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“Costs of Issuance Fund” means the Costs of Issuance Fund created pursuant to Section 5.01
hereof.
“Depository” means, with respect to the Bonds, DTC, until a successor Depository shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter, Depository shall mean
the successor Depository. Any Depository shall be a securities depository that is a clearing agency under
federal law operating and maintaining, with its participants or otherwise, a Book-Entry System to record
ownership of book-entry interests in the Bonds or Bond Debt Service Charges thereon, and to effect
transfers of book-entry interests in the Bonds.
“Disbursement Request” shall have the meaning set forth in Section 5.03(a) hereof.
“Disbursing Agreement” means the Construction Loan Disbursement Agreement, dated the date of
the Closing, among the Bridge Lender, the Trustee, the Borrower, the FHA Lender and the Title Company,
as it may be amended from time to time.
“Dissemination Agent” means U.S. Bank Trust Company, National Association, a national banking
association, its successors and assigns.
“DTC” means The Depository Trust Company (a limited purpose trust company), Brooklyn, New
York, and its successors or assigns.
“DTC Participant” means any participant contracting with DTC under its book-entry system and
includes securities brokers and dealers, banks and trust companies and clearing corporations.
“Eligible Investments” means any of the following investments which mature (or are redeemable
without penalty) at such time or times as to enable timely disbursements to be made from the fund in which
such investment is held or allocated in accordance with the terms of this Indenture:
(a) Government Obligations; or
(b) shares or units in any money market mutual fund rated at the time of investment “Aaa-mf”
by Moody’s (or the equivalent Highest Rating Category given by the Rating Agency for that Rating
Category) that invest substantially in Government Obligations, including mutual funds of the Trustee or its
affiliates or for which the Trustee or an affiliate thereof serves as investment advisor or provides other
services to such mutual fund and receives reasonable compensation therefor that are registered with the
Securities and Exchange Commission and which meet the requirements of Rule 2(a)(7) of the Investment
Company Act of 1940, as amended, which may be administered by the Trustee or its affiliates.
The term “Eligible Investments” shall not include the following: (1) any investment with a final
maturity or any agreement with a term ending later than the earlier of (i) the current Mandatory Tender
Date in effect at the time of investment or (ii) the Maturity Date; (2) any interest only or principal only
stripped security; and (3) any investment which may be prepaid or called at a price less than its purchase
price prior to stated maturity.
“Event of Default” means any of the events described as an Event of Default in Section 7.01 hereof
or Section 7.1 of the Loan Agreement.
“Extension Payment” means the amount due, if any, in connection with the change or extension of
the Mandatory Tender Date pursuant to Section 4.05 hereof, and (a) which shall be determined by a Cash
Flow Projection approved in writing by the Rating Agency and (b) must consist of Available Money.
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