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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, from the <br />amounts paid by the Assignees, the Authority shall cause (a) the amount of $36,834,932.55 to <br />be transferred to the Escrow Bank for deposit in the 1994 Bonds Escrow Fund and applied to <br />the defeasance of the Defeased 1994 Bonds, and (b) the amount of $8,021,278.42 to be <br />transferred to the Escrow Bank for deposit in the 1998 Certificates Escrow Fund and applied <br />to the defeasance of the outstanding 1998 Certificates. Such amounts shall be derived from <br />amounts paid by the Assignees under the Assignment Agreement. In addition, a portion of the <br />amounts paid by the Assignees under the Assignment Agreement (including amounts retained <br />by the Assignees for its fees) shall be applied by the Assignees to pay financing costs of the <br />transaction in the amount of $203,789.03. <br />-11- <br />