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Attachment B Ð Disbursing Agreement Ñ means the Disbursing Agreement, dated as of the date hereof, by and among the Borrower, the Initial Funding Lender, \[the Servicer\], American First Multifamily Investors, LP, in its capacity as Taxable Loan Lender (as defined in the Construction Continuing Covenant Agreement), \[the Financial Monitor,\] \[the provided in the Additional Construction Sources (as defined in the Construction Continuing Covenant Agreement),\] the Fiscal Agent, and the Title Company (as disbursing agent thereunder), as the same may be amended, modified or supplemented from time to time. Ð Electronic Notice Ñ means delivery of notice in a Word format or a Portable Document Format (PDF) by electronic mail to the electronic mail addresses listed in Section 11.04 hereof; provided, that if a sender receives notice that the electronic mail is undeliverable, notice must be sent as otherwise required by Section 11.04 hereof. ÐEvent of DefaultÑ or Ðevent of defaultÑ means any of those events specified in and defined by the applicable provisions of Article VI hereof to constitute an event of default. ÐExtraordinary ServicesÑ means and includes, but not by way of limitation, services, actions and things carried out and all expenses incurred by the Fiscal Agent, in respect of or to prevent default under this Funding Loan Agreement or the Project Loan Documents, including any reasonable attorneysÓ or agentsÓ fees and expenses and other litigation costs that are entitled to reimbursement under the terms of the Project Loan Agreement, and other actions taken and carried out by the Fiscal Agent which are not expressly set forth in this Funding Loan Agreement or the Project Loan Documents. ÐFair Market ValueÑ means the price at which a willing buyer would purchase the investment from a willing seller in a bona fide, armÓs length transaction (determined as of the date the contract to purchase or sell the investment becomes binding) if the investment is traded on an established securities market (within the meaning of Section 1273 of the Code) and, otherwise, the term ÐFair Market ValueÑ means the acquisition price in a bona fide armÓs length transaction (as referenced above) if (a) the investment is a certificate of deposit that is acquired in accordance with applicable regulations under the Code, (b) the investment is an agreement with specifically negotiated withdrawal or reinvestment provisions and a specifically negotiated interest rate (for example, a guaranteed investment contract, a forward supply contract or other investment agreement) that is acquired in accordance with applicable regulations under the Code, (c) the investment is a United States Treasury Security--State and Local Government Series that is acquired in accordance with applicable regulations of the United States Bureau of Public Debt, or (d) any commingled investment fund in which the Governmental Lender and related parties do not own more than a ten percent (10%) beneficial interest therein if the return paid by the fund is without regard to the source of investment. ÐFee ComponentÑ has the meaning set forth in the Project Loan Agreement. Ð Financing Documents Ñ means, collectively, this Funding Loan Agreement, the Governmental Note, the Tax Certificate, the Project Loan Documents, the Construction Loan Documents (during the Construction Phase) and all other documents or instruments evidencing, securing or relating to the Loans. 8 12502516v3