Common use of Application of Money After Default Clause in Contracts

Application of Money After Default. All money collected by Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) For payment of all amounts due to Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all of Fiscal Agent’s Extraordinary Fees and Expenses incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, to Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, to Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable. (d) If the full principal amount of the Governmental Note shall have become or have been declared due and payable, to Funding Lender for the payment of the principal of, Prepayment Premium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund Fund, and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note Notes shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, to Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, to Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable.: (d) If the full principal amount of the Governmental Note Notes shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest. (e) Notwithstanding subsections (c) and (d) above, during the Construction Phase, any amounts payable to the Funding Lender pursuant to such subsections will instead be paid to the Administrative Agent for distribution to the Initial Funding Lender as provided in the Construction Continuing Covenant Agreement.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) : For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) . To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) . Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, : to the Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, : to the Funding Lender, unpaid principal of and Prepayment Premiumpremium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable. (d) . If the full principal amount of the Governmental Note shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest. Remedies Not Exclusive . No right or remedy conferred upon or reserved to the Fiscal Agent, the Funding Lender or the Funding Lender Representative by the terms of this Funding Loan Agreement is intended to be exclusive of any other right or remedy, but each and every such remedy shall be cumulative and shall be in addition to every other right or remedy given to the Fiscal Agent, the Funding Lender or the Funding Lender Representative under this Funding Loan Agreement or existing at law or in equity or by statute (including the Act).

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority:. (a) For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, : to the Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, : to the Funding Lender, unpaid principal of and Prepayment Premiumpremium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable. (d) If the full principal amount of the Governmental Note shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, to Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, to Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable.: (d) If the full principal amount of the Governmental Note shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest. (e) To the payment of any and all amounts due under the Financing Documents other than with respect to principal and interest accrued on the Funding Loan, including, without limitation, any amounts due to the Governmental Lender, the Funding Lender, the Servicer and the Rebate Analyst. (f) The remainder, if any, to the Borrower or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority:. (a) For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Construction Loan Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, : to the Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installmentsinstallments and payable; and SECOND, : to the Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which that shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable. (d) If the full principal amount of the Governmental Note shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest. (e) To the payment of any and all amounts due under the Financing Documents other than with respect to principal and interest accrued on the Funding Loan, including, without limitation, any amounts due to the Governmental Lender, the Funding Lender, the Servicer and the Rebate Analyst (f) The remainder, if any, to the Borrower or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent, including without limitation, fees and expenses of the Fiscal Agent’s Extraordinary Fees attorneys, agents and Expenses advisors, incurred in exercising any remedies under this Funding Loan Agreement. (b) To the payment of any and all amounts due under the Funding Loan Documents other than with respect to principal and interest accrued on the Funding Loan, including, without limitation, any amounts due to the Governmental Lender, the Funding Lender, the Servicer and the Rebate Analyst; (c) To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (cd) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, to Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, to Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable.: (de) If the full principal amount of the Governmental Note shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest. (f) The remainder, if any, to the Borrower or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note Notes shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, to Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, to Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable.: (d) If the full principal amount of the Governmental Note Notes shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest. (e) To the payment of any and all amounts due under the Financing Documents other than with respect to principal and interest accrued on the Funding Loan, including, without limitation, any amounts due to the Governmental Lender, the Funding Lender, the Servicer and the Rebate Analyst. (f) The remainder, if any, to the Borrower or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund Fund, and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note Notes shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) : For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) . To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) . Unless the full principal amount of the Funding Loan Loans shall have become or have been declared due and payable: FIRST, : to the Funding Lender, all installments of interest then due on the Funding Loan Loans in the order of the maturity of such installments; and SECOND, : to the Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan Loans which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable. (d) . If the full principal amount of the Governmental Note Notes shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premium, if any, and interest then due and unpaid on the Funding Loan Loans without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, : to the Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, : to the Funding Lender, unpaid principal of and Prepayment Premiumpremium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable. (d) If the full principal amount of the Governmental Note shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest.

Application of Money After Default. All money (other than amounts drawn from the Credit Facility under Section 6.02 hereof) collected by Fiscal Agent the Trustee at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by Fiscal Agent the Trustee to the General Account of the Revenue Fund. Such money so credited to the General Account of the Revenue Fund and all other money from time to time credited to the General Account of the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority:. (a) For payment of all amounts due to Fiscal Agent the Trustee incurred in performance of its duties under this Funding Loan AgreementIndenture, including, without limitation, the payment of all reasonable fees and expenses of Fiscal Agent’s Extraordinary Fees and Expenses the Trustee incurred in exercising any remedies under this Funding Loan AgreementIndenture. (b) To So long as no Event of Default has occurred and is then continuing under Section 6.01(b) hereof, first for the extent directed in writing by Funding Lender Representative, payment to the reimbursement Credit Facility Provider of any unreimbursed advances made by or on behalf of Funding Lender pursuant all amounts then due and unpaid under the Reimbursement Agreement (including with respect to Freddie Mac all Freddie Mac Credit Enhancement Fees and Freddie Mac Reimbursement Amounts) and second, prior to the Continuing Covenant Conversion Date, for the payment to the Construction Lender of all amounts then due and unpaid under the Construction Loan Agreement or and the Security InstrumentConstruction Phase Credit Reimbursement Agreement. (c) Unless the full principal amount of the Funding Loan all Bonds shall have become or have been declared due and payable: FIRST, to Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, to Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable.: (d) If the full principal amount of all of the Governmental Note Bonds shall have become or have been declared due and payable, to Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if anyany (which payment of premium shall not be restricted to Eligible Funds), and interest then due and unpaid on upon the Funding Loan Bonds without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Bond over any other Bond, ratably, according to the amounts due, respectively, for principal, premium and interest, to the Persons entitled thereto without any discrimination or preference except as to any differences in the respective rates of interest specified in the Bonds. (e) If an Event of Default has occurred and is then continuing under Section 6.01(b) hereof, for the payment to the Credit Facility Provider of all amounts then due and unpaid under the Reimbursement Agreement to the date of such Event of Default.

Application of Money After Default. All money (other than amounts drawn from the Credit Facility under Section 6.02 hereof) collected by Fiscal Agent the Trustee at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by Fiscal Agent the Trustee to the General Account of the Revenue Fund. Such money so credited to the General Account of the Revenue Fund and all other money from time to time credited to the General Account of the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Bond Fund, the Redemption Fund, the Administration Fund and the Loan Prepayment Principal Reserve Fund available for the payment of interest or principal then due with respect to the Governmental Note Bonds shall be insufficient for such payment, such money (other than money held for the payment or redemption of particular Bonds as provided in Section 4.09 hereof and amounts drawn from the Credit Facility under Section 6.02 hereof) shall be applied as follows and in the following order of priority: (a) For payment of all amounts due to Fiscal Agent the Trustee incurred in performance of its duties under this Funding Loan AgreementIndenture, including, without limitation, the payment of all reasonable fees and expenses of Fiscal Agent’s Extraordinary Fees and Expenses the Trustee incurred in exercising any remedies under this Funding Loan AgreementIndenture. (b) To So long as no Event of Default has occurred and is then continuing under Section 6.01(b) hereof, for the extent directed in writing by Funding Lender Representative, payment to the reimbursement Credit Facility Provider of any unreimbursed advances made by or on behalf of Funding Lender pursuant all amounts then due and unpaid under the Reimbursement Agreement (including with respect to the Continuing Covenant Agreement or the Security InstrumentFreddie Mac all Freddie Mac Credit Enhancement Fees and Freddie Mac Reimbursement Amounts). (c) Unless the full principal amount of the Funding Loan all Bonds shall have become or have been declared due and payable: FIRSTpayment of principal ratably, according to the amounts due on such date, to Funding Lenderthe Persons entitled thereto, all installments without any discrimination or preference, and then to the payment of interest then any premium due on the Funding Loan in Bonds, ratably, according to the order of the maturity of amounts due on such installments; and SECONDdate, to Funding Lenderthe Persons entitled thereto, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which shall have become due, whether at maturity without any discrimination or by call for prepayment, in the order in which they became due and payablepreference. (d) If the full principal amount of all of the Governmental Note Bonds shall have become or have been declared due and payable, to Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if anyany (which payment of premium shall not be restricted to Eligible Funds), and interest then due and unpaid on upon the Funding Loan Bonds without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Bond over any other Bond, ratably, according to the amounts due, respectively, for principal, premium and interest, to the Persons entitled thereto without any discrimination or preference except as to any differences in the respective rates of interest specified in the Bonds. (e) If an Event of Default has occurred and is then continuing under Section 6.01(b) hereof, for the payment to the Credit Facility Provider of all amounts then due and unpaid under the Reimbursement Agreement to the date of such Event of Default.

Application of Money After Default. (A) All money collected moneys received by Fiscal Agent at any time the Trustee pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by any right given or action taken under the provisions of Article IV hereof this Article, after payment of the costs and this Section 6.05. In expenses of the event that at any time Trustee of the money credited proceedings resulting in the collection of such moneys and of the expenses, liabilities and advances incurred or made by the Trustee and of all other amounts owing to the Revenue FundTrustee, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priorityfollows: (a1) For payment of all amounts due to Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, Unless the payment principal of all of Fiscal Agent’s Extraordinary Fees and Expenses incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan Notes shall have become or have been declared due and payable: FIRST, FIRST To the payment to Funding Lender, the Persons entitled thereto of all installments of interest then due on the Funding Loan Notes, in the order of the maturity of the installments of such installmentsinterest and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the Persons entitled thereto, without any discrimination or preference; and SECONDSECOND To the payment to the Persons entitled thereto of the unpaid principal, to Funding Lender, unpaid principal of and Prepayment PremiumRepurchase Price, if anyapplicable, on or Redemption Price, if applicable, of any of the Funding Loan Notes or principal installments which shall have become due, whether at maturity or by call due (other than Notes called for prepayment, in redemption for the order in payment of which moneys are held pursuant to the provisions of this Indenture) from the respective dates upon which they became become due and payableand, if the amount available shall not be sufficient to pay in full Notes or principal installments due on any particular date, then to the payment ratably, according to the amount of principal due on such date, to the Persons entitled thereto without any discrimination or preference. (d2) If the full principal amount of all the Governmental Note Notes shall have become or have been declared due and payable, to Funding Lender for the payment of the principal of, Prepayment Premium, if any, and interest (at the rate or rates expressed thereon) then due and unpaid on upon the Funding Loan Notes without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably, according to the amounts due respectively for principal and interest, to the Persons entitled thereto without any discrimination or preference. (3) If the principal of all the Notes shall have been declared due and payable, and if such declaration shall thereafter have been rescinded and annulled under the provisions of this Article, then, subject to the provisions of Section 9.3(A)(2) hereof which shall be applicable in the event that the principal of all the Notes shall later become due and payable, the moneys shall be applied in accordance with the provisions of Section 9.3(A)(1) hereof. (B) Whenever moneys are to be applied pursuant to the provisions of this Section, such moneys shall be applied at such times, and from time to time, as the Trustee shall determine, having due regard to the amount of such moneys available for application and the likelihood of additional moneys becoming available for such application in the future. Whenever the Trustee shall apply such funds, it shall fix the date upon which such application shall be made and upon such date interest on the amounts of principal to be paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the deposit with it of any such moneys and of the fixing of any such date, and shall not be required to make payment to the holder of any Notes until such Notes shall be presented to the Trustee for appropriate endorsement or for cancellation if fully paid. (C) Whenever all Notes and interest thereon and all other amounts due under this Indenture and the Notes have been paid under the provisions of this Section and all expenses and charges of the Trustee and the Paying Agent have been paid, any balance remaining shall be paid to the Company.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, to Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, to Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable.: (d) If the full principal amount of the Governmental Note shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest.

Application of Money After Default. All money collected by the Fiscal Agent at any time pursuant to this Article VI shall, except to the extent, if any, otherwise directed by a court of competent jurisdiction, be credited by the Fiscal Agent to the Revenue Fund. Such money so credited to the Revenue Fund and all other money from time to time credited to the Revenue Fund shall at all times be held, transferred, withdrawn and applied as prescribed by the provisions of Article IV hereof and this Section 6.05. In the event that at any time the money credited to the Revenue Fund, the Loan Payment Fund and the Loan Prepayment Fund available for the payment of interest or principal then due with respect to the Governmental Note shall be insufficient for such payment, such money shall be applied as follows and in the following order of priority: (a) For payment of all amounts due to the Fiscal Agent incurred in performance of its duties under this Funding Loan Agreement, including, without limitation, the payment of all reasonable fees and expenses of the Fiscal Agent’s Extraordinary Fees and Expenses Agent incurred in exercising any remedies under this Funding Loan Agreement. (b) To the extent directed in writing by the Funding Lender Representative, to the reimbursement of any unreimbursed advances made by or on behalf of the Funding Lender pursuant to the Continuing Covenant Agreement or the Security Instrument. (c) Unless the full principal amount of the Funding Loan shall have become or have been declared due and payable: FIRST, to Funding Lender, all installments of interest then due on the Funding Loan in the order of the maturity of such installments; and SECOND, to Funding Lender, unpaid principal of and Prepayment Premium, if any, on the Funding Loan which shall have become due, whether at maturity or by call for prepayment, in the order in which they became due and payable.: (d) If the full principal amount of the Governmental Note shall have become or have been declared due and payable, to the Funding Lender for the payment of the principal of, Prepayment Premiumpremium, if any, and interest then due and unpaid on the Funding Loan without preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest.