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project costs. All proportionate share payments by participating parties shall be applied toward project costs as set forth in this Agreement. DEVELOPER, however, shall remain responsible to pay any deficiency or difference between proportionate share payments made by participating parties to Escrow Agent and total project costs. 5 . Vesting Upon Effective Date: COUNTY and DEVELOPER agree that effective immediately upon DEVELOPER posting the required performance security instrument referred to in Section 3 above with Escrow Agent, DEVELOPER' S execution of its own Proportionate Share Agreement attached hereto as Exhibit "D", payment of all applicable non-traffic impact fees and capacity charges, and full execution of this Agreement by the parties DEVELOPER' S project, as described above, shall be issued a CCI-5 Concurrency Certificate and shall be considered to be fully vested with regard to concurrency. 6 . Impact Fee Credits: A. COUNTY agrees that DEVELOPER ' S proportionate share of the cost of the roadway improvements as provided in the Model Oslo 27 Traffic Concurrency Analysis referred to in Exhibit "C" above shall be credited against, and shall reduce the transportation impact fees otherwise payable in connection with DEVELOPER' S project. Further, COUNTY agrees to recognize and extend impact fee credits to other parties seeking to implement proposed developments which impact the indicated segment of the COUNTY roadways referred to herein, as provided below. B . To and until July 1 . 2007, unless further extended by Board of County Commissioners, COUNTY agrees to extend impact fee credits associated with proportionate share payments from other participating developers, provided that said developers actually post appropriate payments in escrow, and execute Proportionate Share Agreements as provided in Section 9 below. Impact fee credits to said participating developers shall not exceed 45% of the total transportation impact fee otherwise payable by the participating developer. 7. Escrow Agent: A. COUNTY and DEVELOPER hereby select and appoint COUNTY to serve as Escrow Agent with respect to the subject matter of this Agreement. Escrow Agent hereby agrees to hold all deposited funds ("Escrow Funds") and to invest and disburse the same as hereinafter provided. B . All proportionate share contributions made by participating developers shall be posted with Escrow Agent. Escrow Agent agrees to invest the Escrow Funds in an interest bearing account . Such account shall be opened by and in the name of Escrow Agent. All interest or other yield thereon for all periods in which the Escrow Funds shall be so held and invested shall remain in said account and be paid out at the same time and to the same party who shall receive the principal as hereinafter specified. C. Following payments of applicable proportionate share contributions by other participating developers as provided above, Escrow Funds shall be released by Escrow Agent to pay for the roadway improvements referred to above, either in the form of installments during the actual performance of the roadway project (subject to compliance with applicable requirements contained in agreements governing the contracting parties performing the work) or by reimbursement to DEVELOPER, as applicable . Disbursements by Escrow Agent shall only be made upon the joint written instructions of 6