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s5 <br />SECTION 2. PROJECT FUND. <br />2.1. Proiect Fund. On the Closing Date, SunTrust will deposit <br />[$50,057,000.00] into a special account of the County to be designated "2007-1 <br />Orange County Project Fund" (the "Project Fund"). This account shall be held <br />separate and apart from all other County funds. The Project Fund is the County's <br />property, but the County may withdraw amounts on deposit in the Project Fund <br />only as provided in the Project Fund Agreement and only for application from <br />time to time to the payment of Project Costs. Pending such application, such <br />amounts shall be subject to a lien and charge in favor of SunTrust to secure the <br />County's obligations under the Financing Contract. <br />2.2. Requisitions from Proiect Fund. SunTrust will disburse moneys in <br />the Project Fund from time to time, either to pay Project Costs directly or to <br />reimburse the County for previous expenditures for Project Costs, upon <br />SunTrust's receipt of a requisition substantially in the form of Exhibit A and <br />signed by a County Representative. <br />Unless otherwise directed by the County, SunTrust will disburse moneys <br />from the Project Fund that are due to the County by wire transfer to such bank <br />account or accounts in the United States as the County may designate from time. to <br />time by notice to SunTrust. <br />Upon receipt of a requisition from the County, SunTrust will promptly <br />review the requisition, and within two Business Days of the receipt of a requisition <br />will either process the requisition for payment or notify the County of its <br />disapproval of the requisition or its need for additional information. <br />2.3. Disposition of Proiect Fund Balance. <br />(a). Upon completion -The County will promptly deliver a certificate to <br />SunTrust when work on the Financed Facilities has been completed to the ,point <br />that substantially all Financed Facilities are suitable for carrying out substantially <br />all the purposes they are to serve for the County. This certificate must also state <br />the amount of any funds that should be retained in the Project Fund to pay Project <br />Costs incurred but not yet paid. SunTrust will then withdraw any additional <br />balance remaining in the Project Fund and apply such balance against outstanding <br />Required Payments. <br />ss <br />