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(a) such letter of credit shall be <br />payable in one or more draws upon <br />presentation by the Paying Agent of a sight <br />draft accompanied by its certificate that <br />it then holds insufficient funds to make a <br />required payment of principal or interest <br />on the Bonds; <br />(b) the draws shall be payable <br />within two days of presentation of the <br />sight draft; <br />(c) the letter of credit shall be <br />for a term of not less than three years and <br />shall be subject to an "evergreening" <br />feature so as to provide the County with at <br />least 30 months' notice of termination; the <br />issuer of the letter of credit shall be <br />required to notify the County and the <br />Paying Agent not later than 30 months prior <br />to the stated expiration date of the letter <br />of credit as to whether such expiration <br />date shall be extended, and if so, shall <br />indicate the new expiration date. <br />If such notice indicates that the <br />expiration date shall not be extended, the <br />County shall deposit in the Reserve Account <br />an amount sufficient to cause the cash or <br />permitted investments on deposit in the <br />Reserve Account, together with any other <br />qualifying Reserve Account Credit <br />Instruments, to equal the Reserve Account <br />requirement on all Outstanding Bonds, such <br />deposit to be paid in equal installments on <br />a least a semi-annual basis over the <br />remaining term of the letter of credit, <br />unless the Reserve Account Credit <br />Instrument is replaced by another Reserve <br />Account Credit Instrument permitted <br />hereunder; and <br />(d) The letter of credit shall <br />permit a draw in full prior to the <br />expiration or termination of such letter of <br />35 - <br />