Common use of Authentication and Delivery of the Bonds Clause in Contracts

Authentication and Delivery of the Bonds. Upon the execution and delivery of this Indenture, the Issuer shall execute the Bonds and deliver them to the Bondowner Representative. Thereupon, and upon satisfaction of the conditions set forth in this Section, and without any further action on the part of the Issuer, the Bondowner Representative shall authenticate the Bonds in an aggregate principal amount not exceeding the Authorized Amount, and shall deliver them pursuant to the Written Order of the Issuer hereinafter mentioned. Prior to the authentication and delivery of any of the Bonds by the Bondowner Representative, there shall have been delivered to the Bondowner Representative each of the following: (a) a Certified Resolution authorizing issuance and sale of the Bonds and execution and delivery by the Issuer of the Indenture, the Loan Agreement and the Regulatory Agreements; (b) original executed counterparts of this Indenture, the Regulatory Agreements, the Tax Certificate, the Loan Agreement, the Deed of Trust, the Assignment of Deed of Trust and all of the other Loan Documents, all in form and content satisfactory to the Bondowner Representative, and the original executed Note endorsed without recourse by the Issuer to the Bondowner Representative; (c) a Written Order of the Issuer to the Bondowner Representative to authenticate and deliver the Bonds as directed in such Written Order, upon payment to the Bondowner Representative, for the account of the Issuer, of the Initial Disbursement; (d) a letter in the form of Exhibit B hereto executed by the initial Bondowner; (e) an opinion of Bond Counsel with respect to the due execution and delivery of the Indenture, the Loan Agreement and the Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposes; and (f) an opinion of counsel to the Borrower addressed to the Issuer to the effect that the Loan Documents to which the Borrower is a party and the Regulatory Agreements are valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, subject to such exceptions and qualifications as are acceptable to the Issuer.

Authentication and Delivery of the Bonds. Upon the execution and delivery of this Indenture, the Issuer shall execute the Bonds and deliver them to the Bondowner Representative. Thereupon, and upon satisfaction of the conditions set forth in this Section, and without any further action on the part of the Issuer, the Bondowner Representative shall authenticate the Bonds in an aggregate principal amount not exceeding the Authorized Amount, and shall deliver them pursuant to the Written Order of the Issuer hereinafter mentioned. Prior to the authentication and delivery of any of the Bonds by the Bondowner Representative, there shall have been delivered to the Bondowner Representative each of the following: (a) a Certified Resolution authorizing issuance and sale of the Bonds and execution and delivery by the Issuer of the Indenture, the Loan Agreement and the Regulatory AgreementsAgreement; (b) original executed counterparts of this Indenture, the Regulatory AgreementsAgreement, the Tax Certificate, the Loan Agreement, the Deed of Trust, the Assignment of Deed of Trust and all of the other Loan Documents, all in form and content satisfactory to the Bondowner Representative, and the original executed Note endorsed without recourse by the Issuer to the Bondowner RepresentativeNote; (c) a Written Order of the Issuer to the Bondowner Representative to authenticate and deliver the Bonds as directed in such Written Order, upon payment to the Bondowner Representative, for the account of the Issuer, of the Initial Disbursement; (d) a letter in the form of Exhibit B hereto executed by the initial BondownerInitial Bond Purchaser; (e) an opinion of Bond Counsel with respect to the due execution and delivery of the Indenture, the Loan Agreement and the Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposes; and (f) an opinion of counsel to the Borrower addressed to the Issuer to the effect that the Loan Documents to which the Borrower is a party and the Regulatory Agreements Agreement are valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, subject to such exceptions and qualifications as are acceptable to the Issuer.

Authentication and Delivery of the Bonds. Upon the execution and delivery of this Indenture, the Issuer shall execute the Bonds and deliver them to the Bondowner Representative. Thereupon, and upon satisfaction of the conditions set forth in this Section, and without any further action on the part of the Issuer, the Bondowner Representative shall authenticate the Bonds in an aggregate principal amount not exceeding $21,405,000 with respect to the Authorized AmountSeries C-1 Bonds and $1,595,000 with respect to the Series C-2 Bonds, and shall deliver them the Bonds pursuant to the Written Order of the Issuer hereinafter mentioned. Prior to the authentication and delivery of any of the Bonds by the Bondowner Representative, there shall have been delivered to the Bondowner Representative each of the following: (ai) a Certified Resolution authorizing issuance and sale of the Bonds and execution and delivery by the Issuer of the Indenture, the Loan Agreement and the Regulatory AgreementsAgreement; (bii) an original executed counterparts counterpart of this Indenture, the Regulatory Agreements, the Tax Certificate, the Loan Agreement, the Deed of Trust, the Assignment of Deed of Trust and all of the other Loan Documents, all in form and content satisfactory to the Bondowner Representative, and ; (iii) the original executed Note Notes, each endorsed without recourse by the Issuer to the Bondowner Representative; (civ) an original executed counterpart of, the Deed of Trust Assignment (as defined in the Loan Agreement), and of the Deed of Trust and the other Loan Documents; (v) one or more opinions of Bond Counsel with respect to the due execution and delivery of the Indenture, Loan Agreement and Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposes; (vi) an original executed counterpart of the Regulatory Agreement; (vii) a Written Order of the Issuer to the Bondowner Representative to authenticate and deliver the Bonds as directed in such Written Order, upon payment to the Bondowner RepresentativeTitle Company, for the account of the Issuer, of the Initial Disbursementinitial advance of the principal of the Series C-2 Bonds by the initial Bond purchaser of $ ; (dviii) a letter an Investor’s Letter in the form of Exhibit B hereto executed hereto, signed by the initial Bondowner; (e) an opinion of Bond Counsel with respect to the due execution and delivery owner of the Indenture, the Loan Agreement and the Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposesBonds; and (fix) an opinion of counsel to the Borrower addressed to the Issuer to the effect that the Loan Documents to which the Borrower is a party and the Regulatory Agreements Agreement are valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, subject to such exceptions and qualifications as are acceptable to the Bondowner Representative and the Issuer.

Authentication and Delivery of the Bonds. Upon the execution and delivery of this Indenture, the Issuer shall execute the Bonds and deliver them to the Bondowner Representative. Thereupon, and upon satisfaction of the conditions set forth in this Section, and without any further action on the part of the Issuer, the Bondowner Representative shall authenticate the Bonds in an aggregate principal amount not exceeding the Authorized Amount, and shall deliver them the Bonds pursuant to the Written Order of the Issuer hereinafter mentioned. Prior to the authentication and delivery of any of the Bonds by the Bondowner Representative, there shall have been delivered to the Bondowner Representative each of the followingfollow ing: (ai) a Certified Resolution authorizing issuance and sale of the Bonds and execution and delivery by the Issuer of the Indenture, the Loan Agreement and the Regulatory AgreementsAgreement; (bii) an original executed counterparts counterpart of this Indenture, the Regulatory Agreements, the Tax Certificate, the Loan Agreement, the Deed of Trust, the Assignment of Deed of Trust and all of the other Loan Documents, all in form and content satisfactory to the Bondowner Representative, and ; (iii) the original executed Note Note, endorsed without recourse by the Issuer to the Bondowner Representative; (civ) an original executed counterpart of the Assignment of Deed of Trust, the Deed of Trust and the other Loan Documents; (v) one or more opinions of Bond Counsel with respect to the due execution and delivery of the Indenture, Loan Agreement and Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposes; (vi) an original executed counterpart of the Regulatory Agreement; (vii) a Written Order of the Issuer to the Bondowner Representative to authenticate and deliver the Bonds as directed in such Written Order, upon payment to the Bondowner RepresentativeFirst American Title Insurance Company, for the account of the Issuer, of the Initial Disbursement; (dviii) a letter an Investor’s Letter in the form of Exhibit B hereto executed hereto, signed by the initial Bondowner; (e) an opinion of Bond Counsel with respect to the due execution and delivery owner of the Indenture, the Loan Agreement and the Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposesBonds; and (fix) an opinion of counsel to the Borrower Borrow er addressed to the Issuer to the effect that the Loan Documents to which the Borrower is a party and the Regulatory Agreements Agreement are valid and binding obligations of the BorrowerBorrow er, enforceable against the Borrower in accordance with their terms, subject to such exceptions and qualifications as are acceptable to the Bondowner Representative and the Issuer.

Authentication and Delivery of the Bonds. Upon the execution and delivery of this Indenture, the Issuer shall execute the Bonds and deliver them to the Bondowner Representative. Thereupon, and upon satisfaction of the conditions set forth in this Section, and without any further action on the part of the Issuer, the Bondowner Representative shall authenticate the Bonds in an aggregate principal amount not exceeding the Authorized Amount, and shall deliver them the Bonds pursuant to the Written Order of the Issuer hereinafter mentioned. Prior to the authentication and delivery of any of the Bonds by the Bondowner Representative, there shall have been delivered to the Bondowner Representative each of the following: (ai) a Certified Resolution authorizing issuance and sale of the Bonds and execution and delivery by the Issuer of the Indenture, the Loan Agreement and the Regulatory AgreementsAgreement; (bii) an original executed counterparts counterpart of this Indenture, the Regulatory Agreements, the Tax Certificate, the Loan Agreement, the Deed of Trust, the Assignment of Deed of Trust and all of the other Loan Documents, all in form and content satisfactory to the Bondowner Representative, and ; (iii) the original executed Note Note, endorsed without recourse by the Issuer to the Bondowner Representative; (civ) an original executed counterpart of the Assignment of Deed of Trust, the Deed of Trust and the other Loan Documents; (v) an opinion of Bond Counsel with respect to the due execution and delivery of the Indenture, Loan Agreement and Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposes; (vi) an original executed counterpart of the Regulatory Agreement; (vii) a Written Order of the Issuer to the Bondowner Representative to authenticate and deliver the Bonds as directed in such Written Order, upon payment to the Bondowner RepresentativeOld Republic Title Company, for the account of the Issuer, of the Initial Disbursement; (dviii) a letter an Investor’s Letter in the form of Exhibit B hereto executed hereto, signed by the initial Bondowner; (e) an opinion of Bond Counsel with respect to the due execution and delivery owner of the Indenture, the Loan Agreement and the Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposesBonds; and (fix) an opinion of counsel to the Borrower addressed to the Issuer to the effect that the Loan Documents to which the Borrower is a party and the Regulatory Agreements Agreement are valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, subject to such exceptions and qualifications as are acceptable to the Bondowner Representative and the Issuer.

Authentication and Delivery of the Bonds. Upon the execution and delivery of this Indenture, the Issuer shall execute the Bonds and deliver them to the Bondowner Representative. Thereupon, and upon satisfaction of the conditions set forth in this Section, and without any further action on the part of the Issuer, the Bondowner Representative shall authenticate the Bonds in an aggregate principal amount not exceeding the Authorized Amount, and shall deliver them the Bonds pursuant to the Written Order of the Issuer hereinafter mentioned. Prior to the authentication and delivery of any of the Bonds by the Bondowner Representative, there shall have been delivered to the Bondowner Representative each of the following: (ai) a Certified Resolution authorizing issuance and sale of the Bonds and execution and delivery by the Issuer of the Indenture, the Loan Agreement and the Regulatory AgreementsAgreement; (bii) an original executed counterparts counterpart of this Indenture, the Regulatory Agreements, the Tax Certificate, the Loan Agreement, the Deed of Trust, the Assignment of Deed of Trust Agreement and all of the other Loan Documents, all in form and content satisfactory to the Bondowner Representative, and Disbursement Agreement; (iii) the original executed Note Notes, each endorsed without recourse by the Issuer to the Bondowner Representative; (civ) original executed counterparts of the other Loan Documents not listed above; (v) one or more opinions of Bond Counsel with respect to the due execution and delivery of the Indenture, Loan Agreement and Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposes; (vi) an original executed counterpart of the Regulatory Agreement; and (vii) a Written Order of the Issuer to the Bondowner Representative to authenticate and deliver the Bonds as directed in such Written Order, upon payment to the Bondowner RepresentativeFirst American Title Company, for the account of the Issuer, of the initial advance of the principal of the Series A-1 Bonds by the Initial Bond Purchaser in an amount equal to the Initial Disbursement; (dviii) a letter an Investor’s Letter in the form of Exhibit B hereto executed hereto, signed by the initial Bondowner; (e) an opinion of Bond Counsel with respect to the due execution and delivery owner of the Indenture, the Loan Agreement and the Bonds and the exclusion from gross income of the Bondowners of interest on the Bonds for federal income tax purposesBonds; and (fix) an opinion of counsel to the Borrower addressed to the Issuer to the effect that the Loan Documents to which the Borrower is a party and the Regulatory Agreements Agreement are valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, subject to such exceptions and qualifications as are acceptable to the Bondowner Representative and the Issuer.