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subrogation (i) in the case of subrogation as to claims for past due interest,
<br />the Bond Registrar shall note the Series 1993 Bond Insurer's rights as subrogee
<br />on the registration books of the County maintained by the Bond Registrar, upon
<br />receipt from the Series 1993 Bond Insurer of proof of the payment of interest
<br />thereon to the registered owners of the Series 1993 Insured Bonds, and (ii) in
<br />the case of subrogation as to claims for past due principal, the Bond Registrar,
<br />shall note the Series 1993 Bond Insurer's rights as subrogee on the registration
<br />books of the County maintained by the Bond Registrar, upon surrender of the
<br />Series 1993 Insured Bonds by the registered owners thereof together with proof
<br />of the payment of principal thereof.
<br />SECTION 25. SUBROGATION RIGHTS OF SERIES 1993 BOND INSURER.
<br />Notwithstanding any provision of this Resolution to the contrary, if the
<br />principal and/or interest due on any Series 1993 Bonds insured by the Series 1993
<br />Bond Insurance Policy shall be paid by the Series 1993 Bond Insurer pursuant to
<br />the Series 1993 Bond Insurance Policy, such Series 1993 Bonds shall remain
<br />outstanding for all purposes, shall not be defeased or otherwise satisfied by
<br />such payment and shall not be considered paid by the County, and the assignment
<br />and pledge of the Pledged Funds and all covenants, agreements and other
<br />obligations of the County to the registered owners shall continue to exist and
<br />shall run to the benefit of the Series 1993 Bond Insurer, and the Series 1993
<br />Bond Insurer shall be subrogated to the rights of such registered owners.
<br />SECTION 26. PARTIES IN INTEREST. Nothing in this Resolution, expressed
<br />or implied is intended or shall be construed to confer upon, or to give to, any
<br />person or entity, other than the County, the Series 1993 Bond Insurer, the Paying
<br />Agent (or Paying Agents, if applicable), and the registered owners of the Bonds,
<br />any right, remedy or claim under or by reason of this Resolution or any covenant,
<br />condition or stipulation therein contained, and all covenants, stipulations,
<br />promises and agreements in this Resolution contained by and on behalf of the
<br />County shall be for the sole and exclusive benefit of the County, the Series 1993
<br />Bond Insurer, the Paying Agent (or Paying Agents, if applicable), and the
<br />registered owners of the Bonds.
<br />SECTION 27. INTERPRETATION OF RESOLUTION. Notwithstanding any other
<br />provision of this Resolution, in determining whether the rights of the
<br />Bondholders will be adversely affected by any action taken pursuant to the terms
<br />and provisions of this Resolution, the Paying Agent shall consider the effect on
<br />the Bondholders as if there were no Series 1993 Bond Insurance Policy.
<br />SECTION 28. DEFEASANCE. If at any time the County shall have paid, or
<br />shall have made provision for payment of, the principal, interest and premiums,
<br />if any, with respect to any of the Bonds or any series thereof, then, and in that
<br />event, the pledge of and lien on the Pledged Funds in favor of the Registered
<br />Owners of such Bonds or of such series, as the case may be, shall be no longer
<br />in effect. For purposes of the preceding sentence, the deposit of Federal
<br />Securities in irrevocable trust with a banking institution or trust company, for
<br />the sole benefit of the Registered Owners of such Bonds or such series, as the
<br />case may be, the principal of and interest on which will be sufficient to pay,
<br />when due, the principal, interest and premiums, if any, on such Bonds or such
<br />series, as applicable, shall be considered "provision for payment". For purposes
<br />of this Section, amounts paid by the Series 1993 Bond Insurer under the Series
<br />1993 Bond Insurance Policy shall not be deemed paid and shall be deemed due and
<br />owing until paid by the County. Nothing in this section shall be deemed to
<br />require the County to call any of the outstanding Bonds or any series thereof for
<br />redemption prior to maturity pursuant to any applicable optional redemption
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