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may designate an alternate or alternates. The initial Authorized Borrower Representatives are Stephen
Whyte and Scott Langan.
“Authorized Denomination” means (a) so long as the Bonds are rated “A,” without regard to a
modifier (or the equivalent) or higher by a Rating Agency, $5,000 or any integral multiple of $1,000 in
excess thereof; or (b) at any other time, $100,000, or any integral multiple of $0.01 in excess thereof, except
that in each case one Bond may be in a principal amount equal to the then Outstanding principal amount of
the Bonds.
“Authorized Official” means the Chairman, Vice Chairman, Executive Director, and any other
officer of the Issuer designated by certificate or the Bond Resolution of any of the foregoing as authorized
by the Issuer to perform a specified act, sign a specified document or otherwise take action with respect to
the Bonds. The Trustee may conclusively presume that a person designated in a written certificate filed
with it as an Authorized Official is an Authorized Official until such time as such provider files with it a
written certificate identifying a different person or persons to act in such capacity.
“Available Money” means, as of any date of determination, any of the following, as applicable:
(a) the proceeds of the Bonds;
(b) proceeds from the sale of GNMA Securities provided by the FHA Lender;
(c) amounts advanced by FHA Lender with respect to the FHA Lender Funds deposited
directly with the Trustee by the FHA Lender;
(d) proceeds of the Bridge Loan;
(e) any other amounts, including the proceeds of refunding bonds, for which the Trustee has
received an opinion of counsel to the effect that the use of such amounts to make payments on the Bonds
would not violate Section 362(a) of the Bankruptcy Code (or that relief from the automatic stay provisions
of such Section 362(a) would be available from the bankruptcy court) or be avoidable as preferential
payments under Section 547 of the Bankruptcy Code should the Issuer or the Borrower become a debtor in
proceedings commenced under the Bankruptcy Code;
(f) the Underwriter’s Advance;
(g) the proceeds of any letter of credit;
(h) remarketing proceeds received from the Remarketing Agent or any purchaser of Bonds,
including any amount paid by the Remarketing Agent to the Trustee in excess of the remarketing price of
the Bonds (other than funds provided by the Borrower, the Issuer, any Affiliate of either the Borrower or
the Issuer); or
(i) investment earnings derived from the investment of money described in subsection (a), (b),
(c), (d), (e), (f), (g) or (h) above.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as in effect
now and in the future, or any successor statute.
“Bond Counsel” means Williams Mullen, and any other firm of nationally recognized bond counsel
experienced in tax-exempt bond financing selected by the Issuer and acceptable to the Borrower.
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