Financial- COPS (Insurance Information)

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PA~'MEN'TS UNDER THE POLICY A In the event that, on the second Busu~ess Day, and again on the Business Day, prior to the payment date on the Obligations, the Paying P~gent has not ~eceived s~aent moneys m pay ali principal of and interest on the Obligarions due on the second following or followir-g, as the r.ase Busness Day, tl~e Paying Agent shall unmediately notify d~e Insurer or its desgnee on the same Business Day try telephone or tele~h, co in writing by registe~ed or cert~ed mail, o~the amount of the deficieucy. B. ff the deficiency is made up in whole or in part prior to or on the payment date, the Paying Agent shall so notify the Insurer or its designee. C. In addition, if the~'ayuig Agent has notice tbat any Bondtioldes bas been req~u~ed m-disgorge PaymenLs of Prinapal or inte~st on the Obli~tion to a tiusoee :n Banim~tcy or creditors or ott~ers pursvant to a final judg~nent by a oo~t of comp~ent j~uisdiction that such payment constihrt~es an avoidable pref~ m such Bondholder within tbe meaning o~ any applicable banl~uptcy laws, then the Paying Agent shall no~fy ~e In~uer or its designee of such fact by tslephone or ~legraphic notice, wnfira~ed in writing by re~ed or ce~fied ma~1. D. The Paying Agent is hereby irrevocabty de.d~ated, appointed, di~ and airthorized tn ad as attomey-in fact for Holders af the Obligations asfollaws: 1. If and to the ea~ent thece is a defiaency in amouirts ~equired w pay i~ on the Obligations, the Paying Agent shall (a) ex~e and deliver to Stabe Stxeet Bank and Tn~st Company, N.A, or its sucoessors under tl~ Policy (L6e "Ins~uanoe Paying Agent'~, in furm ~ry ~ the 7nsucance Paying Agec~ an insliumeut appoinr~n the Insluer as agent for such HaIde~ in any legal Proceeding ielated to the paymeut a~ su~h inteaest and an assignmen~t b~ tbe Insiurr of the daims fur i~ to ovhich s~rch ~ency relates anfl which aie paid bY tl~ InRUer, (b) ~eive as designee af the re~tive Holdecs (and n~ot as Paying Ageat) in accordance with the ten~or of d~e Policy pay~t from the Instuance Paying Agent with ~espect to the ciaims for int~t so assigned, and (c) di~ the same m such r~spective Holde~ and %. If and to the exteat af a deficie~q in amoim.ts ~ to pay prinapal o~ ~e Obligations, the Paying Ageut st~aall (a) exear~ and deiiver ro~ the Ins~ance Paying Ageat in form sarisFacmry to the insurance Paying Ageat an insGn~ a~pointing the I~uurer as agent ivr s~ch Holder in anY legal Proc~ding relating to the payment of svch prinapal and an assignmeat to the Ins~uEr of any of the Obligaiion siuiendec~d to the Insucanoe Paying agent a~ ~o ~ch of the principal amocmt t~f as has not pleviousty been paid or far wluch moneys . aie not held by the Paying Agent and ava~7able for such payment (birt such assignnneut shall be delive~d only ~paymeirt fivm the Insuianrx Paying Agent is reaeived), (b) i~oeive as de.sig~ee of the resp~ive Holdezs (and not as Paying Agent) in accondance wi~ the tenor of the Policy payment therefur fr~om the Insurance Paying Agen~ and (c) disburse the same tn such Holdeis. Paymems with ~spect to c3aims for i~ on and principal of Obligations distnused by the Paying Agent fram proceecis of the Policy s6a11 not be consi~xed bo discbaige tbe obligation of the ~SSUer with r~t to such Obligations, and the Inszuer shatl become tt~e owner of such uIIpaid Obligation and claims for the i~ in acxordance with the tenor o~ the assignime~ made ~o it under t}~e provisions of this ~fln or otl~+ise. . F. Ir~ve of whether any sach assgnment is ex~ and delive~ the ~SSUer and t~e Paying Agent he~Y a~e for the beiiefit of the Insuter t6at 1. T~y ~ecognize that tio the e~deut t~e Insuirr makes payments, diiecxEY or indi~Y ~~ bY PaY~g ~~ ~~ Agent), on aocount o~prin~apai a~ or in~ on the Obligations, .i~e Ins~uer will be subrogabed to ~e rights of such Holders to reoeive tbe amount of s~ch principal and in~st fivm the ~SSi~r, with inte~rst th~seon as• provided and solely frnm the souroes s~aied in this Indennffe and ~e Obligations; and - 2. They will aoco~ingty pay to the Ins~uer tk~ ama~mt a~f such principal and inb~st (i~ding Princ~al and in~ ieoove~ed under ~h Cu) of the fust paragragh nf the Policy, which princ~al and in~ sUall be de.e~ past ~e and not bo bave beeu paid), wirh in~st the~on as provided in diis I~e and t~e Obligation, birt onty from the sau~es and in the manner provided herein fur the payn~nt of principal of aIId ~ on the Obligafions to Holders, and will otherwise ~eat the Insurer as ~e ovvner of such rigbis m the amaunt o~such principal and i~terest. . G. In connedion with the issuance of additional Obligations, the Issuer shall deliver to the I~er a capy af ~e disclos~ue dQa~ment, ~ an3', carailaned with ~ tr~ suc:h additional Obligations. - H Copies of any ame~ments made to the ~oau~ exe~rted in oonnecrion with the is~anoe of tho Obligarions which aze con~ to by ~e Insuier si~all be sent t~ Standard & Pooi's Cotpocarion. L T~e Ins~uer st~al~ ~eive notice of the msgnation or removal af the Paying Agent and the a~poi~ of a s~oessor tl~ceto. J. Tt~e In.s~uer shall receive aspies of all notioes nquiiEd tio be deliveced to Bondt~olders and, on an anIIUal basis, oo~pies of the ~s audi~ statemeirts and Annual Budgex. oaces: ?,~r notice tbat is requi~ed tn be aven tu a holder a~ the Obligation or to the Paying Agec~t P~ tA the I~u~ s~all a]so be pmvided bo t~e Insiurs. AII notices required to be given to the Insu~r under the Indeniure shall be in writing and shall be sent by ngstemd or oert~ed ma~1 addiessed to MBIA Insurance CorQoratioa, 113 King St~t, Armonk, New Yo~c 10504 Aitention: Sucveillance. '