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of AMBAC Indemnity hereunder without the prior written <br />consent of AMBAC Indemnity. <br />Unless otherwise provided in this Section, AMBAC <br />Indemnity's consent shall be required in addition to <br />Bondholder consent, when required, for the following <br />purposes: (i) execution and delivery of any supplemental <br />Resolution; (ii) removal of the Paying Agent and <br />selection and appointment of any successor Paying Agent; <br />and (iii) initiation or approval of any action not <br />described in (i) or (ii) above which requires Bondholder <br />consent. <br />Anything in this Resolution to the contrary <br />notwithstanding, upon the occurrence and continuance of <br />an event of default with respect to the Bonds, AMBAC <br />Indemnity, so long as it is not in default of its <br />obligations under the Municipal Bond Insurance Policy, <br />shall be entitled to control and direct the enforcement <br />of all rights and remedies granted to the Bondholders for <br />the benefit of the Bondholders under this Resolution. <br />(c) Notices. While the Municipal Bond Insurance <br />Policy is in effect, the Commission shall furnish to <br />AMBAC Indemnity: <br />(1) as soon as practicable after the filing <br />thereof, a copy of any financial <br />statement of the City and a copy of any <br />audit and annual report of the City; <br />(2 ) a copy of any notice to be given to the <br />registered owners of the Bonds, <br />including, without limitation, notice of <br />any redemption of or defeasance of Bonds, <br />and any certificate rendered pursuant to <br />this Resolution relating to the security <br />for the Bonds; and <br />(3) such additional information it may <br />reasonably request. <br />The Commission shall notify AMBAC Indemnity of any <br />failure of the Commission to provide relevant notices and <br />certificates. <br />The Commission will permit AMBAC Indemnity to <br />discuss the affairs, finances and accounts of the <br />Department or any information AMBAC Indemnity may <br />reasonably request regarding the security for the Bonds <br />with appropriate officers of the Department. The <br />Commission will permit AMBAC Indemnity to have access to <br />-3- <br />