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11S r 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). (3) The obligation to reimburse the issuer of a Reserve Account Credit Instrument for any fees or expenses or claims or draws upon such Reserve Account Credit Instrument shall be subordinate to the payment of debt service on the Bonds. The right of the issuer of a Reserve Account Credit Instrument to payment or reimbursement of its fees and expenses shall be subordinated to cash replenishment of the Reserve Account, and, subject to the second succeeding sentence, its right to reimbursement for claims or draws shall be on a parity with the cash replenishment of the Reserve Account. The Reserve Account Credit Instrument shall provide for a revolving feature under which the amount available thereunder will be reinstated to the extent of any reimbursement of draws or claims paid. If the revolving feature is suspended or terminated for any reason, the right of the issuer of the Reserve Account Credit Instrument to reimbursement will be further subordinated to cash replenishment of the Reserve Account to an amount equal to the difference between the full original amount available under the Reserve Account Credit Instrument and the amount then available for further draws or claims. In the event (a) the issuer of a Reserve Account Credit Instrument becomes insolvent, or (b) the issuer of a Reserve Account Credit Instrument defaults in its payment obligations thereunder, or (c) the rating of the claims paying ability of the issuer of the insurance policy or surety bond falls below "AAA" by S&P and "Asa" by Moody's, or (d) the rating of the issuer of the letter of credit falls below "AA" by S&P and "Aa" by Moody's, the obligation to reimburse the issuer of the Reserve Account Credit Instrument shall be subordinate to the cash replenishment of the Reserve Account. (4) In the event (a) the revolving reinstatement feature described in the preceding subparagraph (3) is suspended or terminated, or (b) the rating of the claims paying ability of the issuer of the, -surety bond or insurance policy falls below "AAA" by S&P and "Aaa" by Moody's, or (c) the rating of the issuer of the letter of credit falls below "AA" by S&P and "As" by Moody's, the Issuer shall either (i) deposit into the Reserve Account an amount sufficient to cause the cash or permitted investments on deposit in the Reserve Account to equal the Reserve Account Requirement, such amount to be paid over the ensuing five years in equal installments deposited at least semi-annually or (ii) replace such instrument with another Reserve Account Credit Instrument within six months of 24