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149 <br />TUESDAY, JUNE 8, 1999 <br /> (a) to the Interest Account in the Bond Fund, subject to credit, if any, for proceeds of the <br />Bonds deposited therein, on the Business Day prior to each Payment Date, an amount equal to the amount <br />of interest that will become due on the Bonds on the next succeeding Payment Date; and <br /> (b) to the Principal Account in the Bond Fund on the Business Day prior to each Payment <br />Date, an amount equal to the principal that will become due on the Bonds on the next succeeding Payment <br />Date. <br /> <br />Section 3. Definitions <br /> <br /> The following words and terms shall for all purposes of the Authority Ordinance and of any <br />certificate, resolution or other instrument supplemental thereto shall have the following meanings: <br /> <br /> "Ambac Assurance" shall mean Ambac Assurance Corporation, a Wisconsin-domiciled stock <br />insurance company. <br /> <br /> "Municipal Bond Insurance Policy" shall mean the municipal bond insurance policy issued by <br />Ambac Assurance insuring the payment when due of the principal of and interest on the Bonds as <br />provided therein. <br /> <br /> "Payment Dates" shall mean the dates, as set forth in Exhibit A attached hereto, upon which <br />payments are due and payable on the Bonds in accordance with their terms. <br /> <br /> "Paying Agent" shall mean Crestar Bank, a Virginia banking corporation organized under the <br />laws of the Commonwealth of Virginia and having its principal corporate office in Richmond, Virginia, <br />or any successor paying agent and registrar. <br /> <br />Section 4. Ambac Assurance Consent <br /> <br />A. Consent of Ambac Assurance. <br /> <br /> Any provision of the Authorizing Ordinance expressly recognizing or granting rights in or to <br />Ambac Assurance may not be amended in any manner which affects the fights of Ambac Assurance <br />hereunder without the prior written consent of Ambac Assurance. <br /> <br />B. Consent of Ambac Assurance in Addition to Bondholder Consent. <br /> <br /> Unless otherwise provided in this Section, Ambac Assurance's consent shall be required in <br />addition to Bondholder consent, when required, for the following purposes: (i) execution and delivery of <br />any supplemental ordinance or any amendment, supplement or change to or modification of the <br />Authorizing Ordinance, (ii) removal of Crestar Bank as Paying Agent and selection and appointment of <br />any other entity or officer as successor paying agent; and (iii) initiation or approval of any action not <br />described in (i) or (ii) above which requires Bondholder consent. <br /> <br />C. Consent of Ambac Assurance in the Event of Insolvency. <br /> <br /> Any reorganization or liquidation plan with respect to the City must be acceptable to Ambac <br />Assurance. In the event of any reorganization or liquidation, Ambac Assurance shall have the right to <br /> <br />13 <br /> <br /> <br />