Restricted Gifts. The parties acknowledge that funds may be contributed subject to Donor conditions requiring the application of such funds to specific Projects. Such funds are referred to as “Restricted Gifts”. All other funds held in the Aggregation Account are referred to as “Unrestricted Funds.” CI will deposit all Restricted Gifts in the Aggregation Account, but shall treat such Gifts as separate funds on its books and shall disburse such Gifts as follows: (1) When funding the First Project in Line, CI shall first apply to such Project any available Restricted Gifts and shall fund the balance of the Project costs using Unrestricted Funds. (2) When the CI has on hand Restricted Gifts in an amount sufficient to close the Project for which they were donated which is not currently the First Project in Line, CI may, if all Closing Conditions are satisfied, proceed directly with such closing using such Restricted Gifts. Such closing will not affect the order in which remaining Projects will be funded.
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