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ARTICLE III <br />DEPOSIT AND APPLICATION OF FUNDS <br />Section 3.1. Deposit of and Application of Funds. On the Closing Date, the Authority <br />shall cause (a) the amount of $ to be transferred to the Escrow Bank for deposit in <br />the 1994 Bonds Escrow Fund and applied to the defeasance of $33,550,000 (50 %) of the <br />outstanding 1994 Bonds, and (b) the amount of $ to be transferred to the Escrow <br />Bank for deposit in the 1998 Certificates Escrow Fund and applied to the defeasance of the <br />outstanding 1998 Certificates. Such amounts shall be derived from amounts paid by the <br />Assignees under the Assignment Agreements. In addition, a portion of the amounts paid by the <br />Assignees under the Assignment Agreements (including amounts retained by the nees for <br />its fees) shall be applied by the Assignees to pay financing costs of the transaction in the amount <br />of $ <br />-10- <br />4-55 <br />