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B. Notices to be sent to the attention of the General Counsel Office of Ambac Assurance: <br /> <br /> 1. The City shall notify Ambac Assurance of any failure of the City to provide <br />relevant notices, certificates, etc. <br /> <br /> 2. ' Notwithstanding any other provision of the Authorizing Ordinance, the City shall <br />immediately notify Ambac Assurance if at any time there are insufficient moneys to make any <br />payments of principal and/or interest as required and immediately upon the occurrence of any <br />event of default hereunder. <br /> <br />C. Other Information to be given to Ambac Assurance: <br /> <br /> 1. The 'City will permit Ambac Assurance to discuss the affairs, finances and <br />accounts of the City or any information Ambac Assurance may reasonably request regarding the <br />security for the Bonds with appropriate officers of the City. The City will permit Ambac <br />Assurance to have access to and to make copies of all books and records relating to the Bonds at <br />any reasonable time. <br /> <br /> 2. Ambac Assurance shall have the right to direct an accounting at the City's <br />expense, and the City's failure to comply with such direction within thirty (30) days after receipt <br />of written notice of the direction from Ambac Assurance shall be deemed a default hereunder; <br />provided, however, that if compliance cannot occur within such period, then such period will be <br />extended so long as compliance is begun within such period and diligently pursued, but only if <br />such extension would not materially adversely affect the interests of any registered owner of the <br />Bonds; <br /> <br />Section 6. Defeasance <br /> <br />A. Notwithstanding anything herein to the contrary, in the event that the principal and/or <br />interest due on the Bonds shall be paid by Ambac Assurance Corporation pursuant to the <br />Municipal Bond Insurance. Policy, the Bonds shall remain Outstanding for all purposes, not be <br />defeased or otherwise satisfied and not be considered paid by the City, and all covefiants, <br />agreements and other obligations of the City to the registered owners shall continue to exist and <br />shall run to the benefit of Ambac Assurance, and Ambac Assurance shall be subrogated to the <br />fights of such registered owners. <br /> <br />Section 7. Payment Procedures Pursuant to the Municipal Bond Insurance Policy <br /> <br /> As long as the bond insurance shall be in full force and effect, the City and any' Paying <br />Agent agree to comply with the following provisions: <br /> <br />A. At least one (1) day prior to all Interest Payment Dates the Paying Agent, if any, will <br />determine whether there will be sufficient funds in the Funds and Accounts to pay the principal <br />of or interest on the Bonds on such Interest Payment Date. If the Paying Agent, if any, <br /> <br />4 <br /> <br /> <br />