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F <br />f <br />Notwithstanding the foregoing provisions, in lieu of, in <br />whole or in part, the required deposits into the Reserve <br />Account, the County may cause to be deposited into the <br />Reserve Account any of the following (each a "Reserve Account <br />Credit Instrument"): <br />(a) A surety bond or insurance policy <br />issued to the Paying Agent, as agent of the <br />Bondholders, by a company licensed to issue an <br />insurance policy guaranteeing the timely payment <br />of debt service on the Bonds (a "municipal bond <br />insurer"), if the claims paying ability of the <br />issuer thereof shall be rated "AAA" or "Aaa" by <br />Standard & Poor's Corporation ("S&P") or Moody's <br />Investors Service ("Moody's"), respectively; or <br />(b) An unconditional irrevocable letter <br />of credit issued to the Paying Agent, as agent <br />of the Bondholders, by a bank, if such bank is <br />rated at least "AA" by S&P. <br />Any such Reserve Account Credit Instrument shall be payable <br />or available to be drawn upon, as the case may be (upon the <br />giving of notice as required thereunder), by the Paying Agent <br />on any interest payment date on which a deficiency exists <br />which cannot be cured by money in any other fund or account <br />held pursuant hereto and available for such purpose. It <br />shall be the duty of the Paying Agent to, and the Paying <br />Agent shall, without further authorization or direction from <br />the County, ascertain the necessity for a claim or draw upon <br />-any Reserve Account Credit Instrument and provide notice to <br />the issuer of the Reserve Account Credit Instrument in <br />accordance with its terms at such time as will, when giving <br />due allowance for the time permitted for the issuer to make <br />payment under the Reserve Account Credit Instrument, ensure <br />payment under the Reserve Account Credit Instrument on or <br />before the interest payment date. If the Reserve Account <br />requirement shall at any time be satisfied in whole or in <br />part with a qualifying letter of credit and such letter of <br />credit is about to expire or terminate, the County hereby <br />authorizes and directs the Paying Agent to draw upon such <br />letter of credit prior to its expiration or termination to <br />the extent required to fully fund the Reserve Account <br />requirement unless a replacement Reserve Account Credit <br />Instrument is in place or the Reserve Account is otherwise <br />fully funded in its required amount. <br />- 20 - <br />