the Series 1993 Fiscal Agent, which will then pay the unpaid portion of principal to the Bondholder. (ii) In the event that the Paying Agent has notice that any payment of principal of or interest on a Series 1993 Bond has been recovered from a Bondholder pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance with the final, nonappealable order of a court having competent jurisdiction, the Paying Agent shall, at the time it provides notice to the Series 1993 Bond Insurer, notify all Bondholders that in the event that any Bondholder's payment is so recovered, such Bondholder will be entitled to payment from the Series 1993 Bond Insurer to the extent of such recovery, and the Paying Agent shall furnish to the Series 1993 Bond Insurer its records evidencing the payments of principal of and interest on the Series 1993 Bonds which have been made by the Paying Agent and subsequently recovered from Bondholders, and the dates on which such payments were made. (iii) The Series 1993 Bond Insurer shall, to the extent it makes payment of principal of or interest on the Series 1993 Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Series 1993 Bond Insurance Policy and, to evidence such subrogation, (1) in the case of subrogation as to claims for past due interest, the Bond Registrar shall note the Series 1993 Bond Insurer's rights as subrogee on the registration books maintained by the Bond Registrar upon receipt from the Series 1993 Bond Insurer of proof of the payment of interest thereon to the Bondholders of such Series 1993 Bonds and (2) in the case of subrogation as to claims for past due principal, the Bond Registrar shall note the Series 1993 Bond Insurer's rights as subrogee on the registration books for the Series 1993 Bonds maintained by the Bond Registrar upon receipt of proof of the payment of principal thereof to the Bondholders of such Series 1993 Bonds. Notwithstanding anything in this Resolution to the contrary, the Paying Agent shall make payment of such past due interest and past due principal directly to the Series 1993 Bond Insurer to the extent that the Series 1993 Bond Insurer is a subrogee with respect thereto. (iv) The notice addresses for the Series 1993 Bond Insurer and the Series 1993 Fiscal Agent shall be as follows, or any such other address as the Series 1993 Bond Insurer or the Series 1993 Fiscal Agent shall subsequently provide to the Paying Agent in writing: Financial Guaranty Insurance Company 115 Broadway New York, New York 10006 Attention: General Counsel Citibank, N.A. 20 Exchange Place - 16th Floor New York, New York 10005 Attention: Municipal Trust and Agency Services Administration. SECTION 20. APPLICATION OF SERIES 1993 BOND PROCEEDS. All moneys received from the sale of the Series 1993 Bonds shall be deposited and applied by the County as follows: 32