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135242317v3 <br /> <br /> <br />16 <br /> <br />(ii) The selection or removal of any Loan Servicer is in the sole and <br />absolute discretion of Funding Lender Representative. <br />(iii) None of Governmental Lender, Fiscal Agent or Borrower shall <br />terminate or attempt to terminate any Loan Servicer as Loan Servicer for the Project <br />Loan or appoint or attempt to appoint a substitute Loan Servicer for the Project <br />Loan. <br />(e) Governmental Lender, Fiscal Agent and Borrower further hereby <br />acknowledge and agree with respect to Loan Servicer during the Permanent Phase that: <br />(i) The Guide is subject to amendment without the consent of Fiscal <br />Agent, Governmental Lender or Borrower. <br />(ii) None of Fiscal Agent, Governmental Lender or Borrower shall have <br />any rights under, or be a third-party beneficiary of, the Guide. <br />Section 3.03 Deposits. <br />(a) On the Delivery Date and each date of an advance of the proceeds of the <br />Funding Loan, such proceeds shall be deposited in the Project Account of the Project Loan <br />Fund, except for the initial deposit in the amount of $[_________] which shall be wired <br />directly to the Title Company in accordance with the instructions of the Funding Lender to <br />be disbursed pursuant to the Settlement Statement. In addition, on the Delivery Date, <br />Borrower will deposit with Fiscal Agent (i) $[______________] for credit to the Costs of <br />Issuance Fund, and (ii) $[______________] for credit to the Borrower Equity Account of <br />the Project Loan Fund. Subject to the conditions listed in Section 3.01 hereof, amounts on <br />deposit in the Project Loan Fund are to be disbursed to Borrower or otherwise as provided <br />in Section 2.11(d) of the Funding Loan Agreement. <br />(b) To the extent that amounts in the Costs of Issuance Fund from the above- <br />mentioned sources are insufficient to pay all costs of closing the Loans, Borrower shall <br />cause the payment of such additional costs of closing the Loans to be made on its behalf as <br />such amounts become due. <br />Section 3.04 Pledge and Assignment to Fiscal Agent. The parties hereto acknowledge, <br />and Borrower consents to, the pledge and assignment by Governmental Lender to Fiscal Agent <br />(for the benefit of the Funding Lender) pursuant to the Funding Loan Agreement of all of <br />Governmental Lender’s right, title and interest in this Project Loan Agreement (excluding the <br />Unassigned Rights), the Project Loan, the Project Note, the Security Instrument, the other Project <br />Loan Documents and the Revenues as security for the payment of the principal of, Prepayment <br />Premium, if any, and interest on the Governmental Note and the payment of any other amounts <br />due under the Financing Documents. <br />Section 3.05 Investment of Funds. Except as otherwise provided in the Funding Loan <br />Agreement, any money held as a part of any fund or account established under the Funding Loan <br />Agreement shall be invested or reinvested by Fiscal Agent in Qualified Investments in accordance <br />with Section 4.07 of the Funding Loan Agreement.