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Reserve Account to the Reserve Account Requirement; Provided, however, in <br />no Fiscal Year shall Net Revenues in excess of twenty percent (201) of the <br />Reserve Account Requirement be required to be deposited in the Reserve <br />Account, except as may be required by subsection L or subsection S below. <br />No further deposits shall be required to be made into the Reserve Account <br />as long as there shall remain on deposit therein (including any Reserve <br />Account Credit Instrument as described below) a sum equal to the Reserve <br />Account Requirement. <br />A sum to be specified by subsequent resolution of the County may be <br />deposited in the Reserve Account out of the proceeds of the sale of Bonds. <br />The value of the Reserve Account, including investments on deposit in the <br />Reserve Account, shall be determined as described in Exhibit A. <br />Notwithstanding the foregoing provisions, in lieu of, in whole or in <br />part, the required deposits into the Reserve Account, the County may <br />cause to be deposited into the Reserve Account any of the following <br />(each a "Reserve Account Credit Instrument"); <br />(a) A surety bond or insurance policy issued to <br />the Paying Agent, as agent of the Bondholders, by a <br />company licensed to issue an insurance policy <br />guaranteeing the timely payment of debt service on the <br />Bonds (a "municipal bond insurer"), if the claims paying <br />ability of the issuer thereof, at the time of issuance <br />thereof, shall be rated "AAA" by Standard & Poor's <br />Corporation or its successor ("S&P") and "Aaa" by <br />Moody's Investors Service or its successor ("Moody's"); <br />(b) A surety bond or insurance policy issued to <br />the Paying Agent, as agent of the Bondholders, by an <br />entity other than a municipal bond insurer, if the form <br />and substance of such instrument and the issuer thereof <br />shall be approved by the Series 1993 Bond Insurer; or <br />(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 "Aa" 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 S 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 />17 <br />