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200510850. recovered from its registered owner pursuant to the United States Bankruptcy Code by a trustee in bankruptcy in accordance with the final, nonappealable order of a court having competent jurisdiction, the Trustee shall, at the time the Insurer is notified pursuant to Section 14.03(a) above, notify all registered owners that in the event that any registered owner's payment is so recovered, such registered owner will be entitled to payment from the Insurer to the extent of such recovery if sufficient funds are not otherwise available, and the Trustee shall furnish to the Insurer its records evidencing the payments of principal of and interest on the Building Bonds which have been made by the Trustee and subsequently recovered from registered owners and the dates on which such payments were made. Section 14.04. In addition to any other rights granted the Insurer under this Indenture, the Insurer shall, to the extent it makes payment of principal of or interest on Building Bonds, become subrogated to the rights of the recipients of such payments in accordance with the terms of the Policy, and to evidence such subrogation (i) in the case of subrogation as to claims for past due interest, the Trustee shall note the Insurer's rights as subrogee on the registration books of the Corporation maintained by the Trustee upon receipt from the Insurer of proof of the payment of interest thereon to the registered owners of the Building Bonds, and (ii) in the case of subrogation as to claims for past due principal, the Trustee shall note the Insurer's rights as subrogee on the registration books of the Corporation maintained by the Trustee upon surrender of the Building Bonds by the registered owners thereof together with proof of the payment of principal thereof. Section 14.05 To the extent that this Indenture confers upon or gives or grants to the Insurer any right, remedy or claim under or by reason of this Indenture, the Insurer is hereby explicitly recognized as being a third -party beneficiary under this Indenture and may enforce any such right remedy or claim conferred, given or granted under this Indenture to or for the benefit of the registered owners of the Building Bonds (including Beneficial Owners). Nothing in this Indenture expressed or implied is intended or shall be construed to confer upon, or to give or grant to, any person or entity, other than the City, the Corporation, the Trustee, the Underwriter, the Insurer and the registered owners (including Beneficial Owners) of the Building Bonds, any right, remedy or claim under or by reason of this Indenture or any covenant, condition or stipulation hereof, and all covenants, stipulations, promises and agreements in this Indenture contained by and on behalf of the Corporation shall be for the sole and exclusive benefit of the City, the Corporation, the Trustee, the Underwriter, the Insurer and the registered owners of the Building Bonds (including Beneficial Owners). In all cases where the direction or consent of the Insurer is required or permitted under the terms of this Indenture, the right of the Insurer to require or withhold consent or to direct any actions to be taken shall be conditioned upon the Insurer's not then being in default under the express terms of the Policy as of the time for such consent or direction. 34