Common use of Establishment of Funds Clause in Contracts

Establishment of Funds. There are established with the Fiscal Agent the following funds and accounts: (a) The Funding Loan Payment Fund; (b) The Project Fund (consisting solely of a Note Proceeds Account, an Equity Account, a Remaining Funding Loan Proceeds Account and a Negative Arbitrage Account); (c) The Expense Fund; (d) The Closing Costs Fund; and (e) The Rebate Fund (to be established by the Fiscal Agent once the Fiscal Agent is required to deposit or transfer, as applicable, amounts to the Rebate Fund in accordance with Section 7.8(a)). All money required to be deposited with or paid to the Fiscal Agent for the account of any of the funds or accounts created by this Funding Loan Agreement shall be held by the Fiscal Agent for the benefit of the Funding Lender, and except for money held in the Expense Fund or the Rebate Fund, shall, while held by the Fiscal Agent, constitute part of the Pledged Revenues and be subject to the lien hereof. All money to be deposited with or paid to the Fiscal Agent shall be wired to the Fiscal Agent pursuant to the wiring instructions contained in Exhibit E attached hereto. The Fiscal Agent shall provide Written Notice of any change to such wiring instructions to the Funding Lender and the Borrower no less than five (5) Business Days prior to the next payment date for which such revised instructions will be applicable.

Establishment of Funds. There are established with the Fiscal Agent the following funds and accounts:accounts (each of which fund name shall be prefaced by the title “Rhode Island Housing Multi- Family Revenue Notes (Braeburn Chatham Apartments Project), Series 2021”:‌ (a) The Funding Loan Payment Fund; (b) The Project Fund (consisting solely of and within such fund a Note Proceeds Account, Account and an Equity Account, a Remaining Funding Loan Proceeds Account and a Negative Arbitrage Account); (c) The Expense Fund; (d) The Closing Costs Fund; and (e) The Rebate Fund (to be established by the Fiscal Agent once the Fiscal Agent is required to deposit or transfer, as applicable, amounts to the Rebate Fund in accordance with Section 7.8(a))Fund. All money required to be deposited with or paid to the Fiscal Agent for the account of any of the funds or accounts created by this Funding Loan Agreement shall be held by the Fiscal Agent in trust for the benefit of the Funding Lender, and except for money held in the Expense Fund or Fund, the Rebate Fund and Closing Costs Fund, shall, while held by the Fiscal Agent, constitute part of the Pledged Revenues and be subject to the lien hereof. All money to be deposited with or paid to the Fiscal Agent shall be wired to the Fiscal Agent pursuant to the wiring instructions contained in Exhibit E attached hereto. The Fiscal Agent shall provide Written Notice of any change to such wiring instructions to the Funding Lender and the Borrower no less than five (5) Business Days prior to the next payment date for which such revised instructions will be applicable.

Establishment of Funds. There are established with the Fiscal Agent the following funds and accounts: (a) The Funding Loan Payment Fund; (b) The Project Fund, and within the Project Fund (consisting solely of a i) the Note Proceeds Account; (ii) the Capitalized Interest Account, an and within the Capitalized Interest Account the Capitalized Interest Subaccount; and (iii) the Borrower Equity Account, a Remaining Funding Loan Proceeds Account and a Negative Arbitrage Account); (c) The Expense Fund; (d) The Closing Costs Fund; and (e) The Rebate Fund (to be established by the Fiscal Agent once the Fiscal Agent is required to deposit or transfer, as applicable, amounts to the Rebate Fund in accordance with Section 7.8(a))Fund. All money required to be deposited with or paid to the Fiscal Agent for the account of any of the funds or accounts created by this Funding Loan Agreement (except the Closing Costs Fund, the Expense Fund and the Rebate Fund) shall be held by the Fiscal Agent for the benefit of the Funding Lender, and except for money held in the Expense Fund or the Rebate Fund, shall, while held by the Fiscal Agent, constitute part of the ofthe Pledged Revenues and be subject to the lien hereof. All money to be deposited with or paid to the Fiscal Agent shall be wired to the Fiscal Agent pursuant to the wiring instructions contained in Exhibit E G attached hereto. The Fiscal Agent shall provide Written Notice of any change to such wiring instructions to the Funding Lender and 4810-8817-5806.3 the Borrower no less than five (5) Business Days prior to the next payment date for which such revised instructions will be applicable.