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(3) instruct the Tnistee to apply a credit against the County's sinking fund <br />payment obligation for any such Term Certificates that previously have been <br />prepaid (other than through the operation of the sinking fund requirements) <br />and canceled by the Trustee but not previously applied as a credit against <br />any sinking fund payment obligation. <br />The Trustee will credit against the County's sinking fiuzd payment obligation on <br />such sinking fund payment date the amount of such Certificates so purchased, <br />delivered or previously prepaid as described in paragraphs (1), (2) or (3} abo~Te. <br />Within seven days of receipt of such amount, Term Certificates or <br />instruction to apply a credit (as described in paragraphs (1), (2) and (~) above), any <br />amounts remaining in the Principal Account in excess of the amount required to <br />fulfill the remainng required sinking fund prepayment obligation on the next <br />sinking filed payment date will, as directed by a County Representative, either be <br />(A) transferred to the Interest Account or (B) used to prepay Certificates as soon as <br />practicable. <br />Any funds received by the Trustee pursuant to paragraph (1) above but not <br />expended as provided therein for the purchase of Certificates ujithin twenty days <br />after such 70th day ~.•ill be transferred to the Principal Account to the extent the <br />amounts in the Principal Account are insufficient to fulfill the required payment on <br />the next principal or sinking fund payment date. To the extent amounts in the <br />Principal Account are not so insufficient, the Trustee will, as directed by a County <br />Representative, either (A) transfer such fiends to the Interest Account or (B) use the <br />funds to prepay Certificates as soon as practicable. <br />ARTICLE IV <br />PROJECT FUND; OTHER FUNDS AND ACCOUNTS <br />Section 4.01. Creation and Use of Project Fund. The Trustee will <br />establish a special fund designated as the "Orange County 2006 Public <br />Improvement Projects Fund." The Trustee will keep such Fund separate and apart <br />from all other funds and moneys held by it, and will hold and administer such Fund <br />as pro~Tided in tlus Trust Agreement. Moneys in the Project Fund will be expended <br />only for Project Costs, except as provided in Section 4.03. <br />Section 4.02. Deposit of Moneys; Payment of Project Costs. <br />(a) The Trustee will deposit into the Project 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 1.0~(~T), an}r amounts received as <br />93 362v2 14 <br />