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the giving of notice as required thereunder) on any interest payment or redemption date on which <br />a deficiency exists which cannot be cured by funds in any other fund or account held pursuant to <br />this Resolution and available for such purpose. The issuer providing such Reserve Fund Insurance <br />Policy and/or Reserve Fund Letter of Credit shall, at the time of issuance thereof, be either (a) an <br />insurer whose municipal bond insurance policies insuring the payment, when due, of the principal <br />of and interest on municipal bond issues results in such issues being rated in one of the three <br />highest rating categories (without regard to gradations, such as “plus” or “minus” of such <br />categories) by Standard & Poor’s Rating Group or Moody’s Investors Service, or (b) a commercial <br />bank, insurance company or other financial institution the bonds payable or guaranteed by which <br />have, or whose obligation to pay is guaranteed by a commercial bank, insurance company or other <br />financial institution which has, been assigned a rating by Moody’s Investors Service or Standard <br />& Poor’s Rating Group in one of the three highest rating categories (without regard to gradations, <br />such as “plus” or “minus” of such categories). <br />If fifteen (15) days prior to an interest payment or mandatory redemption date, the Issuer <br />or a related Bond trustee shall determine that a deficiency exists in the amount of moneys available <br />to pay in accordance with the terms hereof interest and/or principal due on Bonds on such date, <br />the Issuer shall immediately notify (a) the issuer of the applicable Reserve Fund Insurance Policy <br />and/or the issuer of the Reserve Fund Letter of Credit, and (b) the Insurer, if any, of the amount of <br />such deficiency and the date on which such payment is due, and shall take all action to cause such <br />issuer or Insurer to provide moneys sufficient to pay all amounts due on such interest payment or <br />redemption date. Any available funds on deposit in a subaccount of the Reserve Fund shall be <br />drawn upon and expended prior to a draw upon the Reserve Fund Insurance Policy and/or a <br />Reserve Fund Line of Credit for that same subaccount. <br />If a disbursement is made from a Reserve Fund Insurance Policy and/or Reserve Fund <br />Letter of Credit provided pursuant to this Section 4.05(C), the Issuer shall reinstate the maximum <br />limits of such Reserve Fund Insurance Policy and/or Reserve Fund Letter of Credit immediately <br />following such disbursement from moneys available in the applicable subaccount of the Reserve <br />Fund in accordance with the provisions of the first paragraph of this Section 4.05(C), by depositing <br />funds in the amount of the disbursement made under such instrument, with the issuer thereof, <br />together with interest thereon to the date of reimbursement at the rate set forth in such Reserve <br />Fund Insurance Policy or such Reserve Fund Letter of Credit, but in no case greater than the <br />maximum rate of interest permitted by law. In addition, and in the same manner, the Issuer shall <br />reimburse the issuer of the Reserve Fund Insurance Policy and/or the issuer of the Reserve Fund <br />Letter of Credit for all reasonable expenses incurred by such issuer in connection with the draw on <br />such Reserve Fund Insurance Policy or the Reserve Fund Letter of Credit, as the case may be. <br />The Issuer may evidence its obligation to reimburse the issuer of any Reserve Fund Letter <br />of Credit or Reserve Fund Insurance Policy by executing and delivering to such issuer a promissory <br />note therefor, provided, however, any such note (a) shall not be a general obligation of the Issuer <br />the payment of which is secured by the full faith and credit or taxing power of the Issuer, and (b) <br />shall be payable solely from the Pledged Funds in the manner provided herein. <br />To the extent the Issuer causes to be deposited into the Reserve Fund, a Reserve Fund <br />Insurance Policy and/or a Reserve Fund Letter of Credit for a term of years shorter than the life of <br />the Series of Bonds so insured or secured, then the Reserve Fund Insurance Policy and/or the <br />Reserve Fund Letter of Credit shall provide, among other things, that the issuer thereof shall <br />provide the Issuer with notice as of each anniversary of the date of the issuance of the Reserve <br />SCHEDULE VI-5 <br /> <br />