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135242345v3 28 for the purpose of complying with the requirements of the Code relating to arbitrage, but the establishment of any such account or subaccount shall not alter or modify any of the requirements of this Funding Loan Agreement with respect to a deposit or use of money in the funds established hereunder, or result in commingling of funds not permitted hereunder. Section 4.02 Project Loan Fund. (a) Deposit. Other than on the Delivery Date, as provided in Section 2.11 (b), and thereafter as provided in Section 2.01 (i), Fiscal Agent shall deposit the proceeds of the Funding Loan delivered by Initial Funding Lender into the Project Account of the Project Loan Fund upon each receipt of each advance thereof as provided in Section 2.11(b) hereof. Fiscal Agent shall deposit the Borrower Equity Deposit into the Borrower Equity Account of the Project Loan Fund, as well as any additional amounts delivered from time to time to Fiscal Agent and directed by Borrower or Loan Servicer to be deposited therein (excluding any proceeds of the Loans), as provided in Section 2.11(c) hereof. (b) Disbursements. Amounts on deposit in the Project Loan Fund shall be disbursed from time to time by Fiscal Agent for the purpose of: (i) paying interest on the Funding Loan and the Fee Component in each case when due during the Construction Phase and (ii) paying Costs of the Project. In addition, amounts in the Project Loan Fund shall be transferred to the Loan Prepayment Fund, the Rebate Fund and Borrower at the times and in the manner provided in subsection (e) of this Section 4.02. (c) Transfers and Requisitions. [IF APPLICABLE: Fiscal Agent shall automatically transfer amounts from the [Project Loan Account][Borrower Equity Account] of the Project Loan Fund to the Administration Fund to pay to the appropriate party its accrued fees that are included in the Fee Component that are due and payable as set forth herein or upon receipt of an invoice, without any need for a Requisition or other written direction. Unless Fiscal Agent is instructed otherwise by Initial Funding Lender, Fiscal Agent shall automatically transfer amounts in the [Project Loan Account][Borrower Equity Account] of the Project Loan Fund to the Loan Payment Fund to pay interest on the Project Loan and the Funding Loan without any need for a Requisition or other written direction.] Fiscal Agent shall make disbursements from the respective accounts of the Project Loan Fund for purposes described in subsection (b)[(ii)] of this Section 4.02 only upon the receipt of Requisitions signed by an Authorized Officer of Borrower and countersigned by an Authorized Officer of Loan Servicer (signifying the consent to the Requisition by Loan Servicer). Fiscal Agent shall have no right or duty to determine whether any requested disbursement from the Project Loan Fund complies with the terms, conditions and provisions of the Construction Continuing Covenant Agreement. The countersignature of the Authorized Officer of Loan Servicer on a Requisition shall be deemed a certification and, insofar as Fiscal Agent and Governmental Lender are concerned, constitute conclusive evidence, that all of the terms, conditions and requirements of the Construction Continuing Covenant Agreement applicable to such disbursement have been fully satisfied or waived. Fiscal Agent shall, immediately upon each receipt of a completed Requisition signed by an Authorized Officer of Borrower and countersigned by an Authorized Officer of Loan Servicer, initiate procedures with the