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'... Requirement, such deposit to be paid in equal <br />installments on a least a semi-annual basis over the <br />remaining term of the letter of credit, unless the <br />t _ Reserve Account Credit Instrument is replaced by another <br />Reserve Account Credit Instrument permitted hereunder; <br />{ and <br />(d) The letter of credit shall permit a draw in <br />full prior to the expiration or termination of such <br />letter of credit if the letter of credit has not been <br />replaced or renewed. <br />(2) The use of any Reserve Account Credit Instrument shall <br />be subject to receipt of an opinion of counsel acceptable to the <br />Series 1993 Bond Insurer in form and substance satisfactory to the <br />Series 1993 Bond Insurer as to the due authorization, execution, <br />delivery and enforceability of such instrument in accordance with <br />its terms, subject to applicable laws affecting creditors' rights <br />generally, and, in the event the issuer of such credit instrument is <br />not a domestic entity, an opinion of foreign counsel in form and <br />substance satisfactory to the Series 1993 Bond Insurer. In <br />addition, the use of an irrevocable letter of credit shall be <br />subject to receipt of an opinion of counsel acceptable to the Series <br />1993 Bond Insurer in form and substance satisfactory to the Series <br />1993 Bond Insurer to the effect that payments under such letter of <br />credit would not constitute avoidable preferences under Section 547 <br />of the United States Bankruptcy Code or similar Florida laws with <br />avoidable preference provisions in the event of the filing of a <br />petition for relief under the United States Bankruptcy Code or <br />similar Florida laws by or against the County (or any other account <br />party under the letter of credit). <br />(3) The obligation to reimburse the issuer of a Reserve <br />Account Credit Instrument for any fees or expenses or claims or <br />draws upon such Reserve Account Credit Instrument shall be <br />subordinate to the payment of debt service on the Bonds. The right <br />of the issuer of a Reserve Account Credit Instrument to payment or <br />reimbursement of its fees and expenses shall be subordinated to cash <br />replenishment of the Reserve Account, and, subject to the second <br />succeeding sentence, its right to reimbursement for claims or draws <br />shall be on a parity with the cash replenishment of the Reserve <br />Account. The Reserve Account Credit Instrument shall provide for a <br />revolving feature under which the amount available thereunder will <br />be reinstated to the extent of any reimbursement of draws or claims <br />paid. If the revolving feature is suspended or terminated for any <br />reason, the right of the issuer of the Reserve Account Credit <br />Instrument to reimbursement will be further subordinated to cash <br />replenishment of the Reserve Account to an amount equal to the <br />difference between the full original amount available under the <br />Reserve Account Credit Instrument and the amount then available for <br />further draws or claims. In the event (a) the issuer of a Reserve <br />Account Credit Instrument becomes insolvent, or (b) the issuer of a <br />Reserve Account Credit Instrument defaults in its payment <br />obligations thereunder, or (c) the rating of the claims paying <br />ability of the issuer of the insurance policy or surety bond falls <br />below "AAA" by S&P and "Aaa" by Moody's, or (d) the rating of the <br />29 <br />