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Trustee but not previously applied as a credit against any sinking fund payment <br /> obligation . <br /> The Trustee will credit against the County ' s sinking fund payment obligation on <br /> each sinking fund payment date the amount of 2024 Bonds so purchased, delivered <br /> or previously redeemed as described in paragraphs (1) or (ii) above . <br /> (d) 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 2024 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 /> DEPOSIT AND USE OF 2024 PROCEEDS ; OTHER. FUNDS <br /> Section 3 , 01 , Creation and Use of 2024 Project Fund , The Trustee will <br /> establish a special fund designated as the " Orange County 2024 Project Fund . " The <br /> Trustee will keep this Fund separate and apart from all other funds and moneys <br /> it, and the Trustee will hold and administer this Fund as provided in this <br /> held by <br /> Agreement. Moneys in the 2024 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 /> 2024 Project Fund during the continuation of any Event of Default . <br /> Section 3 , 02 , Deposits to 2024 Project Fund ; Payment of 2024 Project <br /> Casts . <br /> ( a) The Trustee will deposit into the 2024 Project Fund the amount <br /> specified in the certificate referenced in Section 1 . 06 (g) and all other amounts paid <br /> to it for deposit in the 2024 Project Fund . The certificate referenced in Section <br /> 1 . 06 (g) may also direct the Trustee as to the further application of amounts in the <br /> 2024 Project: Fund without any requirement for additional direction or requisition . <br /> 13 <br />