06-14-2017 Council Packet - Laserfiche WebLink

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8333729v2 2 Debt Service Coverage Ratio: Debt Service Coverage Ratio means the Borrower's (A) change in unrestricted net assets, plus depreciation, amortization and interest expense, plus (less) unrealized losses (gains), divided by (B) prior year current maturities of long-term debt plus current year cash interest expense, all determined in accordance with generally accepted accounting principles, consistently applied; Declaration: the Declaration of Restrictive Covenants of even date herewith by the Borrower; Default Rate: has the meaning defined in Section 6.7 hereof; Determination of Taxability: this term shall have the meaning ascribed to it in Section 4.5(2) hereof; Disbursement Request: a Disbursement Request in the form of Exhibit B attached hereto; Event of Default: any of the events described in Section 6.1 hereof; Exempt Organization: a governmental unit, an entity described in Section 501(c)(3) of the Code or a limited liability company that is a disregarded entity for federal income tax purposes and whose sole member (or, if different, beneficial owner for federal income tax purposes) is an entity described in Section 501(c)(3) of the Code; Facility: certain educational facilities of the Borrower on the campus of the Borrower, including facilities located at Dunlap and Goodrich and at Randolph and Davern in the City; Falcon Heights Note: the City of Falcon Heights, Minnesota Educational Facilities Revenue Refunding Note, Series 2017 (Saint Paul Academy and Summit School Project) dated ___________________, 2017, in the original principal amount of $8,500,000, as it may be amended from time to time; Fiscal Year: with respect to the Borrower, the period commencing on the first day of July of any year and ending on the last day of June of the next year or any other twelve (12) month period specified by the Borrower as its fiscal year; Independent Counsel: an attorney duly admitted to practice law before the highest court of any state and who is not a full-time employee, director or shareholder of the Issuer, the Borrower, or Lessee; Issuance Expenses: shall mean any and all costs and expenses relating to the issuance, sale and delivery of the Note, including, but not limited to, any fees of the Lender, all fees and expenses of legal counsel, financial consultants, feasibility consultants and accountants, any fee to be paid to the Issuer, the preparation and printing of this Agreement, the Capital Campaign Security Agreement, the Business Assets Security Agreement, the Declaration, the Resolution, the Pledge Agreement, the Note and all other related documents, and all other expenses relating to the issuance, sale and delivery of the Note and any other costs which are treated as "issuance costs" within the meaning of Section 147(g) of the Code;