1993-102 - Laserfiche WebLink

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then holds insufficient funds to make a required payment of principal or interest on the Bonds; (b) the draws shall be payable within two days of presentation of the sight draft; (c) the letter of credit shall be for a term of not less than three years and shall be subject to an "evergreening" feature so as to provide the County with at least 30 months' notice of termination; the issuer of the letter of credit shall be required to notify the County and the Paying Agent not later than 30 months prior to the stated expiration date of the letter of credit as to whether such expiration date shall be extended, and if so, shall indicate the new expiration date. If such notice indicates that the expiration date shall not be extended, the County shall deposit in the Reserve Account an amount sufficient to cause the cash or permitted investments on deposit in the Reserve Account, together with any other qualifying Reserve Account Credit Instruments, to equal the Reserve Account Requirement, such deposit to be paid in equal installments on a least a semi-annual basis over the remaining term of the letter of credit, unless the Reserve Account Credit Instrument is replaced by another Reserve Account Credit Instrument permitted hereunder; and (d) The letter of credit shall permit a draw in full prior to the expiration or termination of such letter of credit if the letter of credit has not been replaced or renewed. (2) The use of any Reserve Account Credit Instrument shall be subject to receipt of an opinion of counsel acceptable to the Series 1993 Bond Insurer in form and substance satisfactory to the Series 1993 Bond Insurer as to the due authorization, execution, delivery and enforceability of such instrument in accordance with its terms, subject to applicable laws affecting creditors' rights generally, and, in the event the issuer of such credit instrument is not a domestic entity, an opinion of foreign counsel in form and substance satisfactory to the Series 1993 Bond Insurer. In addition, the use of an irrevocable letter of credit shall be subject to receipt of an opinion of counsel acceptable to the Bond Insurer in form and substance satisfactory to the Series 1993 Bond Insurer to the effect that payments under such letter of credit would not constitute avoidable preferences under Section 547 of the United States Bankruptcy Code or similar Florida laws with avoidable preference provisions in the event of the filing of a petition for relief under the United States Bankruptcy Code or similar Florida laws by or against the County (or any other account party under the letter of credit). 23