Laserfiche WebLink
<br />-26- <br />make the deposits then required to be made pursuant to this Section 4.03 to pay debt <br />service on the 2018 Bonds. Notwithstanding anything herein to the contrary, the <br />Successor Agency will have no obligation to replace the 2018 Reserve Policy or to fund <br />the 2018 Reserve Subaccount with cash if, at any time that the 2018 Bonds are <br />Outstanding, (i) any rating assigned to 2018 Reserve Insurer is downgraded, suspended <br />or withdrawn, or (ii) amounts are not available for any reason under the 2018 Reserve <br />Policy, other than in connection with the replenishment of a draw on the 2018 Reserve <br />Policy. <br /> <br />The amounts available under the 2018 Reserve Policy shall be used and <br />withdrawn by the Trustee solely for the purpose of making transfers to the Interest Account <br />and the Principal Account in such order of priority, in the event of any deficiency at any <br />time in any of such accounts with respect to the payment of debt service on the 2018 <br />Bonds. Amounts on deposit in the 2018 Reserve Subaccount shall not be available to pay <br />debt service on any Bonds other than the 2018 Bonds, or any Parity Debt. <br /> <br />The Trustee shall comply with all documentation relating to the 2018 Reserve <br />Policy as shall be required to maintain the 2018 Reserve Policy in full force and effect and <br />as shall be required to receive payments thereunder in the event and to the extent required <br />to make any payment when and as required under this subsection (d). <br /> <br />The deposit of a Qualified Reserve Account Credit Instrument other than the 2018 <br />Reserve Policy into the 2018 Reserve Subaccount shall be subject to the prior written <br />approval of the 2018 Reserve Insurer. <br /> <br />(ii) Replenishment of Reserve Account. Except as provided below, in the <br />event that the amount on deposit in the Reserve Account or any subaccount therein at <br />any time becomes less than the Reserve Requirement, the Trustee shall promptly notify <br />the Successor Agency of such fact. Upon receipt of any such notice and as promptly as <br />is permitted by the Law, the Successor Agency shall transfer to the Trustee an amount <br />sufficient to maintain the Reserve Requirement on deposit in the Reserve Account or any <br />subaccount therein, as applicable.. <br /> <br />Except as provided below, the amount on deposit in the Reserve Account or any <br />subaccount therein shall be maintained at the Reserve Requirement at all times prior to <br />the payment of the Bonds and any Parity Debt in full. If there shall then not be sufficient <br />Tax Revenues to transfer an amount sufficient to maintain the Reserve Requirement on <br />deposit in the Reserve Account or any subaccount therein, the Successor Agency shall <br />be obligated to continue making transfers as Tax Revenues become available until there <br />is an amount sufficient to maintain the Reserve Requirement on deposit in the Reserve <br />Account or any subaccount therein. No such transfer and deposit need be made to the <br />Reserve Account or any subaccount therein so long as there shall be on deposit therein <br />a sum at least equal to the Reserve Requirement and, to the extent necessary, the <br />Successor Agency shall place any amounts required to replenish the Reserve Account or <br />any subaccount therein on the immediately following Recognized Obligation Payment <br />Schedule (and any additional Recognized Obligation Payment Schedule in the future if <br />necessary) and shall be required to be submitted by the Successor Agency pursuant to <br />and in accordance with Section 5.08. In the event a Qualified Reserve Account Credit <br />Instrument is delivered at any time to meet the entirety of the Reserve Requirement with <br />respect to one or more series of Bonds (that is, no cash is being deposited or will remain <br />deposited in the Reserve Account or any subaccount therein, including the 2018 Reserve <br />452