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(c) Within seven days of receipt of the funds, Term Bonds or instruction to <br /> apply a credit (as described in subsection (b) above), any amounts remaining in the <br /> Principal Account in excess of the amount required to fulfill the remaining required <br /> principal and sinking fund redemption obligations on the next sinking fund payment <br /> date will, as specified in a County Certificate, either be (i) transferred to the Interest <br /> Account or (ii) used to redeem 2021 Bonds as soon as practicable. In the absence of <br /> any written direction from the County, the Trustee will deposit those amounts to the <br /> Interest Account. <br /> ARTICLE III <br /> FUNDS AND ACCOUNTS <br /> Section 3.01. Creation and Use of Project Fund. The Trustee will <br /> establish a special fund designated as the "Orange County 2021 Project Fund." The <br /> Trustee will keep this Fund separate and apart from all other funds and moneys <br /> held by it, and the Trustee will hold and administer this Fund as provided in this <br /> Agreement. Moneys in the Project Fund will be expended only as described in <br /> Sections 3.02 and 3.03. The Trustee is not required to disburse any moneys from the <br /> Project Fund during the continuation of any Event of Default. <br /> Section 3.02. Deposits to Project Fund; Payment of Project Costs. <br /> (a) The Trustee will deposit into the Project Fund the amount specified in <br /> the certificate referenced in Section 1.05(d) and all other amounts paid to it for <br /> deposit in the Project Fund. This certificate may also direct the Trustee as to the <br /> further application of amounts in the Project Fund without any requirement for <br /> additional direction or requisition. <br /> (b) In addition, the Trustee will disburse moneys in the Project Fund from <br /> time to time, either to pay Project Costs directly to the County or the person <br /> indicated in the requisition to pay Project Costs or to reimburse the County for <br /> previous expenditures on Project Costs, upon the Trustee's receipt of a requisition <br /> substantially in the form of Exhibit E. The County need not submit any additional <br /> information other than the requisition. The Trustee may rely conclusively on <br /> requisitions as authorization for payments, and the Trustee has no duty or <br /> responsibility to verify any matters in the requisitions. <br /> II <br />