06-08-2022 Council Packet - Laserfiche WebLink

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73495160v3 4 “Bridge Note Proceeds Account” shall mean the Bridge Note Proceeds Account of the Project Fund created pursuant to Section 4.2 herein. “Business Day” means any day on which the offices of the Funding Lender, are open for business and on which The New York Stock Exchange is not closed. “Capital Expenditures” means the capital expenditures relating to any construction, renovation, rehabilitation, repair and replacement of the Improvements or made pursuant to the recommendations of the Engineering Consultant. “Capitalized Interest Account” means the account of that name within the Project Fund created pursuant to Section 4.2 of this Funding Loan Agreement. “Change Order” means a change made to the Plans and Specifications relating to the Project Facilities, as evidenced by a written change order request in accordance with the terms of the Construction Contract. “Closing Date” means the date on which the initial Funding Loan proceeds are disbursed hereunder as set forth on the Schedule of Financial terms. “Closing Memorandum” means Closing Memorandum signed by the Controlling Person, the Borrower and the Fiscal Agent with respect to the initial disbursement of Funding Loan proceeds and other amounts specified therein. “Code” means the Internal Revenue Code of 1986, as amended, and the rulings and regulations (including temporary and proposed regulations) promulgated thereunder. “Collateral” means all property of the Borrower in which the Fiscal Agent or Funding Lender is granted a security interest to secure payment of the Borrower Note or Governmental Note. “Completion” means, with respect to the Project Facilities, that each of the following conditions has been satisfied: (i) the Controlling Person shall have received from the Borrower a schedule of all Punchlist Items attached to an AIA Form G-704 or other similar notice of substantial Completion, in form and substance approved by the Controlling Person, executed by the Borrower, Contractor, and Architect; (ii) the Borrower shall have obtained the Governmental Actions, if any, required by the Legal Requirements and all Governmental Authorities associated with the Project Facilities, including use and occupancy permits (if any are required), and shall have furnished true copies of all such Governmental Actions to the Controlling Person. Temporary certificates of occupancy, as opposed to final certificates of occupancy or their equivalent, shall be acceptable provided (A) that the Punchlist Items do not have a total cost to complete exceeding two percent (2%) of the contract price of the Work, nor an estimated time to complete, as reasonably determined by the Engineering Consultant, exceeding forty-five (45) days (except for items such as landscaping, the completion of which is subject to seasonal conditions), (B) such Punchlist Items do not substantially interfere with or prevent the use and occupancy of the Project Facilities, (C) such Punchlist Items do not include major appliances or materially affect the systems (including plumbing, electrical, HVAC, mechanical, roofing and sprinklers) serving the Project Facilities or major structural components of the Project Facilities, and (D) adequate reserves, in amounts equal to 110% of the cost of