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~ to the payment of siich principal and an assiQnment to the ~Insurer of any of the 2 1998 Certificates surrendered to tlie Insurance Paying Agent of so much of the 3 principal amount thereof as has not previously been paid or far which moneys are ~ not held by the Trustee and available for such payment (but such assignment shall ~ be delivered only if payment from the Insurance Paying Agent is received). 6 ~ (B) receive as designee of the respective Holders (and not as Trustee) in ~ accordance with the tenor of the Insurance Policy payment therefor from the 9 Insurance Paying Agent, and 10 1 ~ (C) disburse the same to such Holders. 1? -3 As used in this Section, ``Holder' means the Beneficial Owner of any 1998 Certificate subject to ~a the Book Entry System and the Owner of any 1998 Certificate not subject to the Book Entry 15 System. 16 ~7 (5) Payments with respect to claims for interest and principal evidenced by the 1998 18 Certificates disbursed by the Trustee from proceeds of the Insurance Policy shall not be I ~ considered to discharge the obligation of the Cotmty with respect to the 1998 Financing Payments ?o evidenced by such 1998 Certificates, and the Insurer shall become the owner of such unpaid 1998 2 ~ Certificates and claims for interest in accordance with the tenor of the assignment made to it ?2 under the provisions of this subsection or otherwise. ~; ?a (6) Irrespective of whether any such assi`~nment is executed and delivered, the County 2~ and the Trustee hereby agree for the benefit of the Insurer that: ?6 ?7 (i) they recognize that to the extent the Insurer makes payments, directly or ?8 indirectly (as by paying through the Trustee), on account of principal or interest evidenced ?~ by the 1998 Certificates, the Insurer will be subrogated to the rights of such Holders to 3o receive the amount of such principal and interest from the Participating Institution, with 3~ interest thereon as provided and solely from the sources stated in this Agreement and the 3? 1998 Certificates; and 33 34 (ii) they will accordingly pay to the Insurer the amount of such principal and 35 interest (including principal and interest recovered under subparagraph (ii) of the first 36 paragraph of the Insurance Policy, which principal and interest shall be deemed past due 37 and not to have been paid), with interest thereon as provided in this Agreement and the 38 1998 Certificate, but only from the sources and in the manner provided herein for the 3~ payment of principal of and interest on the 1998 Certificates to Holders and will otherwise ~to treat the Insurer as the owner of such rights to the amount of such principal and interest. a~ ~? (7) Copies of any amendments made to the documents executed ii1 connection with the 43 issuance of the 1998 Certificates which are consented to by the Insurer shall be sent to the Rating 44 Agencies. ~3 > FINANCING AND TRUST AGREEI~IENT PAGE ~O