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135242345v3 <br /> <br /> <br />44 <br />in any trial or other proceedings relating thereto. Subject to the rights of Funding Lender <br />Representative to direct proceedings hereunder, any such suit or proceeding instituted by Fiscal <br />Agent shall be brought in its name as Fiscal Agent without the necessity of joining as plaintiffs or <br />defendants any Funding Lender, and any recovery or judgment shall be for the benefit as provided <br />herein of Funding Lender. <br />Section 6.08 Termination of Proceedings. In case Fiscal Agent (at the direction of <br />Funding Lender Representative) or Funding Lender Representative shall have proceeded to <br />enforce any right under this Funding Loan Agreement by the appointment of a receiver, by entry <br />or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or <br />shall have been determined adversely, then and in every such case Governmental Lender, Fiscal <br />Agent, Funding Lender Representative, Borrower and Funding Lender shall be restored to their <br />former positions and rights hereunder with respect to the Pledged Security herein conveyed, and <br />all rights, remedies and powers of Fiscal Agent and Funding Lender Representative shall continue <br />as if no such proceedings had been taken. <br />Section 6.09 Waivers of Events of Default. Fiscal Agent shall waive any Event of <br />Default hereunder and its consequences and rescind any declaration of maturity of principal of and <br />interest on the Funding Loan upon the written direction of Funding Lender Representative. In case <br />of any such waiver or rescission, or in case any proceeding taken by Fiscal Agent on account of <br />any such Event of Default shall have been discontinued or abandoned or determined adversely, <br />then and in every such case Governmental Lender, Fiscal Agent, Borrower, Loan Servicer, <br />Funding Lender Representative and Funding Lender shall be restored to their former positions and <br />rights hereunder, respectively, but no such waiver or rescission shall extend to any subsequent or <br />other default, or impair any right consequent thereto. <br />Section 6.10 Interest on Unpaid Amounts and Default Rate for Nonpayment. In the <br />event that principal of or interest payable on the Funding Loan is not paid when due, there shall be <br />payable on the amount not timely paid, on each Funding Loan Payment Date, interest at the Default <br />Rate, to the extent permitted by law. Interest on the Funding Loan shall accrue at the Default Rate <br />until the unpaid amount, together with interest thereon, shall have been paid in full. <br />Section 6.11 Assignment of Project Loan; Remedies Under the Project Loan. <br />(a) Funding Lender Representative shall have the right, with respect to the <br />Project Loan, in its sole and absolute discretion, without directing Fiscal Agent to effect an <br />acceleration of the Funding Loan, to instruct Fiscal Agent in writing to assign the Project <br />Note, the Security Instrument and the other Project Loan Documents to Funding Lender <br />Representative, in which event Fiscal Agent shall do all of the following: <br />(i) Endorse and deliver the Project Note to Funding Lender <br />Representative and assign (in recordable form) the Security Instrument. <br />(ii) Execute and deliver to Funding Lender Representative all <br />documents prepared by Funding Lender Representative necessary to assign (in <br />recordable form) all other Project Loan Documents to Funding Lender <br />Representative.