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(the “Project”) that (i) binding contracts for the expenditure of at least 5% of the
proceeds of the Obligations must be entered into within six months of the date of
closing of the Obligations (the "Issue Date") and that (ii) the Project must proceed
with due diligence.

B. Monitor progress to ensure that at least 85% of the proceeds of the Obligations to be
used for the construction, renovation or acquisition of the Project are expended
within three years of the Issue Date.

C. Monitor to ensure proceed expenditures from project Obligation issuances comply
with one of the following applicable schedules 1,2,3 :

a) Six-Month Expenditure Schedule. All proceeds must be spent
within six months.

b) Eighteen-Month Expenditure Schedule:

i. By six (6) months following receipt of the proceeds,
fifteen percent (15%) of the proceeds (together with
any amounts received from investments thereof)
must have been spent on the designated projects.

ii. By twelve (12) months following receipt of the
proceeds, sixty percent (60%) of the proceeds
(together with any amounts received from
investments thereof) must have been spent on the
designated projects.

iii. By eighteen (18) months following receipt of the
proceeds, one hundred percent (100%) of the
proceeds (together with any amounts received from
investments thereof) must have been spent on the
designated projects.

c) Two-Year Expenditure Schedule. The two-year expenditure
schedule is available only for proceeds used to fund construction
projects. A project will qualify as a construction project if at least
75% of the proceeds will actually be used for actual construction
(versus acquisition) costs. The two-year expenditure exception
requires expenditure of the proceeds within the following
schedule:

i. By six (6) months following receipt of the proceeds,
ten percent (10%) of the proceeds (together with any

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