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Section 2.02 Authorized Uses of Grant Funds The grant funds provided to the Recipient pursuant to this Grant Agreement shall be used only for the specific purposes described in Exhibits B and C of this Grant Agreement and in the amounts budgeted in Exhibit D of this Grant Agreement, subject to the project amendments provisions of the UPAG Regulations. Section 2.03 Adjustments to Grant Funds She armunt of grant funds which the Secretary has agreed to provide to the Recipient under this Grant Agreement has been determined by the Secretary in reliance upon the cost estimates of the Recipient with respect to the activities set forth in the Application and the investment commitments of Participating Parties. She Secretary reserves the right to reduce the grant amount (i) to conform to any revision to which the Recipient and the Secretary may agree with respect to Exhibits B. C or D of this Grant Agreement, (ii) if the actual costs for activities are lower .than those set forth in Exhibits B, C or D`of this Grant Agreement, or (iii) if the investment by Participating Parties is less than the amounts specified in Exhibits B, C, D or E of this Grant Agreement. Section 2.04 Recipient's Use of Program Income (a) In order to provide funds to assure oompletion of the Recipient Activities, the Secretary shall have the right to require all Program Income received by the Recipient, or by any Participating Party, prior to the completion of all Recipient Activities, to be deposited in escrow under arrangements approved by the Secretary. The Secretary may exercise said right either by specifying such requirement in Exhibit A of this Grant Agreement or by separate written instructions to the Recipient delivered at any time prior to the completion of all Recipient Activities and the draw of grant funds to pay costs incurred for such activities. (b) Unless otherwise specifically stated in Exhibit A of this Grant Agreement, all Program Income which is received by the Recipient or any Participating Party, prior to completion of all Recipient Activities shall be used prior to, and in place of, any draw under the Letter of Credit to the extent adequate to pay costs so incurred. (c) Unless otherwise specifically stated in Exhibit A of this Grant Agreement or in the close-out agreement between the Recipient and Hur, all Program Income received by the Recipient, or any Participating Party, after the canpletion of all Recipient Activities shall be used by the Recipient, or the Participating Party subject to the approval of the Recipient, for community or economic development activities eligible for assistance under Title I of the Act. (d) For Rockets of Poverty Projects, all Program Income received by the Recipient, or any Participating Party, after the completion of all Recipient Activities shall be used only for activities which directly benefit -low- and moderate -inane residents of the pocket. ARTICLE III DISEURSMaIT OF GRANT FUNCS Section 3.01 Letter of Credit Procedures .w (a) Promptly after the Secretary has received from the Recipient not less than three (3) fully executed copies of this Grant Agreement and has approved evidentiary materials required by Exhibit E of this Grant Agreement that would allow a drawdown of grant funds pursuant to the terms of Exhibit F of this Grant Agreement, the Secretary shall cause a Letter of Credit to be issued to the Recipient by the Department of the Treasury, or shall cause the Letter of Credit previously issued to the Recipient by the Department of the Treasury with respect to the Ccmunity Revised 6181