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(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 />issuer of the letter of credit falls below "AA" by S&P and "Aa" by <br />Moody's, the obligation to reimburse the issuer of the Reserve <br />Account Credit Instrument shall be subordinate to the cash <br />replenishment of the Reserve Account. <br />(4) In the event (a) the revolving reinstatement feature <br />described in the preceding subparagraph (3) is suspended or <br />terminated, or (b) the rating of the claims paying ability of the <br />issuer of the surety bond or insurance policy falls below "AAA" by <br />S&P and "Aaa" by Moody's, or (c) the rating of the issuer of the <br />letter of credit falls below "AA" by S&P and "Aa" by Moody's, the <br />Issuer shall either (i) deposit into the Reserve Account an amount <br />sufficient to cause the cash or permitted investments on deposit in <br />the Reserve Account to equal the Reserve Account Requirement, such <br />amount to be paid over the ensuing five years in equal installments <br />deposited at least semi-annually or (ii) replace such instrument <br />with another Reserve Account Credit Instrument within six months of <br />such occurrence. In the event (a) the rating of the claims -paying <br />ability of the issuer of the surety bond or insurance policy falls <br />below "A", or (b) the rating of the issuer of the letter of credit <br />falls below "A", or (c) the issuer of the Reserve Account Credit <br />Instrument defaults in its payment obligations hereunder, or (d) the <br />issuer of the Reserve Account Credit Instrument becomes insolvent, <br />the County shall either (i) deposit into the Reserve Account an <br />amount sufficient to cause the cash or permitted investments on <br />deposit in the Reserve Account to equal the Reserve Account <br />Requirement, such amount to be paid over the ensuing year in equal <br />installments on at least a monthly basis, or (ii) replace such <br />instrument with another Reserve Account Credit Instrument within six <br />months of such occurrence. <br />24 <br />