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recovered from registered owners and the <br />dates on which such payments were made. <br />(6) In addition to those rights granted AMBAC <br />Indemnity under this Resolution, AMBAC <br />Indemnity shall, to the extent it makes <br />payment of principal of or interest on <br />Bonds, become subrogated to the rights of <br />the recipients of such payments in <br />accordance with the terms of the <br />Municipal Bond Insurance Policy, and to <br />evidence such subrogation (i) in the case <br />of subrogation as to claims for past due <br />interest, the Paying Agent shall note <br />AMBAC Indemnity's rights as subrogee on <br />the registration books of the Issuer <br />maintained by the Paying Agent upon <br />receipt from AMBAC Indemnity of proof of <br />the payment of interest thereon to the <br />registered owners of the Bonds, and (ii) <br />in the case of subrogation as to claims <br />for past due principal, the Paying Agent <br />shall note AMBAC Indemnity's rights as <br />subrogee on the registration books of the <br />Issuer maintained by the Paying Agent <br />upon surrender of the Bonds by the <br />registered owners thereof together with <br />proof of the payment of principal <br />thereof. <br />(g) Paying Agent Provisions. The Paying Agent may <br />be removed at any time, at the request of AMBAC <br />Indemnity, for any breach of the duties set forth herein. <br />AMBAC Indemnity shall receive prior written notice <br />of any Paying Agent resignation. <br />Every successor Paying Agent appointed pursuant to <br />this Resolution shall be a trust company or bank in good <br />standing located in or incorporated under the laws of the <br />State of Indiana, duly authorized to exercise trust <br />powers and subject to examination by federal or state <br />authority, having a reported capital and surplus of not <br />less than $75,000,000 and acceptable to AMBAC Indemnity. <br />Any successor Paying Agent shall not be appointed unless <br />AMBAC Indemnity approves such successor in writing. <br />Notwithstanding any other provision of this <br />Resolution, in determining whether the rights of the <br />Bondholders will be adversely affected by any action <br />taken pursuant to the terms and provisions of this <br />Resolution, the Paying Agent shall consider the effect on <br />-10- <br />