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defined in the Series 1993 Bond Insurance Policy), and which is made to a Bondholder by or on behalf of the County has been deemed a preferential transfer and theretofore recovered from its registered owner 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 the Series 1993 Bond Insurer is notified pursuant to A above, notify all registered owners that in the event that any registered owner's payment is so recovered, such registered owner will be entitled to payment from the Series 1993 Bond Insurer to the extent of such recovery if sufficient funds are not otherwise available, 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 Insured Bonds which have been made by the Paying Agent and subsequently recovered from registered owners and the dates on which such payments were made. F. In addition to those rights granted to the Series 1993 Bond Insurer under this Resolution, the Series 1993 Bond Insurer shall, to the extent it makes payment of principal of or interest on Series 1993 Insured 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 (i) 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 of the County maintained by the Bond Registrar, upon receipt from the Series 1993 Bond Insurer of proof of the payment of interest thereon to the registered owners of the Series 1993 Insured Bonds, and (ii) 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 of the County maintained by the Bond Registrar, upon surrender of the Series 1993 Insured Bonds by the registered owners thereof together with proof of the payment of principal thereof. SECTION 25. SUBROGATION RIGHTS OF SERIES 1993 BOND INSURER. Notwithstanding any provision of this Resolution to the contrary, if the principal and/or interest due on any Series 1993 Bonds insured by the Series 1993 Bond Insurance Policy shall be paid by the Series 1993 Bond Insurer pursuant to the Series 1993 Bond Insurance Policy, such Series 1993 Bonds shall remain outstanding for all purposes, shall not be defeased or otherwise satisfied by such payment and shall not be considered paid by the County, and the assignment and pledge of the Pledged Funds and all covenants, agreements and other obligations of the County to the registered owners shall continue to exist and shall run to the benefit of the Series 1993 Bond Insurer, and the Series 1993 Bond Insurer shall be subrogated to the rights of such registered owners. SECTION 26. SERIES 1993 BOND INSURER AS THIRD PARTY BENEFICIARY. To the extent that this Resolution confers upon or gives or grants to the Series 1993 Bond Insurer any right, remedy or claim under or by reason of this Resolution, the Series 1993 Bond Insurer is hereby explicitly recognized as being a third - party beneficiary hereunder and may enforce any such right, remedy or claim conferred, given or granted hereunder. SECTION 27. PARTIES IN INTEREST. Nothing in this Resolution, expressed or implied is intended or shall be construed to confer upon, or to give to, any person or entity, other than the County, the Series 1993 Bond Insurer, the Paying Agent (or Paying Agents, if applicable), and the Registered Owners of the Bonds, any right, remedy or claim under or by reason of this Resolution or any covenant, condition or stipulation therein contained, and all covenants, stipulations, 30