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insured claimant which were authorized by the <br /> Company up to the time of payment and which <br /> the Company is obligated to pay. <br /> Upon the exercise by the Company of either of <br /> the options provided for in paragraphs b(i) <br /> or (ii) , the Company's obligations to the <br /> insured under this policy for the claimed <br /> loss or damage, other than the payments <br /> required to be made, shall terminate, <br /> including any liability or obligation to <br /> defend, prosecute or continue any litigation. <br /> Any loss under this policy shall be payable to the insured <br /> as their respective interests may appear. If payment is made to <br /> any owner or legal holder of any of said bonds, such payment <br /> shall be made ratably with other bondholders. Payment by the <br /> Company to any owner or legal holder of any of said bonds shall <br /> reduce pro tanto the liability of the Company under this policy <br /> to such owner or legal holder. <br /> This endorsement is made a part of the policy and is subject <br /> to all of the terms and provisions thereof and of any prior <br /> endorsements thereto. Except to the extent expressly stated, it <br /> neither modifies any of the terms and provisions of the policy <br /> and any prior endorsements, nor does it extend the effective date <br /> of the policy and any prior endorsements, nor does it increase <br /> the face amount thereof. <br /> Stewart Ti le Guaranty Company <br /> By: 4 % <br /> • <br /> • <br /> [ 80125546 ] 9 <br />