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Financial Guarana• Insurmirr <br />Cutupauc <br />(b) A letter from bond counsel addressed to Financial <br />Guaranty to the effect that Financial Guaranty may <br />rely on the approving opinion of bond counsel as if <br />such opinion were addressed to Financial Guaranty. <br />(c) An opinion of bond counsel, addressed to and in <br />form and substance satisfactory to Financial <br />Guaranty, as to the due authorization, validity and <br />enforceability of the Resolution, as amended and <br />supplemented. <br />(d) Evidence of wire transfer in Federal funds in an <br />amount equal to the insurance premium, unless <br />alternative arrangements for the payment of such <br />amount acceptable to Financial Guaranty have been <br />made prior to the delivery date of the Reserve <br />Policy. <br />6. The applicable supplement to the Resolution, as amended <br />and supplemented (herein after called the "Authorizing <br />Document") shall include the following terms and <br />conditions: <br />(a) The flow of funds shall be revised to provide that <br />the Issuer's repayment of any draws under the <br />Reserve Policy and related reasonable expenses <br />incurred by Financial Guaranty (together with <br />interest thereon at a rate equal to the lower of <br />(i) the prime rate of Morgan Guaranty Trust Company <br />of New York in effect from time to time plus 2% per <br />annum and (ii) the highest rate permitted by law) <br />shall enjoy the same priority as the obligation to <br />maintain and refill the reserve fund. Repayment of <br />draws, expenses and accrued interest (collectively, <br />"Policy Costs") shall commence in the first month <br />following each draw, and each such monthly payment <br />shall be in an amount at least equal to 1/12 of the <br />aggregate of Policy Costs related to such draw. If <br />and +*o the extent that cash has also been deposited <br />in the reserve fund, all such cash shall be used <br />(or investments purchased with such cash shall be <br />liquidated and the proceeds applied as required) <br />prior to any drawing under the Reserve Policy, and <br />repayment of any Policy Costs shall be made prior <br />to replenishment of any such cash amounts. If, in <br />addition to the Reserve Policy, any other reserve <br />fund substitute instrument ("Additional Reserve <br />Policy") is provided, drawings under the Reserve <br />Policy and any such Additional Reserve Policy, and <br />repayment of Policy Costs and reimbursement of <br />amounts due under the Additional Reserve Policy, <br />shall be made on a pro rata basis (calculated by <br />reference to the Maximum Amounts available <br />nacre 3 .)f 5 <br />