Conversion to Permanent Loan: –Conditions to Conversion: typically include: Achievement of Commercial Operation: the project has achieved commercial operation –Substantial Completion: COD usually achieved at substantial completion, with final completion to follow once punch list items completed –IE Confirmation: usually includes requirement that Independent Engineer certify that project has been completed in accordance with plans and specifications Tax Equity Funding: all conditions to funding by tax equity investor have been met and tax equity investor actually makes investment prior to or concurrently with conversion Title Policy Endorsement: to cover final permanent loan amount No Defaults: no events have occurred that do or with the passage of time will constitute an event of default Payment of lender fees and expenses The Financing Proper (cont) 27
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