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(b) Orange County 2010 Net Proceeds Fund. <br />• <br />Section 4.03. Payment Fund. (a) The Trustee will deposit in the proper account <br />in the Payment Fund all amounts paid to it for deposit in the Payment Fund, including all <br />amounts paid to it as the County's Installment Payments pursuant to Section 2.1 of the <br />Financing Contract. <br />(b) The Trustee will pay the principal of the 2010 Bonds from the Principal <br />Account and the interest with respect to the 2010 Bonds from the Interest Account, as the <br />same become due. <br />(c) The Trustee shall determine, and notify the County of, the credit amounts <br />as described in Sections 2.1(b) of the Financing Contract. <br />(d) On the second Business Day preceding each Payment Date, the Trustee will <br />first set aside an amount sufficient to pay the interest with respect to the Bonds becoming <br />due and payable on such Payment Date, and then an amount sufficient to pay the <br />principal with respect to the Bonds becoming due and payable on such Payment Date, <br />and will transfer on the Payment Date the amounts due to DTC as registered owner of the <br />Bonds. <br />(e) If the amount on deposit in the Principal Account or the Interest Account is • <br />insufficient for the purposes thereof two Business Days before any Payment Date, the <br />Trustee will notify the County of the amount of such insufficiency and the Trustee will <br />transfer to such Accounts such amounts as may be necessary therefor from the <br />Prepayment Account. <br />If the amount on deposit in the Interest Account on any Payment Date exceeds the <br />amount payable on account of interest on the Bonds on such date, the Trustee will, as <br />directed by a County Representative, retain such excess in the Interest Account or <br />transfer such excess to the Principal Account to be credited against subsequent required <br />deposits thereto. <br />If the amount on deposit in the Principal Account on any November 1 exceeds the <br />amount required on such date to pay principal of Bonds coming due on such date <br />(whether by reason of maturity or mandatory redemption), then the Trustee will, as <br />directed by a County Representative, retain such excess in the Principal Account or <br />transfer such excess to the Interest Account to be credited against subsequent required <br />deposits thereto. <br />(f) The Trustee will deposit in the Prepayment Account of the Payment Fund <br />all amounts paid to it for deposit therein, and will use such amounts within 12 months of <br />their deposit therein, as directed by a County Representative, to pay Bonds called for • <br />prepayment on their prepayment dates. <br />13 <br />