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O <br />!219r <br />1, Escrow of£unda. in conjunction with the issuance of revenue bonds (the "Bonds") <br />by the County to finance the acquisition of the Land and the closing on the acquisition thereof by the <br />County, the County shall transfer or cause to be transferred to the Capital Reserve Account Agent <br />the amount of $2,000,000.00 to be held in escrow and deposited in a separate escrow account <br />maintained in the State of Florida (the "Capital Reserve Account"), invested and disbursed as <br />provided herein. <br />2. ]nyglIMM. Funds in the Capital Reserve Account shall be invested at the direction <br />i of the Dodgers in such investments which are legal investments for County funds which are set forth <br />in Exhibit "B" attached hereto and made a ;part hereof, as sante may be amended by the County from <br />time to time. Interest earnings on such funds shall be deposited to the Capital Reserve Account and <br />disbursed as provided in Section 3 hereof. <br />3. Disburscmrw . Funds on deposit in the Capital Reserve Account shall be disbursed by <br />the Capital Reserve Account Agent solely upon f ilfilhnent of the following conditions: <br />(a) Subject to there not having occurred an event as set forth in paragraph (b) of this <br />Section 3, upon submission of a Requisition Request in the form attached hereto as Exhibit "C", the <br />Capital Reserve Account. Agent is authorized and directed to pay to the payee designated in such <br />Requisition Request the amount designated for such payment from amounts on deposit in the Capital <br />Reserve Account, including any investment earnings thereon. <br />(b) Upon telephonic notice from the County, to be promptly confirmed in writing, that <br />a default by the Dodgers has occurred under the Lease and the County has terminated the Lease as <br />set forth in Section 10.04 of the Lease, moneys on deposit in the Capital Reserve Account thereupon, <br />including any investment earnings thereon, shall be held by the Capital Reserve Account Agent for <br />the exclusive benefit of the County and disbursed to the County in accordance with written <br />instructions from the County Administrator or his designee. <br />4. Authoriud Wes of Funds in theCapital RMUC ACCOU .'Che funds held in the <br />Capital Reserve Account may be used solely for the limited purposes set forth herein. Any <br />Requisition submitted by the Dodgers to the County for approval shall constitute an affirmative <br />statement by the Dodgers that all items for which payment is requested under the Requisition is for <br />a use permitted by this Section 4. Permitted uses shall consist of two categories, (i) any component <br />of the Improvements as set forth in the Development Agreement, and (ii) costs related to a repair or <br />I replacement of any component of the Facility. <br />The costs of all components of the Improvements shall first be paid from funds on deposit in <br />the Construction Fund funded with proceeds of the Bonds, and then from the Capital Reserve <br />Account rather than with funds provided by the Dodgers. The County agrees to approve such <br />Requ;sitions upon delivery of the back-up material required to be submitted with all Requisitions for <br />costs of a component of the Improvements. <br />2 <br />