Laserfiche WebLink
on the bonds which is then due for payment and which the <br /> City shall have failed to provide. Due for payment <br /> means, with respect to the principal, the stated maturity <br /> date thereof and does not refer to any earlier date on <br /> which the payment of principal of the bonds is due by <br /> reason of call for redemption, acceleration or other <br /> advancement of maturity, and with respect to interest, <br /> the stated date for payment of such interest. <br /> Upon receipt of telephonic or telegraphic notice, <br /> subsequently confirmed in writing, or written notice by <br /> registered or certified mail, from a bondholder or the <br /> Paying Agent to Financial Guaranty that the required <br /> payment of principal or interest has not been made by the <br /> City to the Paying Agent, Financial Guaranty on the due <br /> date of such payment or within one business day after <br /> receipt of notice of such nonpayment, whichever is later, <br /> will make a deposit of funds, in an account with <br /> Citibank, N.A. , or its successor as its agent (the <br /> "Fiscal Agent") , sufficient to make the portion of such <br /> payment not paid by the City. Upon presentation to the <br /> Fiscal Agent of evidence satisfactory to it of the <br /> bondholder's right to receive such payment and any <br /> appropriate instruments of assignment required to vest <br /> all of such bondholder's right to such payment in <br /> Financial Guaranty, the Fiscal Agent will disburse such <br /> amount to the bondholder. <br /> As used herein the term "bondholder" means the <br /> person other than the City who at the time of nonpayment <br /> of a bond is entitled under the terms of such bond to <br /> payment thereof. <br /> The policy is non-cancellable for any reason. <br /> FINANCIAL GUARANTY INSURANCE COMPANY <br /> (Form of Assignment) <br /> FOR VALUE RECEIVED the undersigned hereby sells, <br /> assigns and transfers unto <br /> (Please Print or Typewrite Name and Address) $ <br /> principal amount (must be a multiple <br /> of $5,000) of the within bond and all rights thereunder, <br /> and hereby irrevocably constitutes and appoints <br /> , attorney to transfer <br /> the within bond on the books kept for the registration <br /> thereof with full power of substitution in the premises. <br /> NOTICE: The signature to this <br /> assignment must correspond with the <br /> name as it appears on the face of <br /> the within bond in every particular, <br /> without alteration or enlargement or <br /> any change whatsoever. <br /> Signature Guaranteed: <br /> NOTICE: Signature(s) must be <br /> guaranteed by a member firm of <br />