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(c) An unconditional irrevocable letter of <br />credit issued to the Paying Agent, as agent of the <br />Bondholders, by a bank, if such bank is rated at least <br />"AA" by S&P and "As" by Moody's, at the time of issuance <br />thereof. <br />Any such Reserve Account Credit Instrument shall meet the further <br />terms and conditions described in subsection Y below and shall be <br />payable or available to be drawn upon, as the case may be (upon the <br />giving of notice as required thereunder), by the Paying Agent on any <br />interest payment date on which a deficiency exists which cannot be <br />cured by money in any other fund or account held pursuant hereto and <br />available for such purpose. It shall be the duty of the Paying <br />Agent to, and the Paying Agent shall, without further authorization <br />or direction from the County, ascertain the necessity for a claim or <br />draw upon any Reserve Account Credit Instrument and provide notice <br />to the issuer of the Reserve Account Credit Instrument in accordance <br />with its terms not later than three days (or such appropriate time <br />period as will, when combined with the timing of required payment <br />under the Reserve Account Credit Instrument, ensure payment under <br />the Reserve Account Credit Instrument on or before the interest <br />payment date) prior to each interest payment date. If a <br />disbursement is made under any such Reserve Account Credit <br />Instrument, the County may reinstate the maximum limits of such <br />Reserve Account Credit Instrument immediately following such <br />disbursement, otherwise the amount of credit toward the Reserve <br />Account Requirement for such Reserve Account Credit Instrument shall <br />be appropriately reduced. <br />Furthermore, the County may at any time and from time to time cause <br />to be deposited in the Reserve Account such a Reserve Account Credit <br />Instrument and cause an appropriate amount to be withdrawn from the <br />Reserve Account and released to the County. <br />Moneys in the Reserve Account shall be used only for the purpose of <br />the payment of maturing principal of or interest on Bonds when the <br />other moneys in the Sinking Fund are insufficient therefor, and for <br />no other purpose. However, upon the valuation of the Reserve <br />Account in each year, if the moneys applied and allocated to the <br />Reserve Account (except the investment income thereon) exceed the <br />amount required, such excess may be withdrawn and released to the <br />County. If the Reserve Account Requirement shall at any time be <br />satisfied in whole or in part with a qualifying letter of credit and <br />such letter of credit is about to expire or terminate, the County <br />hereby authorizes and directs the Paying Agent to draw upon such <br />letter of credit prior to its expiration or termination to the <br />extent required to fully fund the Reserve Account Requirement unless <br />a replacement Reserve Account Credit Instrument is in place or the <br />Reserve Account is otherwise fully funded in its required amount. <br />(5) Fifth, the County shall apply an amount sufficient for <br />the payment of current debt service and reserve requirements of any <br />obligations of the County which have a lien on the Pledged Funds <br />junior and subordinate to the lien of the Bonds. <br />21 <br />