Common use of Loan Approval Clause in Contracts

Loan Approval. The Investment Committee shall consist of one representative each of IHDA, the City of Chicago, Arc Chicago, LLC and each Private Lender Investor whose commitment to OIF is equal to at least $4 million. An investor may decline to have a voting representative on the Investment Committee by notice to the CIC. Investment Committee members are listed in attached Exhibit A. The Fund shall not make any investment unless a majority of the Investment Committee members approves such Investment. Notwithstanding the foregoing, (i) IHDA shall have the right to appoint a member of the Investment Committee only if IHDA enters into a refundable grant agreement with Government Investor on terms acceptable to CIC within six (6) months of the closing date for the Fund and for so long as IHDA satisfies its obligations under such refundable grant agreement when due, and (ii) no Member may participate on the Investment Committee if such Member is in default under the Fund agreement. As Manager, CIC shall have the sole and exclusive right to submit loan proposals to the Investment Committee. CIC will present loan proposals that in its determination have met the Opportunity Investment Fund General Criteria and policies as set from time to time by the Investment Committee. It shall be the exclusive prerogative of the OIF Investment Committee to set the objectives, policies, and eligibility criteria under which proposals for loans will be submitted for consideration to the Investment Committee. After a loan proposal has been submitted by CIC, the Investment Committee shall determine whether or not the loan meets the underwriting criteria of the Opportunity Investment Fund. The Investment Committee shall give due consideration to CIC’s underwriting of the loan evidenced in the submission of the loan proposal to the Investment Committee. The Investment Committee shall consider the security provided by the borrower and the likelihood of repayment on terms sufficient to repay the Opportunity Investment Fund. The committee shall consider criteria such as loan to value ratios, loan to cost ratios, borrower’s equity, debt service coverage, financial feasibility of the project, a guarantor’s financial strength, and the borrower’s financial strength, management capabilities and prior experience. The Investment Committee shall approve or disapprove loan proposals based upon such underwriting criteria. The Investment Committee can approve exceptions to underwriting criteria when, in its collective judgment, the result will still be a sound loan. Opportunity Investment Fund GENERAL CRITERIA As Manager, CIC will present loans that meet the following General Criteria. Standard Loans of the Opportunity Investment Fund:

Loan Approval. The Investment Committee shall consist of one representative each of IHDA, the City of Chicago, Arc Chicago, LLC and each Private Lender Investor whose commitment to OIF is equal to at least $4 million. An investor may decline to have a voting representative on the Investment Committee by notice to the CIC. Investment Committee members are listed in attached Exhibit A. The Fund shall not make any investment unless a majority of the Investment Committee members approves such Investment. Notwithstanding the foregoing, (i) IHDA shall have the right to appoint a member of the Investment Committee only if IHDA enters into a refundable grant agreement with Government Investor on terms acceptable to CIC within six (6) months of the closing date for the Fund and for so long as IHDA satisfies its obligations under such refundable grant agreement when due, and (ii) no Member may participate on the Investment Committee if such Member is in default under the Fund agreement. As Manager, CIC shall have the sole and exclusive right to submit loan proposals to the Investment Committee. CIC will present loan proposals that in its determination have met the Opportunity Investment Fund General Criteria and policies as set from time to time by the Investment Committee. It shall be the exclusive prerogative of the OIF Investment Committee to set the objectives, policies, and eligibility criteria under which proposals for loans will be submitted for consideration to the Investment Committee. After a loan proposal has been submitted by CIC, the Investment Committee shall determine whether or not the loan meets the underwriting criteria of the Opportunity Investment Fund. The Investment Committee shall give due consideration to CIC’s underwriting of the loan evidenced in the submission of the loan proposal to the Investment Committee. The Investment Committee shall consider the security provided by the borrower and the likelihood of repayment on terms sufficient to repay the Opportunity Investment Fund. The committee shall consider criteria such as loan to value ratios, loan to cost ratios, borrower’s equity, debt service coverage, financial feasibility of the project, a guarantor’s financial strength, and the borrower’s financial strength, management capabilities and prior experience. The Investment Committee shall approve or disapprove loan proposals based upon such underwriting criteria. The Investment Committee can approve exceptions to underwriting criteria when, in its collective judgment, the result will still be a sound loan. Opportunity Investment Fund GENERAL CRITERIA As Manager, CIC will present loans that meet the following General Criteria. Standard Loans of the Opportunity Investment Fund:Xxxxxxxx.

Loan Approval. The Investment Committee shall consist of one representative each of IHDA, the City of Chicago, Arc Chicago, LLC and each Private Lender Investor whose commitment to OIF is equal to at least $4 million. An investor may decline to have a voting representative on the Investment Committee by notice to the CIC. Investment Committee members are listed in attached Exhibit A. The Fund shall not make any investment unless a majority of the Investment Committee members approves such Investment. Notwithstanding the foregoing, (i) IHDA shall have the right to appoint a member of the Investment Committee only if IHDA enters into a refundable grant agreement with Government Investor on terms acceptable to CIC within six (6) months of the closing date for the Fund and for so long as IHDA satisfies its obligations under such refundable grant agreement when due, and (ii) no Member may participate on the Investment Committee if such Member is in default under the Fund agreement. As Manager, CIC shall have the sole and exclusive right to submit loan proposals to the Investment Committee. CIC will present loan proposals that in its determination have met the Opportunity Investment Fund General Criteria and policies as set from time to time by the Investment Committee. It shall be the exclusive prerogative of the OIF Investment Committee to set the objectives, policies, and eligibility criteria under which proposals for loans will be submitted for consideration to the Investment Committee. After a loan proposal has been submitted by CIC, the Investment Committee shall determine whether or not the loan meets the underwriting criteria of the Opportunity Investment Fund. The Investment Committee shall give due consideration to CIC’s underwriting of the loan evidenced in the submission of the loan proposal to the Investment Committee. The Investment Committee shall consider the security provided by the borrower and the likelihood of repayment on terms sufficient to repay the Opportunity Investment Fund. The committee shall consider criteria such as loan to value ratios, loan to cost ratios, borrower’s equity, debt service coverage, financial feasibility of the project, a guarantor’s financial strength, and the borrower’s financial strength, management capabilities and prior experience. The Investment Committee shall approve or disapprove loan proposals based upon such underwriting criteria. The Investment Committee can approve exceptions to underwriting criteria when, in its collective judgment, the result will still be a sound loan. Opportunity Investment Fund GENERAL CRITERIA As Manager, CIC will present loans that meet the following General Criteria. Standard Loans of the Opportunity Investment Fund:.