September 30, 2025

South Quad L3C - Louisiana State University South Quad Project

For the purpose of financing all or a portion of: (i) the planning, design, acquisition, development, construction, furnishing and equipping of student housing facilities consisting of approximately 1,100 beds, together with all buildings, improvements, fixtures, furnishings, equipment and associated site infrastructure and amenities necessary for the operation thereof, (ii) the planning, design, acquisition, development and construction of certain parking and transportation facilities and other facilities, infrastructure, or construction activities, together with all improvements, fixtures, furnishings, equipment and associated site infrastructure and amenities necessary for the operation thereof to be located on land owned by the Board and leased by the Board of the Company; (iii) the planning, design and development costs associated with the future phases of the Board’s ongoing plan for student housing and related student support facilities: (iv) a reserve fund, if deemed necessary to market the Bonds; (iii) capitalized interest, if any; and (iv) costs of issuance of the Bonds.