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• (ii) In the event that the Paying Agent has notice that any or interest on a Bond has been recovered from a Bondholder pu suant to of United States Bankruptcy, Code by a trustee in bankruptcy the final, nonappealable order of a court havinccompetent jurisdict on,rthe Paying Agent shall, at the time it provides notice to the Bond Insurer, notify all Bondholders that in the event that any Bondholder'spayment recovered such Bondholder will be entitled to a dI is so Insurer to the extent of such recovery, payment from the Bond Insurer Insurer its recordsfu evidencing the d payments he Paying Agent shall furnish to the Bond Bonds which have been made b ents of principal of and interest on the recovered from Bondholders, and the datesthe onwhiying ch such pent and subsequently enre made.payments were The Bond Insurer shall, to the extent it makes payment of principal of or interest on the Bonds. become subroeated to the rights of the recipients of such payments in accordance with the terms of the Bond Insurance Policy and, to evidence such subrogation, (A) in the case of subrogation as to claims for past due interest, the Paying Agent shall note the Bond Insurer's fights as subrogee on the registration books maintained by the Paying Agent upon receipt from the Bond Insurer of proof of the payment of interest thereon to the Bondholders of such Bonds and (B) in the case of subrogation as to claims for past due principal, the Paying Agent shall note the Bond Insurer's rights as subrogee on the registration books for the Bonds maintained by the Paying Agent upon receipt of proof of the payment of principal thereof to the Bondholders of such Bonds. Notwithstanding anything in this Resolution or the Bonds to the contrary, the Paying Agent shall make payment of such past due interest and past due principal directly to the Bond Insurer to the extent that the Bond Insurer is a subrogee with respect thereto (B) Reporting Requirements: The Bond Insurer shall be provided with the following information: (i) Within 180 days after the end of each Fiscal Year, the budget for the succeeding year, the annual audited financial statements, a statement of the amount on deposit in the Reserve Account as of the last valuation, and, if not presented in the audited financial statements, a statement of the tax revenues pledged to payment of Bonds in each such fiscal year; (ii) The official statement or other disclosure document, if any, prepared in connection with the issuance of additional debt, whether or not on parity with the Bonds within 30 days after the sale thereof (iii) Notice of any drawing upon or deficiency due to market fluctuation in the amount, if any, on deposit, in the Reserve Account; (iv) Notice of the redemption, other than mandatory sinking fund redemption, of any of the Bonds, or of any advance refunding of the Bonds, including the principal amount, maturities and CUSP numbers thereof, and (v) Such additional information as the Bond Insurer may reasonably request from time to time. AUGUST 7, 2001 -97- 61(119 PG 112 •