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l (1) If, as of the third day next preceding any date on which payment of principal or ? interest evidenced by the 1998 Certificates is due to the Owners thereof (herein called a"Payment 3 Date'~), the Trustee has not received 1998 Financin~ Payments from the Co~mty in amounts 4 sufficient to pay all principal and interest conling due under the 1998 Certificates on the next 5 succeeding Payment Date, the Trustee shall immediately notify the Insurer or its designee by 6 telephone or telegraph, confirmed in w7iting by registered or certified mail, of the amount of the 7 deficiency. 8 9 (2) Tf the deficiency is made up in whole or in part prior to or on the Payment Date, the 1 o Trustee shall so notify the Insurer or its designee. 11 12 (3) In addition, if the Trustee has notice that any of the Owners or Beneficial Owners ~3 have been required to disgorge payments of principal or interest on 1998 Certificates to the 14 County or to the County's trustee in bankruptcy for creditors or others pursuant to a final 15 judgment by a court of competent jurisdiction that such payment constitutes a voidable preference 16 to such Owners or Beneficial Owners within the meaning of any applicable bankruptcy laws, then ~ 7 the Trustee shall notify the Insurer or its designee of such fact by telephone or telegraphic notice. 18 confirmed in writing by registered or certified mail. ~9 20 (4) The Trustee is hereby irrevocably designated, appointed, directed and authorized to ? 1 act as attorney-in-fact for the Holders (as hereinafter defined) of the 1998 Certificates as follows: ~~ 23 (i) if and to the eYtent there is a deficiency in amounts required to pay interest 24 on the 1998 Certificates, the Trustee shall: ?s ?6 ~. (A) execute and deliver to State Street Bank and Trust Company, N.A., or ?7 its successors under the Insurance Policy (the "Insurance Paying Agent"), in form 28 satisfactory to the Insurance Paying Agent, an instrument appointing the Insurer 29 as agent for such Holders in any legal proceeding related to the payment of such 3o interest and an assignment to the Insurer of the claims for interest to which such 3 t deficiency relates and which are paid by the Insurer, 32 33 (B) receive as designee of the respective Owners or Beneficial Owners (and 3~ not as Trustee) in accordance with the tenor of the Insurance Policy payment from 35 the Insurance Paying Agent with respect to the claims for interest so assigned and 36 ~7 (C) disburse the same to such respective Holders; and 38 39 (ii) if and to the extent of a deficiency in amounts required to pay principal of the ao 1998 Certificates, the Trustee shall: 4l 4? (A) execute and deliver to the Insurance Paying Agent an instrument ~3 appointing the Insurer as -agent for such Holder in any legal proceeding relatin~ FINANCING AND TRUST AGREEMENT PAGE ~9