PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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at least 110% of Maximum Debt Service Requirements during such calendar quarter. The foregoing is subject to the qualification that if requirements necessary for the Sponsor to maintain its status as a 501(c)(3) Organization, or applicable state or federal laws or regulations, or the rules and regulations of agencies have jurisdiction, shall not permit the Borrower to produce the foregoing level of Net Revenues Available for Debt Service, then the Borrower shall, in conformity with the then prevailing requirements, laws, rules or regulations, maintain the maximum permissible level. If for any two consecutive calendar quarters ending on or after December 31, 2003, Net Revenues Available for Debt Service are less than 110%of Debt Service Requirements for such periods, then the Borrower will promptly employ an Independent Management Consultant to review and analyze the financial reports required to be made by the Borrower and inspect the Project, its operation and administration. Revenue Fund Under the terms of the Loan Agreement, on or before the 15th day of each calendar month (or if such date is not a Business Day, the next succeeding Business Day), the Borrower is required to deposit with the Trustee all Monthly Net Project Revenues and all Tax Increment Revenues. Upon receipt, the Trustee shall deposit such amounts in the Revenue Fund. After the Completion Date,all investment income from any fund or account created herein, shall be deposited upon receipt in the Revenue Fund to the extent not otherwise directed in the Indenture. On each Monthly Transfer Date of each calendar month during and after which any portion of the Project is placed in use, the Trustee shall transfer amounts in the Revenue Fund(first from investment income deposited therein and then from other amounts)to the following funds and accounts,the amounts set forth in the Indenture, in the following priority: (a) first,to the Rebate Fund; (b) second,to the Trustee to pay any unpaid due and owing Ordinary Trustee Fees and Expenses; (c) third, to the Taxes and Insurance Fund; (d) fourth,to the Senior Debt Service Account of the Bond Fund; (e) fifth, to the Debt Service Reserve Fund; (f) sixth,commencing in November,2003,to the Repair and Replacement Fund; (g) seventh, to the Operating Reserve Fund; (h) eighth, to the than from Project Revenues;(i)ninth,to the Subordinate Debt Service Account of the Bond Fund; (j-i) tcntl ninth, to the Manager, the Subordinated Management Fee; and (Ici) elcverrthtenth, to the Surplus Fund, all remaining amounts in the Revenue Fund. Debt Service Reserve Fund On the date of issuance of the Series 2001 Bonds, from proceeds of the Series 2001 Bonds, an amount equal to $579,438* will be deposited in the Debt Service Reserve Fund created pursuant to the Indenture. Investment earnings on amounts held in the Debt Service Reserve Fund are to be deposited in the Revenue Fund provided that the balance in the Debt Service Reserve Fund equals the Debt Service Reserve Requirement. Amounts held in the Debt Service Reserve Fund may be used by the Trustee to pay principal of or interest on the Senior Bonds if amounts available therefor in the Senior Debt Service Account of the Bond