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Bank its payments until the City has restored to the special <br />reserve fund the full amount of advances from that fund together <br />with simple interest on those advances at the rate of fourteen <br />and one-half percent (14-1/2%) per annum. <br /> <br /> 9. Time is of the essence in delivery to the City of <br />the original Letter of Credit and each of the four renewal <br />Letters of Credit not later than thirty (30) days before <br />expiration of the current Letter of Credit. The Bonds will not <br />be delivered until the original Letter of Credit is delivered to <br /> <br />the City. <br /> <br /> 10. This agreement is for the benefit of the City, <br />the Bank, and the initial purchaser of the Bonds, as well as any <br />who become owners of the Bonds from time to time. <br /> <br /> This agreement shall bind and inure to the benefit of <br />the heirs, successors and assigns of the parties; but this <br />Paragraph shall not relieve the Owner of its obligation to <br />deliver the four (4) renewal Letters of Credit regardless of the <br /> <br /> <br />