Common use of Transfers and Requisitions Clause in Contracts

Transfers and Requisitions. Unless the Fiscal Agent is instructed otherwise by the Funding Lender Representative, the Fiscal Agent shall automatically transfer amounts from the Borrower Equity Account of the Project Loan Fund to the Administration Fund to pay to the appropriate party its accrued fees that are included in the Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without any need for a Requisition or other written direction. Unless the Fiscal Agent is instructed otherwise by the Initial Funding Lender, the Fiscal Agent shall automatically transfer amounts in the Borrower Equity Account of the Project Loan Fund to the Loan Payment Fund to pay interest on the Project Loan and Funding Loan without any need for a Requisition or other written direction. Except for the foregoing transfers, the Fiscal Agent shall make disbursements from the respective accounts of the Project Loan Fund only upon the receipt of Requisitions signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer (signifying the consent to the Requisition by the Servicer). The Fiscal Agent shall have no right or duty to determine whether any requested disbursement from the Project Loan Fund complies with the terms, conditions and provisions of the Construction and Permanent Loan Agreement. The countersignature of the Authorized Officer of the Servicer on a Requisition shall be deemed a certification and, insofar as the Fiscal Agent and the Governmental Lender are concerned, constitute conclusive evidence, that all of the terms, conditions and requirements of the Construction and Permanent Loan Agreement applicable to such disbursement have been fully satisfied or waived. The Fiscal Agent shall, immediately upon each receipt of a completed Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer, initiate procedures with the provider of a Qualified Investment to make withdrawals as necessary to fund the Requisition. Notwithstanding anything to the contrary contained herein, no signature of an Authorized Officer of the Borrower shall be required during any period in which a default has occurred and is then continuing under the Loans or any Financing Document (notice of which default has been given in writing by the Funding Lender Representative or the Servicer to the Fiscal Agent and the Governmental Lender, and the Fiscal Agent shall be entitled to conclusively rely on any such written notice as to the occurrence and continuation of such a default). 4837-1660-0800.3

Transfers and Requisitions. Unless the Fiscal Agent is instructed otherwise by the Funding Lender Representative, the Fiscal Agent The Trustee shall automatically transfer amounts from the Borrower Equity Account of the Project Bond Mortgage Loan Fund Fund, without any need for a Requisition or other written direction, to (i) the Administration Fund to pay to the appropriate party its accrued fees that are included in the Bond Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without to the Credit Facility Provider any need for a Requisition or other written direction. Unless the Fiscal Agent is instructed otherwise by the Initial Funding Lender, the Fiscal Agent shall automatically transfer amounts fees due and payable as set forth in the Borrower Equity Reimbursement Agreement and to the Construction Lender any fees due and payable upon receipt of an invoice, and (ii) the Credit Facility Interest Reimbursement Account of the Project Loan Credit Facility Reimbursement Fund to reimburse the Loan Payment Fund Credit Facility Provider for draws under the Credit Facility to pay interest on the Project Loan and Funding Loan without Bonds, should the amount in the Credit Facility Interest Reimbursement Account be insufficient to reimburse the Credit Facility Provider for any need for a Requisition or other written directionsuch draw pursuant to Section 4.07(a) hereof. Except for the foregoing transfers, the Fiscal Agent The Trustee shall make disbursements from the respective accounts of the Project Bond Mortgage Loan Fund for the purpose of paying Costs of the Project (as described in the first sentence of subsection (b) of this Section 4.02) only upon the receipt of Requisitions signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer Construction Lender (signifying the consent to the Requisition by the ServicerConstruction Lender). The Fiscal Agent Trustee shall have no right or duty to determine whether any requested disbursement from the Project Bond Mortgage Loan Fund complies with the terms, conditions and provisions of the Construction and Permanent Loan AgreementDocuments. The countersignature of the Authorized Officer of the Servicer Construction Lender on a Requisition shall be deemed a certification and, insofar as the Fiscal Agent Trustee and the Governmental Lender Issuer are concerned, constitute conclusive evidence, that all of the terms, conditions and requirements of the Construction and Permanent Loan Agreement Documents applicable to such disbursement have been fully satisfied or waived. The Fiscal Agent Trustee shall, immediately upon each receipt of a completed Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the ServicerConstruction Lender, initiate procedures with the provider of a Qualified Investment to make withdrawals as necessary to fund the Requisition. Notwithstanding anything to the contrary contained hereinin the immediately preceding paragraph, but subject to the immediately succeeding paragraph, of this Section 4.2(c), (i) no signature of an Authorized Officer of the Borrower shall be required during any period in which a default has occurred and is then continuing under the Loans Bond Mortgage Loan or any Financing Construction Loan Document (notice of which default has been given in writing by the Funding Construction Lender Representative or the Servicer to the Fiscal Agent Trustee and the Governmental LenderIssuer, and the Fiscal Agent Trustee shall be entitled to conclusively rely on any such written notice as to the occurrence and continuation of such a default); and (ii) the Trustee shall disburse amounts in the Bond Mortgage Loan Fund upon receipt of a Requisition signed only by the Construction Lender (and without any need for any signature by an Authorized Officer of the Borrower or Servicer), with notice to the Borrower, so long as the amount to be disbursed is to be used solely to make payments of interest and fees due under the Bond Mortgage Loan Documents or the Construction Loan Documents. 4837-1660-0800.3Notwithstanding anything to the contrary contained in this Indenture or any other Bond Financing Document, prior to receipt by the Trustee of a Direction to Release, the Trustee shall not make any disbursement from the Project Account of the Bond Mortgage Loan Fund until the Trustee shall have ascertained that, after giving effect to the disbursement to be made in accordance therewith, the sum of (A) amounts deposited and held in the Project Account of the Bond Mortgage Loan Fund plus (B) amounts deposited and held in the Xxxxxxx Mac Collateral Fund (disregarding any investment earnings thereon) will not be less than the Construction Phase Collateral Requirement.

Transfers and Requisitions. Unless the Fiscal Agent is instructed otherwise by the Funding Lender Representative, the Fiscal Agent The Trustee shall automatically transfer amounts from the Borrower Equity Account of the Project Bond Mortgage Loan Fund Fund, without any need for a Requisition or other written direction, to (i) the Administration Fund to pay to the appropriate party its accrued fees that are included in the Bond Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without to the Credit Facility Provider any need for a Requisition or other written direction. Unless the Fiscal Agent is instructed otherwise by the Initial Funding Lender, the Fiscal Agent shall automatically transfer amounts fees due and payable as set forth in the Borrower Equity Reimbursement Agreement and to the Construction Lender any fees due and payable upon receipt of an invoice, and (ii) the Credit Facility Interest Reimbursement Account of the Project Loan Credit Facility Reimbursement Fund to reimburse the Loan Payment Fund Credit Facility Provider for draws under the Credit Facility to pay interest on the Project Loan and Funding Loan without Bonds, should the amount in the Credit Facility Interest Reimbursement Account be insufficient to reimburse the Credit Facility Provider for any need for a Requisition or other written directionsuch draw pursuant to Section 4.07(a) hereof. Except for the foregoing transfers, the Fiscal Agent The Trustee shall make disbursements from the respective accounts of the Project Bond Mortgage Loan Fund for the purpose of paying Costs of the Project (as described in the first sentence of subsection (b) of this Section 4.02) only upon the receipt of Requisitions signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer Construction Lender (signifying the consent to the Requisition by the ServicerConstruction Lender). The Fiscal Agent Trustee shall have no right or duty to determine whether any requested disbursement from the Project Bond Mortgage Loan Fund complies with the terms, conditions and provisions of the Construction and Permanent Loan AgreementDocuments. The countersignature of the Authorized Officer of the Servicer Construction Lender on a Requisition shall be deemed a certification and, insofar as the Fiscal Agent Trustee and the Governmental Lender Issuer are concerned, constitute conclusive evidence, that all of the terms, conditions and requirements of the Construction and Permanent Loan Agreement Documents applicable to such disbursement have been fully satisfied or waived. The Fiscal Agent Trustee shall, immediately upon each receipt of a completed Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the ServicerConstruction Lender, initiate procedures with the provider of a Qualified Investment to make withdrawals as necessary to fund the Requisition. Notwithstanding anything to the contrary contained hereinin the immediately preceding paragraph, but subject to the immediately succeeding paragraph, of this Section 4.2(c), (i) no signature of an Authorized Officer of the Borrower shall be required during any period in which a default has occurred and is then continuing under the Loans Bond Mortgage Loan or any Financing Construction Loan Document (notice of which default has been given in writing by the Funding Construction Lender Representative or the Servicer to the Fiscal Agent Trustee and the Governmental LenderIssuer, and the Fiscal Agent Trustee shall be entitled to conclusively rely on any such written notice as to the occurrence and continuation of such a default); and (ii) the Trustee shall disburse amounts in the Bond Mortgage Loan Fund upon receipt of a Requisition signed only by the Construction Lender (and without any need for any signature by an Authorized Officer of the Borrower or Servicer), with notice to the Borrower, so long as the amount to be disbursed is to be used solely to make payments of interest and fees due under the Bond Mortgage Loan Documents or the Construction Loan Documents. 4837-1660-0800.3Notwithstanding anything to the contrary contained in this Indenture or any other Bond Financing Document, prior to receipt by the Trustee of a Direction to Release, the Trustee shall not make any disbursement from the Project Account of the Bond Mortgage Loan Fund until the Trustee shall have ascertained that, after giving effect to the disbursement to be made in accordance therewith, the sum of (A) amounts deposited and held in the Project Account of the Bond Mortgage Loan Fund plus (B) amounts deposited and held in the Freddie Mac Collateral Fund (disregarding any investment earnings thereon) will not be less than the Construction Phase Collateral Requirement.

Transfers and Requisitions. Unless the Fiscal Agent is instructed otherwise by the Funding Lender Representative, the Fiscal Agent shall automatically transfer amounts from the Borrower Equity Account of the Project Loan Fund to the Administration Fund to pay to the appropriate party its accrued fees that are included in the Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without any need for a Requisition or other written direction. Unless the Fiscal Agent is instructed otherwise by the Initial Funding LenderLender Representative, the Fiscal Agent shall automatically transfer amounts in the Borrower Equity Account of the Project Loan Fund to the Loan Payment Fund to pay interest on the Project Loan and Funding Loan without any need for a Requisition or other written direction. Except for the foregoing transfers, the Fiscal Agent shall make disbursements from the respective accounts of the Project Loan Fund only upon the receipt of Requisitions signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer (signifying the consent to the Requisition by the Servicer). The Fiscal Agent shall have no right or duty to determine whether any requested disbursement from the Project Loan Fund complies with the terms, conditions and provisions of the Construction and Permanent Continuing Covenant Agreement or the Project Loan Agreement. The countersignature of the Authorized Officer of the Servicer on a Requisition shall be deemed a certification and, insofar as the Fiscal Agent and the Governmental Lender are concerned, constitute conclusive evidence, that all of the terms, conditions and requirements of the Construction Continuing Covenant Agreement and Permanent the Project Loan Agreement applicable to such disbursement have been fully satisfied or waived. The Fiscal Agent may conclusively rely on all Requisitions, the execution of the Requisitions by the Authorized Officer of the Borrower and the approval of all Requisitions by the countersignature of an Authorized Officer of the Servicer or the Funding Lender, as required by this Section, as conditions of payment from the Project Loan Fund, which Requisitions constitute, as to the Fiscal Agent, irrevocable determinations that all conditions to payment of the specified amounts from the Project Loan Fund have been satisfied. These documents shall be retained by the Fiscal Agent, subject at all reasonable times to examination by the Borrower, the Governmental Lender, the Funding Lender and the agents and representatives thereof upon reasonable notice to the Fiscal Agent. The Fiscal Agent is not required to inspect the Project or the rehabilitation work or to make any independent investigation with respect to the matters set forth in any Requisition or other statements, orders, certifications and approvals received by the Fiscal Agent. The Fiscal Agent is not required to obtain completion bonds, lien releases or otherwise supervise the acquisition, rehabilitation, renovation, equipping, improvement and installation of the Project. The Fiscal Agent shall, immediately upon each receipt of a completed Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer, initiate procedures with the provider of a Qualified Investment Investment, if any, to make withdrawals as necessary to fund the Requisition. Notwithstanding anything to the contrary contained herein, no signature of an Authorized Officer of the Borrower shall be required during any period in which a default has occurred and is then continuing under the Loans or any Financing Document (notice of which default has been given in writing by the Funding Lender Representative or the Servicer to the Fiscal Agent and the Governmental Lender, and the Fiscal Agent shall be entitled to conclusively rely on any such written notice as to the occurrence and continuation of such a default). 4837-1660-0800.3.

Transfers and Requisitions. Unless the Fiscal Agent is instructed otherwise by the Funding Lender Representative, the Fiscal Agent shall automatically transfer amounts from the Borrower Equity Account of the Project Loan Fund to the Administration Fund to pay to the appropriate party its accrued fees that are included in the Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without any need for a Requisition or other written direction. Unless the Fiscal Agent is instructed otherwise by the Initial Funding Lender, the Fiscal Agent shall automatically transfer amounts in the Borrower Equity Account of the Project Loan Fund to the Loan Payment Fund to pay interest on the Project Loan and Funding Loan without any need for a Requisition or other written direction. Except for the foregoing transfers, the Fiscal Agent shall make disbursements from the respective accounts of the Project Loan Fund only upon the receipt of Requisitions signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer (signifying the consent to the Requisition by the Servicer). The Fiscal Agent shall have no right or duty to determine whether any requested disbursement from the Project Loan Fund complies with the terms, conditions and provisions of the Construction and Permanent Loan Agreement. The countersignature of the Authorized Officer of the Servicer on a Requisition shall be deemed a certification and, insofar as the Fiscal Agent and the Governmental Lender are concerned, constitute conclusive evidence, that all of the terms, conditions and requirements of the Construction and Permanent Loan Agreement applicable to such disbursement have been fully satisfied or waived. The Fiscal Agent shall, immediately upon promptly following each receipt of a completed Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer, initiate procedures with the provider of a Qualified Investment to make withdrawals as necessary to fund the Requisition. Notwithstanding anything to the contrary contained herein, no signature of an Authorized Officer of the Borrower shall be required during any period in which a default has occurred and is then continuing under the Loans or any Financing Document (notice of which default has been given in writing by the Funding Lender Representative or the Servicer to the Fiscal Agent and the Governmental Lender, and the Fiscal Agent shall be entitled to conclusively rely on any such written notice as to the occurrence and continuation of such a default). 4837-1660-0800.3.

Transfers and Requisitions. Unless the Fiscal Agent is instructed otherwise by the Funding Lender Representative, the Fiscal Agent shall automatically transfer amounts from the Borrower Equity Account of the Project Loan Fund to the Administration Fund to pay to the appropriate party its accrued fees that are included in the Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without any need for a Requisition or other written direction. Unless the Fiscal Agent is instructed otherwise by the Initial Funding Lender, the Fiscal Agent shall automatically transfer amounts in the Borrower Equity Account of the Project Loan Fund to the Loan Payment Fund to pay interest on the Project Loan and Funding Loan without any need for a Requisition or other written direction. Except for the foregoing transfers, the The Fiscal Agent shall make disbursements from the respective accounts of the Project Loan Fund for purposes described in subsection (b) of this Section 4.02 only upon the receipt of Requisitions signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer (signifying the consent to the Requisition by the Servicer, which shall be countersigned subject to and in accordance with the terms and conditions of the Construction Disbursement Agreement), and solely with respect to disbursements from the Gap Loan Subaccount of the Borrower Equity Account, countersigned by the Initial Funding Lender. The Fiscal Agent shall have no right or duty to determine whether any requested disbursement from the Project Loan Fund complies with the terms, conditions and provisions of the Construction and Permanent Loan Disbursement Agreement or the Freddie Mac Continuing Covenant Agreement. The countersignature of the Authorized Officer of the Servicer on a Requisition shall be deemed a certification and, insofar as the Fiscal Agent and the Governmental Lender are concerned, constitute conclusive evidence, that all of the terms, conditions and requirements of the Construction and Permanent Loan Disbursement Agreement applicable to such disbursement have been fully satisfied or waived. The Fiscal Agent shall, immediately upon each receipt of a completed Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the ServicerServicer (and countersigned by the Initial Funding Lender with respect to a disbursement from the Gap Loan Subaccount of the Borrower Equity Account), initiate procedures with the provider of a Qualified Investment to make withdrawals as necessary to fund the Requisition. Notwithstanding anything to the contrary contained herein, no signature of an Authorized Officer of the Borrower shall be required during any period in which a default an Event of Default has occurred and is then continuing under the Loans or any Financing Document (notice of which default has been given in writing by the Funding Lender Representative or the Servicer to the Fiscal Agent and the Governmental Lender, and the Fiscal Agent shall be entitled to conclusively rely on any such written notice as to the occurrence and continuation of such a default). 4837-1660-0800.3.

Transfers and Requisitions. Unless the Fiscal Agent is instructed otherwise by the Funding Lender Representative, the [IF APPLICABLE: The Fiscal Agent shall automatically transfer amounts from the Borrower [Project Loan Account][Borrower Equity Account Account] of the Project Loan Fund to the Administration Fund to pay to the appropriate party its accrued fees that are included in the Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without any need for a Requisition or other written direction. Unless the Fiscal Agent is instructed otherwise by the Initial Funding Lender, the Fiscal Agent shall automatically transfer amounts in the Borrower [Project Loan Account][Borrower Equity Account Account] of the Project Loan Fund to the Loan Payment Fund to pay interest on the Project Loan and Funding Loan without any need for a Requisition or other written direction. Except for the foregoing transfers, the .] The Fiscal Agent shall make disbursements from the respective accounts of the Project Loan Fund for purposes described in subsection (b)[(ii)] of this Section 4.02 only upon the receipt of Requisitions signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer (signifying the consent to the Requisition by the Servicer). The Fiscal Agent shall have no right or duty to determine whether any requested disbursement from the Project Loan Fund complies with the terms, conditions and provisions of the Construction and Permanent Loan Continuing Covenant Agreement. The countersignature of the Authorized Officer of the Servicer on a Requisition shall be deemed a certification and, insofar as the Fiscal Agent and the Governmental Lender are concerned, constitute conclusive evidence, that all of the terms, conditions and requirements of the Construction and Permanent Loan Continuing Covenant Agreement applicable to such disbursement have been fully satisfied or waived. The Fiscal Agent shall, immediately upon each receipt of a completed Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer, initiate procedures with the provider of a Qualified Investment to make withdrawals as necessary to fund the Requisition. Notwithstanding anything to the contrary contained herein, no signature of an Authorized Officer of the Borrower shall be required during any period in which a default has occurred and is then continuing under the Loans or any Financing Document (notice of which default has been given in writing by the Funding Lender Representative or the Servicer to the Fiscal Agent and the Governmental Lender, and the Fiscal Agent shall be entitled to conclusively rely on any such written notice as to the occurrence and continuation of such a default). 4837-1660-0800.3If a Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer or (as permitted hereunder) solely by an Authorized Officer of the Servicer, is received by the Fiscal Agent, the requested disbursement shall be paid by the Fiscal Agent as soon as practicable, but in no event later than three (3) Business Days following receipt thereof by the Fiscal Agent. Upon final disbursement of all amounts on deposit in the Project Loan Fund, including all interest accrued therein, the Fiscal Agent shall close the Project Loan Fund. Immediately prior to any mandatory prepayment of the Funding Loan pursuant to Section 3.01(b)(i) hereof, any amount then remaining in the Project Loan Fund shall, at the written direction of the Funding Lender Representative, be transferred to the Loan Prepayment Fund to pay amounts due on the Funding Loan, if any. In addition, any amount remaining in the Project Account of the Project Loan Fund following completion of the rehabilitation of the Project in accordance with the Construction Continuing Covenant Agreement, evidenced by an instrument signed by the Funding Lender Representative or the Servicer, shall be transferred to the Loan Prepayment Fund and used to prepay the Funding Loan in accordance with Section 3.01(b)(ii) hereof, unless the Fiscal Agent receives an opinion of Bond Counsel (which shall also be addressed to the Funding Lender Representative) to the effect that a use of such money for other than prepayment of the Funding Loan will not adversely affect the tax exempt status of the Governmental Note; provided, that any amounts in the Project Account of the Project Loan Fund in excess of the amount needed to fund the related prepayment of the Funding Loan shall be transferred to the Rebate Fund. In the event there are funds remaining in the Borrower Equity Account following completion of the rehabilitation of the Project in accordance with the Construction Continuing Covenant Agreement and the Conversion Date has occurred, and provided no default by the Borrower exists under this Funding Loan Agreement or any Project Loan Document, such funds shall be paid by the Fiscal Agent to the Borrower at the written direction of the Funding Lender Representative or the Servicer. Amounts on deposit in the Project Loan Fund shall be invested as provided in Section 4.08 hereof. All Investment Income on amounts on deposit in the Project Loan Fund shall be retained in and credited to and become a part of the amounts on deposit in the Project Loan Fund, and shall constitute part of any transfers required by subsection (b) or (e) of this Section 4.02.

Transfers and Requisitions. Unless the Fiscal Agent is instructed otherwise by the Funding Lender Representative, the Fiscal Agent shall automatically transfer amounts from the Borrower Equity Account of the Project Loan Fund to the Administration Fund to pay to the appropriate party its accrued fees that are included in the Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without any need for a Requisition or other written direction. Unless the Fiscal Agent is instructed otherwise by the Initial Funding Lender, the Fiscal Agent shall automatically transfer amounts in the Borrower Equity Account of the Project Loan Fund to the Loan Payment Fund to pay interest on the Project Loan and Funding Loan without any need for a Requisition or other written direction. Except for the foregoing transfers, the The Fiscal Agent shall make disbursements from the respective accounts of the Project Loan Fund for purposes of refunding the principal of and interest on the Prior Note on the Delivery Date and for the other purposes described in subsection (b) of this Section 4.02 only upon the receipt of Requisitions signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer (which shall be the Initial Funding Lender during the Construction Phase) signifying the consent to the Requisition by the Servicer). Borrower shall also provide to the Initial Funding Lender an Advance Request in connection with any requisition for disbursement from the Project Account in the form of Exhibit E hereto. The Fiscal Agent shall have no right or duty to determine whether any requested disbursement from the Project Loan Fund complies with the terms, conditions conditions, and provisions of the Construction and Permanent Loan Continuing Covenant Agreement. The countersignature of the Authorized Officer of the Servicer on a Requisition shall be deemed a certification and, insofar as the Fiscal Agent and the Governmental Lender are concerned, constitute conclusive evidence, that all of the terms, conditions conditions, and requirements of the Construction and Permanent Loan Continuing Covenant Agreement applicable to such disbursement have been fully satisfied or waived. The Fiscal Agent shall, immediately upon each receipt of a completed Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer, initiate procedures with the provider of a Qualified Investment to make withdrawals as necessary to fund the Requisition. Notwithstanding anything to the contrary contained herein, no signature of an Authorized Officer of the Borrower shall be required during any period in which a default has occurred and is then continuing under the Loans or any Financing Document (notice of which default has been given in writing by the Funding Lender Representative or the Servicer to the Fiscal Agent and the Governmental Lender, and the Fiscal Agent shall be entitled to conclusively rely on any such written notice as to the occurrence and continuation of such a default). 4837If a Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer or (as permitted hereunder) solely by an Authorized Officer of the Servicer, is received by the Fiscal Agent, the requested disbursement shall be paid by the Fiscal Agent to the Title Company, as soon as practicable, but in no event later than three (3) Business Days following receipt thereof by the Fiscal Agent. Upon final disbursement of all amounts to be deposited in the Project Loan Fund, including all interest accrued therein, the Fiscal Agent shall close the Project Loan Fund. Immediately prior to any mandatory prepayment of the Funding Loans pursuant to Section 3.01(b)(i) hereof, any amount then remaining in the Project Loan Fund shall, at the written direction of the Funding Lender Representative, be transferred to the Loan Prepayment Fund to pay amounts due on the Funding Loans, if any. In addition, any amount remaining in the Project Account of the Project Loan Fund following completion of the construction of the Project in accordance with the Construction Continuing Covenant Agreement, evidenced by an instrument signed by the Funding Lender Representative or the Servicer, shall be transferred to the Loan Prepayment Fund and used to prepay the Funding Loans in accordance with Section 3.01(b)(ii) hereof, unless the Fiscal Agent receives an opinion of Bond Counsel (which shall also be addressed to the Funding Lender Representative) to the effect that a use of such money for other than prepayment of the Funding Loans will not adversely affect the tax exempt status of the Tax-1660-0800.3Exempt Governmental Notes; provided, that any amounts in the Project Account of the Project Loan Fund in excess of the amount needed to fund the related prepayment of the Funding Loans shall be transferred to the Rebate Fund. In the event there are funds remaining in the Borrower Equity Account following completion of the construction of the Project in accordance with the Construction Continuing Covenant Agreement and the Conversion Date has occurred, and provided no default by the Borrower exists under this Funding Loan Agreement or any Project Loan Document, such funds shall be paid by the Fiscal Agent to the Borrower at the written direction of the Funding Lender Representative or the Servicer. Amounts on deposit in the Project Loan Fund shall be invested as provided in Section 4.08 hereof. All Investment Income on amounts on deposit in the Project Loan Fund shall be retained in and credited to and become a part of the amounts on deposit in the Project Loan Fund, and shall constitute part of any transfers required by subsection (b) or (e) of this Section 4.02.

Transfers and Requisitions. Unless the Fiscal Agent is instructed otherwise by the Funding Lender Representative, the The Fiscal Agent shall automatically transfer amounts from the [Borrower Equity Account Account] of the Project Loan Fund to the Administration Fund to pay to the appropriate party its accrued fees that are included in the Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without any need for a Requisition or other written direction. Unless the Fiscal Agent is instructed otherwise by the Initial Funding Lender, or if there are insufficient funds in the Loan Payment Fund to make such payment, the Fiscal Agent shall automatically transfer amounts in the [Borrower Equity Account Account] of the Project Loan Fund to the Loan Payment Fund to pay interest on the Project Loan and Funding Loan without any need for a Requisition or other written direction. Except for the foregoing transfers, the The Fiscal Agent shall make disbursements from the respective accounts of the Project Loan Fund for purposes described in subsection (b) of this Section 4.02 only upon the receipt of Requisitions signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer (signifying the consent to the Requisition by the Servicer). The Fiscal Agent shall have no right or duty to determine whether any requested disbursement from the Project Loan Fund complies with the terms, conditions and provisions of the Construction and Permanent Loan Continuing Covenant Agreement. The countersignature of the Authorized Officer of the Servicer on a Requisition shall be deemed a certification andcertification, and insofar as the Fiscal Agent and the Governmental Lender are concerned, constitute conclusive evidence, that all of the terms, conditions and requirements of the Construction and Permanent Loan Continuing Covenant Agreement applicable to such disbursement have been fully satisfied or waived. The Fiscal Agent shall, immediately upon each receipt of a completed Requisition signed by an Authorized Officer of the Borrower and countersigned by an Authorized Officer of the Servicer, initiate procedures with the provider of a Qualified Investment to make withdrawals as necessary to fund the Requisition. Notwithstanding anything to the contrary contained herein, no signature of an Authorized Officer of the Borrower shall be required during any period in which a default an Event of Default has occurred and is then continuing under the Loans or any Financing Document (notice of which default has been given in writing by the Funding Lender Representative or the Servicer to the Fiscal Agent and the Governmental Lender, and the Fiscal Agent shall be entitled to conclusively rely on any such written notice as to the occurrence and continuation of such a default). 4837-1660-0800.3.