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• (2) instruct the Trustee to apply a credit against the County's sinking fund <br />payment obligation for any such Term Bonds that previously have been prepaid <br />(other than through the operation of the sinking fund requirements) and canceled <br />by the Trustee but not previously applied as a credit against any sinking fund <br />payment obligation. <br />The Trustee will credit against the County's sinking fund payment obligation on such <br />sinking fund payment date the amount of such Bonds so purchased, delivered or <br />previously prepaid as described in paragraphs (1) or (2) above. <br />Within seven days of receipt of such amount, Term Bonds or instruction to apply a <br />credit (as described in paragraphs (1) and (2) above), any amounts remaining in the <br />Principal Account in excess of the amount required to fulfill the remaining required <br />sinking fund prepayment obligation on the next sinking fund payment date will, as <br />directed by a County Representative, either be (A) transferred to the Interest Account or <br />(B) used to prepay Bonds as soon as practicable. <br />ARTICLE IV <br />PROCEEDS FUND: OTHER FUNDS AND ACCO_ UNTS <br />• 4 O1. Creation and Use of Proceeds Fund. a The Trustee <br />Sectton ( ) <br />will establish a special fund designated as the "Orange County 2010 Proceeds Fund." The <br />Trustee will keep such Fund separate and apart from all other funds and moneys held by <br />it, and will hold and administer such Fund as provided in this Trust Agreement. Moneys <br />in the Proceeds Fund will be expended only as described in this Section. <br />(b) The Trustee shall deposit into the Proceeds Fund the amount specified in <br />the certificate referenced in Section 1.04(e), any amount to be deposited therein as <br />specified in the certificate referenced in Section 1.05(vi) and all other amounts paid to it <br />for deposit in the Proceeds Fund. <br />(c) The Trustee shall disburse moneys in the Proceeds Fund as specified in one <br />or more separate certificates signed by a County Representative. In any event, the Trustee <br />shall deposit in the Interest Account in the Payment Fund any amounts remaining in the <br />Proceeds Fund on January 15, 2011. <br />Section 4.02. Other Funds and Accounts. The Trustee will establish the <br />following special funds and accounts, will keep the same separate and apart from all <br />other funds and moneys held by it, and will hold and administer the same as provided <br />herein: <br />(a) Orange County 2010 Bond Payment Fund, and therein an Interest Account, <br />a Principal Account and a Prepayment Account. <br />12 <br />