14-20 Cedar Glen Bond Ordinance Addendums

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ARTICLE V PROVISIONS AS TO FUNDS, PAYMENTS, PROJECT AND AGREEMENT Section 5.01. Creation of Funds; Allocation of Bond Proceeds. (a) The funds and accounts described in this Section, designated as indicated are created by this Section 5.01 of this Indenture. Each Fund is to be maintained in the custody of the Trustee as a separate bank account (except when invested in Eligible Investments). The funds and accounts are: (i) the Bond Fund designated "Cedar Glen Apartments -- Bond Fund," and the "Interest Payment Account," "Principal Payment Account" and the "Remarketing Proceeds Account" (but only at such times as money is to be deposited or held in such Account as provided in this Indenture) therein; (ii) the Project Fund designated"Cedar Glen Apartments -- Project Fund"; (iii) the Assignment Fund designated "Cedar Glen Apartments -- Assignment Fund"; and (iv) the Rebate Fund designated"Cedar Glen Apartments-- Rebate Fund;" and (v) the Residual Fund designated "Cedar Glen Apartments Residual Fund." (b) The proceeds of the sale of the Bonds shall be deposited by the Trustee as follows: (i) to the Interest Payment Account of the Bond Fund, proceeds from the sale of the Bonds, representing accrued interest plus the negative arbitrage deposit received by the Issuer from the Underwriter, in the aggregate amount of[$ ]; and (ii) to the Project Fund, the balance of the proceeds from the sale of the Bonds in the amountof[$ 1. Section 5.02. Application of Loan Payments. So long as there are any Outstanding Bonds, all payments under the Agreement shall consist of Available Money and shall be paid on each Loan Payment Date directly to the Trustee, and deposited as follows: (1) into the Interest Payment Account, at least the amount necessary to pay the interest on the Bonds on the next succeeding Interest Payment Date; and (2) into the Principal Payment Account, at least the amount necessary to pay the principal due on the Bonds on the next succeeding Interest Payment Date; provided, that the amounts required to be deposited into the Interest Payment Account and the Principal Payment Account may be deposited in the form of either or both money or direct obligations of the United States of America or obligations the full and prompt payment of which is secured by the pledge of the full faith and credit of the United States of America of those maturities and bearing the rate or rates of interest which will be sufficient, without further investment or reinvestment of either the principal amount thereof or the interest earnings thereon, to produce the amounts required to be on deposit on the next succeeding Interest Payment Date. -30 -