Common use of Program Fund Clause in Contracts

Program Fund. (a) There is hereby created and established with the Bondowner Representative a fund which shall be designated the “ Program Fund.” Upon the initial delivery of the Bonds, there shall be deposited in the Program Fund the amount specified in Section 3.01(vii). If required under the provisions of Section 3.02, the Bondowner Representative shall deposit any future advances of the purchase price of the Bonds to the Program Fund. The Borrower also may be required to remit moneys to the Bondowner Representative for deposit to the Program Fund pursuant to the Loan Agreement. Amounts deposited or held in such fund shall be applied only as provided in this Section. (b) An amount equal to the Initial Disbursement, representing the initial advance by the owners of the Bonds of the purchase price of the Bonds, shall be disbursed by the Bondowner Representative via wire transfer from the Bondowner Representative to First American Title Insurance Company (to pay Project Costs). (c) Subject to Section 2.01 hereof, the Issuer hereby authorizes and directs the disbursement by the Bondowner Representative to the Borrow er of the principal amount of the Bonds not disbursed under Section 3.03(b) above, represented by future advances of the purchase price of the Bonds and any amounts from time to time on deposit in the Program Fund in accordance and upon compliance with the provisions of Sections 3 and 4, as applicable, of the Loan Agreement. The Bondowner Representative shall provide, upon written request of the Issuer, a written notice to the Issuer describing the date of each disbursement of the purchase price of each series of the Bonds and the amount of each disbursement thereof made by the Bondowner Representative. (d) Neither the Bondowner Representative nor the Issuer shall be responsible for the application by the Borrow er of monies disbursed to the Borrow er in accordance with this Section 3.03. (e) From and after the Maturity Date, no further advances of the purchase price, or disbursements of the proceeds, of the Bonds shall occur. (f) During the period when the Bondowner Representative and/ or its affiliates are the Holders of all of the Bonds, the Program Fund need not be separately established or administered but rather the Bondowner Representative may hold and administer any amounts to be deposited in such fund in the manner it customarily employs for administration and servicing of amounts to be loaned to borrow ers, so long as at all times the Bondow ner Representative can determine the amounts attributable to the Bonds and the Loan and any investment earnings thereon.

Program Fund. (a) There is hereby created and established with the Bondowner Representative a fund which shall be designated the “ “Program Fund.” Upon the initial delivery of the Bonds, there shall be deposited in the Program Fund the amount specified in Section 3.01(vii). If required under the provisions of Section 3.02, the Bondowner Representative shall deposit any future advances of the purchase price of the Bonds to the Program Fund. The Borrower also may be required to remit moneys to the Bondowner Representative for deposit to the Program Fund pursuant to the Loan Agreement. Amounts deposited or held in such fund shall be applied only as provided in this Section. (b) An amount equal to the Initial Disbursement$ , representing the initial advance by the owners of the Series C-2 Bonds of the purchase price of the Series C-2 Bonds, shall be disbursed by the Bondowner Representative via wire transfer from the Bondowner Representative to First American Title Insurance Company (to pay Project Costs). (c) Subject to Section 2.01 hereof, the Issuer hereby authorizes and directs the disbursement by the Bondowner Representative to the Borrow er Borrower of the remaining (i) $ principal amount of the Series C-2 Bonds, and (ii) the $1,595,000 principal amount of the Series C-1 Bonds not disbursed under Section 3.03(b) above, represented by future advances of the purchase price of the respective series of the Bonds and any amounts from time to time on deposit in the Program Fund in accordance and upon compliance with the provisions of Sections 3 and 4, as applicable, of the Loan Agreement. The Bondowner Representative shall provide, upon written request of the Issuer, a written notice to the Issuer describing the date of each disbursement of the purchase price of each series of the Bonds and the amount of each disbursement thereof made by the Bondowner Representative. (d) Neither the Bondowner Representative nor the Issuer shall be responsible for the application by the Borrow er Borrower of monies disbursed to the Borrow er Borrower in accordance with this Section 3.03. (e) From and after the earlier of the Construction Note Maturity Date (as defined in the Loan Agreement) or the date which is three years after the Closing Date, no further advances of the purchase price, or disbursements of the proceeds, of the Bonds shall occur. (f) During the period when the Bondowner Representative and/ or and/or its affiliates are the Holders of all of the Bonds, the Program Fund need not be separately established or administered but rather the Bondowner Representative may hold and administer any amounts to be deposited in such fund in the manner it customarily employs for administration and servicing of amounts to be loaned to borrow ersborrowers, so long as at all times the Bondow ner Bondowner Representative can determine the amounts attributable to each series of the Bonds and the Loan and any investment earnings thereon.

Program Fund. (a) There is hereby created and established with the Bondowner Representative a fund which shall be designated the “ “Program Fund.” Upon the initial delivery of the Bonds, there shall be deposited in the Program Fund the amount specified in Section 3.01(vii). If required under the provisions of Section 3.02, the Bondowner Representative shall deposit any future advances of the purchase price of the Bonds to the Program Fund. The Borrower also may be required to remit moneys to the Bondowner Representative for deposit to the Program Fund pursuant to the Loan Agreement. Amounts deposited or held in such fund shall be applied only as provided in this Section. (b) An amount equal to the Initial Disbursement, representing the initial advance by the owners of the Bonds of the purchase price of the Bonds, shall be disbursed by the Bondowner Representative via wire transfer from the Bondowner Representative to First American Old Republic Title Insurance Company (to pay Project Costs). (c) Subject to Section 2.01 hereof, the Issuer hereby authorizes and directs the disbursement by the Bondowner Representative to the Borrow er Borrower of the principal amount of the Bonds not disbursed under Section 3.03(b) above, represented by future advances of the purchase price of the Bonds and any amounts from time to time on deposit in the Program Fund in accordance and upon compliance with the provisions of Sections 3 3.3 and 43.4, as applicable, of the Loan Agreement. The Bondowner Representative shall provide, upon written request of the Issuer, a written notice to the Issuer describing the date of each disbursement of the purchase price of each series of the Bonds and the amount of each disbursement thereof made by the Bondowner Representative. (d) Neither the Bondowner Representative nor the Issuer shall be responsible for the application by the Borrow er Borrower of monies disbursed to the Borrow er Borrower in accordance with this Section 3.03. (e) From and after the Maturity Dateearlier of (i) the Conversion Date or (ii) August 1, 2019, no further advances of the purchase price, or disbursements of the proceeds, of the Bonds shall occur. (f) During the period when the Bondowner Representative and/ or and/or its affiliates are the Holders of all of the Bonds, the Program Fund need not be separately established or administered but rather the Bondowner Representative may hold and administer any amounts to be deposited in such fund in the manner it customarily employs for administration and servicing of amounts to be loaned to borrow ersborrowers, so long as at all times the Bondow ner Bondowner Representative can determine the amounts attributable to the Bonds and the Loan and any investment earnings thereon.

Program Fund. (a) There is hereby created and established with the Bondowner Representative a fund which shall be designated the “ “Program Fund.” Upon the initial delivery of the Bonds, there shall be deposited in the Program Fund the amount specified in Section 3.01(vii). If required under the provisions of Section 3.02, the Bondowner Representative shall deposit any future advances of the purchase price of the Bonds to the Program Fund. The Borrower also may be required to remit moneys to the Bondowner Representative for deposit to the Program Fund pursuant to the Loan Agreement. Amounts deposited or held in such fund shall be applied only as provided in this Section. (b) An The amount equal to of the Initial Disbursement, representing the initial advance by the owners of the Series A-2 Bonds of the purchase price of the Series A-2 Bonds, shall be disbursed by the Bondowner Representative via wire transfer from the Bondowner Representative to First American Chicago Title Insurance Company (to pay Project Costs). (c) Subject to Section 2.01 hereof, the Issuer hereby authorizes and directs the disbursement by the Bondowner Representative to the Borrow er Borrower of the remaining (i) principal amount of the Series A-2 Bonds, and (ii) the $1,901,873 principal amount of the Series A-1 Bonds not disbursed under Section 3.03(b) above, represented by future advances of the purchase price of the respective series of the Bonds and any amounts from time to time on deposit in the Program Fund in accordance and upon compliance with the provisions of Sections 3 and 4, as applicable, of the Loan Agreement and the Disbursement Agreement. The Bondowner Representative shall provide, upon written request of the Issuer, provide a written notice to the Issuer describing the date of each disbursement of the purchase price of each series of the Bonds and the amount of each disbursement thereof made by the Bondowner Representative. (d) Neither the Bondowner Representative nor the Issuer shall be responsible for the application by the Borrow er Borrower of monies disbursed to the Borrow er Borrower in accordance with this Section 3.03. (e) From and after the Maturity Date, no further advances of the purchase price, or disbursements of the proceeds, of the Bonds shall occur. (f) During the period when the Bondowner Representative and/ or and/or its affiliates are the Holders of all of the Bonds, the Program Fund need not be separately established or administered but rather the Bondowner Representative may hold and administer any amounts to be deposited in such fund in the manner it customarily employs for administration and servicing of amounts to be loaned to borrow ersborrowers, so long as at all times the Bondow ner Bondowner Representative can determine the amounts attributable to each series of the Bonds and the Loan and any investment earnings thereon.