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under Section 16B(4) hereof on a pro rata basis; and after all such amounts are paid in full, amounts necessary to fund the Reserve Account to the required level, after taking into account the amounts available under the Series 1993 Reserve Account Surety Bond and any Additional Funding Instrument, shall be deposited from in the Reserve Account from the Gross Revenues next available under Section 16B(4) hereof. SECTION 32. DEFEASANCE. If at any time the County shall have paid, or shall have made provision for payment of, the principal, interest and premiums, if any, with respect to any of the Bonds or any series thereof, then, and in that event, the pledge of and lien on the Pledged Funds in favor of the Registered Owners of such Bonds or of such series, as the case may be, shall be no longer in effect. For purposes of the preceding sentence, the deposit of Federal Securities in irrevocable trust with a banking institution or trust company, for the sole benefit of the Registered Owners of such Bonds or such series, as the case may be, the principal of and interest on which will be sufficient to pay, when due, the principal, interest and premiums, if any, on such Bonds or such aeries, as applicable, shall be considered "provision for payment". For purposes of this Section, amounts paid by the Series 1993 Bond Insurer under the Series 1993 Bond Insurance Policy shall not be deemed paid and shall be deemed due and owing until paid by the County. Nothing in this section shall be deemed to require the County to call any of the outstanding Bonds or any series thereof for redemption prior to maturity pursuant to any applicable optional redemption provisions, or to impair the discretion of the County in determining whether to exercise any such option for early redemption. SECTION 33. MODIFICATION OF RESOLUTION. No adverse material modification or amendment of this Resolution, or of any resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the Registered Owners of 518 or more in aggregate principal amount of the Bonds then outstanding affected by such adverse material modification or amendment; provided, however, that no modification or amendment shall permit a change in the maturity of any Bonds or a reduction in the rate of interest thereon or in the amount of the principal obligation thereof, or affect the unconditional promise of the County to collect the receipts and revenues pledged hereunder, as herein provided, or to pay the principal of and interest on the Bonds as the same shall become due from the Pledged Funds or reduce the percentage required above for an adverse material modification or amendment, without the consent of the Registered Owners of all of the Bonds affected thereby. The foregoing shall not apply with respect to supplemental resolutions adopted for the sole purpose of issuing Additional Parity Bonds or junior and subordinate obligations issued in accordance herewith. Notwithstanding the foregoing, except with respect to any modification or amendment requiring the consent of the Registered Owners of all of the Bonds affected thereby, to the extent that any Bonds are insured by a policy of municipal bond insurance and such Bonds are then rated in one of the two highest rating categories (without regard to gradation) by either Standard 6 Poor's Corporation or Moody's-Investors Service, Inc., or the successor of either of them, then the consent of the issuer of such municipal bond insurance policy shall be deemed to constitute the consent of the Registered Owners of such Bonds; provided, however, a copy of such modification or amendment shall be provided to said rating agencies not less than thirty (30) days prior to the effective date thereof. SECTION 34. SEVERABILITY. If any one or more of the covenants, agreements or provisions of this Resolution shall be held contrary to any express provision 31