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ARTICLE IV
<br />SECURITY
<br />Section 4.1. Security for the Funding Loan. To secure the payment of the Funding Loan and
<br />each Governmental Lender Note, to declare the terms and conditions on which the Funding Loan and
<br />each Governmental Lender Note are secured, and in consideration of the premises and of the funding of
<br />the Funding Loan by the Funding Lender, the Governmental Lender by these presents does grant, bargain,
<br />sell, remise, release, convey, assign, transfer, mortgage, hypothecate, pledge, set over and confirm to the
<br />Funding Lender (except as limited herein), a lien on and security interest in the following described
<br />property (excepting, however, in each case, the Unassigned Rights) (said property, rights and privileges
<br />being herein collectively called, the "Security"):
<br />(a) All right, title and interest of the Governmental Lender in, to and under the Borrower
<br />Loan Agreement and the related Borrower Note, including, without limitation, all rents, revenues and
<br />receipts derived by the Governmental Lender from the Borrower relating to the Project and including,
<br />without limitation, all Pledged Revenues, Borrower Loan Payments and Additional Borrower Payments
<br />derived by the Governmental Lender under and pursuant to, and subject to the provisions of, the Borrower
<br />Loan Agreement; provided that the pledge and assignment made under this Funding Loan Agreement
<br />shall not impair or diminish the obligations of the Governmental Lender under the provisions of the
<br />Borrower Loan Agreement;
<br />(b) All right, title and interest of the Governmental Lender in, to and under, together with all
<br />rights, remedies, privileges and options pertaining to, the Funding Loan Documents, and all other
<br />payments, revenues and receipts derived by the Governmental Lender under and pursuant to, and subject
<br />to the provisions of, the Funding Loan Documents;
<br />(c) Any and all moneys and investments from time to time on deposit in, or forming a part
<br />of, all funds and accounts created and held under this Funding Loan Agreement and any amounts held at
<br />any time in the Remaining Funding Loan Proceeds Account and the Remaining Funding Loan Proceeds
<br />Account Earnings Subaccount, any Negative Arbitrage Deposit and any other amounts held under the
<br />Contingency Draw-Down Agreement, subject to the provisions of this Funding Loan Agreement
<br />permitting the application thereof for the purposes and on the terms and conditions set forth herein; and
<br />(d) Any and all other real or personal property of every kind and nature or description, which
<br />may from time to time hereafter, by delivery or by writing of any kind, be subjected to the lien of this
<br />Funding Loan Agreement as additional security by the Governmental Lender or anyone on its part or with
<br />its consent, or which pursuant to any of the provisions hereof or of the Borrower Loan Agreement may
<br />come into the possession or control of the Funding Lender or a receiver appointed pursuant to this
<br />Funding Loan Agreement; and the Funding Lender is hereby authorized to receive any and all such
<br />property as and for additional security for the Funding Loan and each Governmental Lender Note and to
<br />hold and apply all such property subj ect to the terms hereof;
<br />The pledge and assignment of and the security interest granted in the Security pursuant to this
<br />Section 4.1 for the payment of the principal of, premium, if any, and interest on each Governmental
<br />Lender Note, in accordance with its terms and provisions, and for the payment of all other amounts due
<br />hereunder, shall attach and be valid and binding from and after the time of the delivery of the
<br />Governmental Lender Note by the Governmental Lender. The Security so pledged and then or thereafter
<br />received by the Funding Lender shall immediately be subject to the lien of such pledge and security
<br />interest without any physical delivery or recording thereof or further act, and the lien of such pledge and
<br />security interest shall be valid and binding and prior to the claims of any and all parties having claims of
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<br />FLA.doc
<br />DRAFT 11/28/12 8:39AM
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