Proceeds of Certificates. The proceeds of the Certificates shall be used by the Corporation to pay the District the rental payment due under the Ground Lease. The District hereby directs the Corporation to make such payment to the Trustee. The proceeds of the sale of the Certificates so received by the Trustee, $ (which constitutes the purchase price of the Certificates less the premium for the Insurance Policy ($ ) to be wired directly to the Insurer by the Purchaser, and less the premium for the Reserve Policy ($ ) to be wired directly to the Reserve Insurer by the Purchaser), shall be deposited by the Trustee as follows, as directed by a Written Request of the District:
(a) the Trustee shall deposit in the Costs of Issuance Fund established pursuant to Section 3.03 hereof the amount of $ ; and
(b) the Trustee shall deposit in the Acquisition Fund established pursuant to Section 3.04 hereof the amount of $ . The Trustee shall deposit in the Reserve Fund established pursuant to Section 5.05 hereof the Reserve Policy, in an amount equal to the Reserve Requirement.
Proceeds of Certificates. (a) The proceeds of the sale of the Series A Certificates received by the Trustee, $ , shall be deposited or transferred by the Trustee as follows:
(i) the Trustee shall deposit in the Costs of Issuance Fund the amount of $ ; and
(ii) the Trustee shall transfer to the Escrow Bank the amount of $ for deposit in the Current Refunding Account in the Escrow Fund established under the Escrow Agreement, to be applied to the payment and redemption of the Prior Certificates (Current Refunding) in accordance with the terms of the Escrow Agreement.
(b) The proceeds of the sale of the Series B Certificates received by the Trustee, $ , shall be deposited or transferred by the Trustee as follows:
(i) the Trustee shall deposit in the Costs of Issuance Fund the amount of $ ; and
(ii) the Trustee shall transfer to the Escrow Bank the amount of $ for deposit in the Defeasance Account in the Escrow Fund established under the Escrow Agreement, to be applied to the payment and redemption of the Prior Certificates (Defeasance) in accordance with the terms of the Escrow Agreement.
