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(a) A surety bond or insurance <br />policy issued to the Paying Agent, as agent <br />of the Bondholders, by a company licensed <br />to issue an insurance policy guaranteeing <br />the timely payment of debt service on the <br />Bonds (a "municipal bond insurer"), if the <br />claims paying ability of the issuer thereof <br />shall be rated "AAA" or "Aaa" by Standard <br />& Poor's Corporation ("S&P") or Moody's <br />Investors Service ("Moody's"), <br />respectively; <br />(b) A surety bond or insurance <br />Policy issued to the Paying Agent, as agent <br />of the Bondholders, by an entity other than <br />a municipal bond insurer, if the form and <br />substance of such instrument and the issuer <br />thereof shall be approved by the Bond <br />Insurer; or <br />(c) An unconditional irrevocable <br />letter of credit issued to the Paying <br />Agent, as agent of the Bondholders, by a <br />bank, if such bank is rated at least "AA" <br />by S&P. <br />Any such Reserve Account Credit Instrument shall meet <br />the further terms and conditions described in subsection <br />Z below and shall be payable or available to be drawn <br />upon, as the case may be (upon the giving of notice as <br />required thereunder), by the Paying Agent on any <br />interest payment date on which a deficiency exists which <br />cannot be cured by money in any other fund or account <br />held pursuant hereto and available for such purpose. <br />It shall be the duty of the Paying Agent to, and the <br />Paying Agent shall, without further authorization or <br />direction from the County, ascertain the necessity for <br />a claim or draw upon any Reserve Account Credit <br />Instrument and provide notice to the issuer of the <br />Reserve Account Credit Instrument in accordance with its <br />terms not later than three days (or such appropriate <br />time period as will, when combined with the timing of <br />required payment under the Reserve Account Credit <br />Instrument, ensure payment under the Reserve Account <br />Credit Instrument on or before the interest payment <br />- 24 - <br />