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19 199386222v3 “Pledged Revenues” means the amounts pledged under this Funding Loan Agreement to the payment of the principal of, prepayment premium, if any, and interest on the Funding Loan and the Governmental Note, consisting of the following: (i) all income, revenues, proceeds and other amounts to which the Governmental Lender is entitled (other than amounts received by the Governmental Lender with respect to the Reserved Rights) derived from or in connection with the Funding Loan Documents, including all Borrower payments due under the Borrower Loan Agreement and the Borrower Note and all amounts obtained through the exercise of the remedies provided in the Funding Loan Documents and all receipts credited under the provisions of this Funding Loan Agreement against said amounts payable, and (ii) moneys held in the funds and accounts established under this Funding Loan Agreement, together with investment earnings thereon. “Project Costs” means the costs, fees, and expenses associated with the acquisition, construction, and equipping of the Project Facilities for use as affordable rental housing including but not limited to the cost of materials, appliances, equipment, and other items of tangible personal property, the fees and expenses of architects, contractors, engineers, attorneys, accountants, developers, surveyors, payment of capitalized interest, payment of certain costs and expenses incidental to the issuance of the Governmental Note and payment of any other costs shown on the Development Budget. “Project Facilities” means the approximately 106-unit multifamily affordable rental senior housing development and facilities functionally related and subordinate thereto to be located at or about 99 County Road B East, in the City of Little Canada, Minnesota, the acquisition, construction, and equipping of which are being financed by the proceeds of the Funding Loan. “Proposed Budget” shall have the meaning given to such term in Section 6.24 of the Borrower Loan Agreement. “Project Fund” means the fund of that name created pursuant to Section 4.2 of this Funding Loan Agreement. “Punchlist Items” means any items necessary at the time of the issuance of a temporary use and occupancy permit to complete fully the construction of the Project Facilities in accordance with the Plans and Specifications for the Project Facilities, or required for the issuance of a final certificate of occupancy or its equivalent. “Qualified Project Costs” means the actual costs incurred to acquire, construct and equip the Project Facilities which (i) are or were incurred after April 27, 2025, (ii) are (A) chargeable to the Project Facilities’ capital account or would be so chargeable either with a proper election by the Borrower or but for a proper election by the Borrower to deduct such costs, within the meaning of Treasury Regulation Section 1.103-8(a)(l), and if charged or chargeable to the Project Facilities’ capital account are or would have been deducted only through an allowance for depreciation or (B) made for the acquisition of land, to the extent allowed in Section 147(c) of the Code, and (iii) are made exclusively with respect to a “qualified residential rental project” within the meaning of Section 142(d) of the Code. “Rebate Amount” shall have the meaning given to such term in Section 6.10(c) of the Borrower Loan Agreement. “Rebate Analyst” shall have the meaning given to such term in Section 6.10(c) of the Borrower Loan Agreement and shall be reasonably acceptable to the Controlling Person. “Rebate Report” shall have the meaning given to such term in Section 6.10(c) of the Borrower Loan Agreement.