Laserfiche WebLink
-2- <br />E. Payments with respect to claims for interest on and principal of <br />Obligations disbursed by the Paying Agent from proceeds of the Policy shall <br />not be considered to discharge the obligation of the Issuer with respect to <br />such Obligations, and the Insurer shall become the owner of such unpaid <br />Obligation and claims for the interest in accordance with the tenor of the <br />assignment made to it under the provisions of this subsection or otherwise. <br />F. Irrespective of whether any such assignment is executed and <br />delivered, the Issuer and the Paying Agent hereby agree for the benefit of the <br />Insurer that, <br />1. They recognize that to the extent the Insurer makes payments, <br />directly or indirectly (as by paying through the Paying Agent), on <br />account of principal of or interest on the Obligations, the Insurer <br />:will be subrogated_ to the rights of such Holders to receive the amount <br />of such principal and interest from the Issuer, with interest thereon <br />as provided and solely from the sources stated in this Indenture and <br />the Obligations) and <br />2. They will accordingly pay to the Insurer the amount of such <br />principal and interest (including principal and interest recovered <br />under subparagraph (ii) of the first paragraph of the Policy, which <br />principal and interest shall be doomed past due and not to have been <br />paid), with interest thereon as provided in this Indenture and the <br />Obligation, but only from the sources and in the manner provided <br />herein for the payment of principal of and interest on the Obligations <br />to Holders, and will otherwise treat the Insurer as the owner of such <br />rights to the amount of such principal and interest. <br />G. In connection with the issuance of additional Obligations, the <br />Issuer shall deliver to the Insurer a copy of the disclosure document, if any, <br />circulated with respect to such additional Obligations. <br />H. Copies of any amendments made to the documents executed in <br />connection with the issuance of the Obligations which are consented to by the <br />Insurer shall be sent to Standard & Poor's Corporation. <br />I. The Insurer shall receive notice of the resignation or removal of <br />the Paying Agent and the appointment of a successor thereto. <br />J. The Insurer shall receive copies of all notices required to be <br />delivered to Bondholders and, on an annual basis, copies of the Issuer's <br />audited financial statements and Annual Budget. <br />Notices: Any notice that is required to be given to a holder of the <br />Obligation or to the Paying Agent pursuant to the Indenture shall also be <br />provided to the Insurer. All notices required to be given to the Insurer <br />under the Indenture shall be in writing and shall be sent by registered or <br />certified mail addressed to Municipal Bond Investors Assurance Corporation, <br />113 King Street, Armonk, New York 10504 Attention: Surveillance. <br />3065a <br />