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19 <br />(c) If the amount of Net Proceeds received by the County from any single <br />event or any single series of related events is at least $1,000,000, the County will <br />cause such Net Proceeds (i) to be paid to SunTrust for deposit in the Project Fund, <br />if received before the Completion Date, or (ii) if received thereafter, to be paid to <br />an escrow agent (which_shall be a bank, trust company or similar entity exercising <br />fiduciary responsibilities) for deposit in a special escrow fund to be held by such <br />escrow agent. Whenever disbursement from such escrow fund may be required, the <br />escrow agent will disburse Net Proceeds upon receipt of requisitions in substantially <br />the form of Exhibit A to the Project Fund Agreement. <br />The County will thereafter provide for the application of all Net Proceeds so <br />deposited in accordance with Section 6.3. <br />6.3. Use of Net Proceeds. The County may elect to proceed under either <br />subsection (a), (b) or (c) below with respect to Net Proceeds deposited pursuant to <br />Section 6.2(c); provided, however, that subsections (a) and (b) below will be <br />available to the County only if no Event of Default is continuing. The County will <br />notify SunTrust of its election within 60 days after-the date of the deposit. <br />(a) If the amount of Net Proceeds is equal to at least 75% of the <br />outstanding principal of the Amount Advanced, then the County may provide <br />additional funds from any legal source and use such Net Proceeds and additional <br />County funds to prepay the Amount Advanced in full pursuant to Section 2.3; <br />(b) If as a result of the event (or series of events) giving rise to the Net <br />Proceeds (i) the County has lost beneficial use of at least 51% of the Pledged <br />Facilities of which it had beneficial use prior to such event or (ii) the damaged <br />portion of the Pledged Facilities cannot be restored to its prior condition within six <br />months after the event (or series of events) with respect to which the Net Proceeds <br />have been collected, then the County may use the Net Proceeds (and only the Net <br />Proceeds) to prepay the principal component of the Amount Advanced in part <br />pursuant to Section 2.3; or <br />(c) Otherwise the County will use the Net Proceeds and other available <br />funds for the completion or for repair and restoration of the Mortgaged Property. <br />The County will not be entitled to any reimbursement of any funds paid pursuant <br />to this subsection, nor will the County be entitled to any postponement or <br />diminution of its obligation to make Contract Payments as a result of any such <br />contribution. Any repair or replacement paid for in whole of in part out of such Net <br />Proceeds will be the County's property and will be part of the Mortgaged Property. <br />97562v1 19 <br />