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., <br /> � <br /> Section 21. Defeasance. Any Bond or Bonds which (a) are paid and cancelled, <br /> (b) which have matured and for which sufficient sums been deposited with the Paying Agent to <br /> pay all principal and interest due thereon, or (c) for which sufficient U.S. funds and direct <br /> U.S. Treasury obligations have been deposited with the Paying Agent or similar institution to <br /> pay, taking into account investment earnings on such obligations, all principal of and interest on <br /> such Bond or Bonds when due at maturity or as called for redemption, pursuant to an irrevocable <br /> escrow or trust agreement, shall cease to have any lien on or right to receive or be paid from the <br /> Bond Moneys or Pledged Taxes hereunder and shall no longer have the benefits of any covenant <br /> for the registered owners of outstanding Bonds as set forth herein as such relates to lien and <br /> security of the outstanding Bonds. All covenants relative to the Tax-exempt status of the Bonds; <br /> and payment, registration, transfer, and exchange; are expressly continued for all Bonds whether <br /> outstanding Bonds or not. <br /> Section 22. Municipal Bond Insurance. In the event the payment of principal of and <br /> interest on the Bonds is insured pursuant to a municipal bond insur�nce policy (a "Municipal <br /> Bond Insurance Policy") issued by a bond insurer (a "Bond Insurer"), and as long as such <br /> Municipal Bond Insurance Policy shall be in full force and effect, the City and the Bond <br /> Registrar agree to comply with such usual and reasonable provisions regarding presentment and <br /> payment of the Bonds, subrogation of the rights of the Bondholders to the Bond Insurer when <br /> holding Bonds, amendment hereof, or other terms, as approved by the Mayor on advice of <br /> counsel, his approval to constitute full and complete acceptance by the City of such terms and <br /> provisions under authority of this section. <br /> Section 23. Continuing Disclosure Undertaking. Any Designated Officer is hereby <br /> authorized to execute and deliver the Continuing Disclosure Undertaking, in customary form as <br /> provided by Bond Counsel, to effect compliance with Rule 15c2-12 Iadopted by the Securities <br /> -36- <br />