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benefit and security of the owners of the Refunded Obligations, subject to the terms <br /> and conditions of this Agreement. <br /> SECTION 3. (a) The Escrow Agent acknowledges receipt of $ from <br /> the County, representing a portion of the proceeds of the 2021 Bonds. The County <br /> directs the Escrow Agent to apply those proceeds as shown in the following table, <br /> and the Escrow Agent agrees to make this application: <br /> To purchase the securities <br /> shown on Exhibit B (the <br /> "Escrow Investments") $ <br /> Held in cash uninvested <br /> For a total of $ <br /> The Escrow Agent will hold the Escrow Investments and other funds <br /> described above in the Escrow Fund. Exhibit C shows the schedule of expected <br /> receipts from the Escrow Investments and required disbursements from the Escrow <br /> Fund. <br /> SECTION 4. The County represents and warrants that the Escrow <br /> Investments will earn interest and mature in such amounts and at such times as will <br /> be sufficient, together with other funds held in the Escrow Fund, to pay the <br /> remaining debt service on the Refunded Obligations through the redemption dates <br /> specified in Exhibit A. <br /> If the moneys in the Escrow Fund are insufficient for the purposes of this <br /> Agreement, the County is responsible for the timely deposit to the credit of the <br /> Escrow Fund of such additional amounts as may be required to cure the deficiency. <br /> The Escrow Agent will notify the County of any insufficiency as soon as it knows of <br /> the deficiency, but the Escrow Agent is not responsible for the County's failure to <br /> make any deposits. The Escrow Agent will make neither investments nor <br /> distributions unless and until the Escrow Agent has collected funds. <br /> 2 <br />