10-25-01 11. DISBURSING AGREEMENT

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"Subcontractor"means any person, including any subcontractor,who shall be engaged by the General Contractors or the Borrower to work on,or to furnish materials or supplies for the Project,the costs of which shall constitute Project Costs. "Working Capital Cost"means any cost that is not a Capital Expenditure(as defined in the Indenture). ARTICLE II Conditions of Disbursement Section 2.01 Conditions Precedent to Initial Disbursement. The obligation of the Trustee to make the initial disbursement from the Construction Account or the Costs of Issuance Account shall be subject to the condition precedent that the Borrower shall be in compliance with the conditions contained in Section 2.02 hereof and the further condition precedent that the Trustee shall have received on or before the date of such initial disbursement hereunder, in form and content acceptable to the Original Purchaser of the Bonds(which acceptance shall be conclusively presumed upon the purchase of the Bonds by the Original Purchaser),the following items: (a) A copy of the Drawings and Specifications, certified by the Architect and approved by the Inspecting Architect; (b) A copy of the executed Construction Contract; (c) A copy of the executed Architect's Contract; (d) Assignments of the Architect's Contract and Construction Contract by the Borrower to the Trustee(with consents to such assignments from the Architect and the General Contractor,respectively); (e) A copy of the executed Management Contract and Assignment of the Management Contract by the Borrower to the Trustee(with consent to such assignment from the Manager); (f) A current list of all Subcontractors; (g) A sworn construction cost statement duly executed by the Borrower and the General Contractors, showing estimates of all anticipated Subcontractors' contracts for specific portions of the work on the Project and the amounts anticipated to become due each such Subcontractor's contract, including all Projecty Costs of any kind incurred and to be incurred in constructing the Project; (h) A total project cost statement, incorporating estimates of the construction costs as shown on the sworn construction cost statement and setting forth all other costs and expenses of any kind anticipated to be incurred in completion and lease-up of the Project and sworn to by the Borrower to be a true, complete and accurate account of all costs actually incurred and a reasonably accurate estimate of all costs to be incurred in the future with respect to the Project;