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11237553v3 <br /> <br /> <br /> 2 <br /> <br />ARTICLE I <br /> <br />DEFINITIONS <br />Section 1.1. Definitions. All capitalized terms used and not otherwise defined herein <br />shall have the following meanings unless a different meaning clearly appears from the context: <br />Agreement means this Agreement, as the same may be from time to time modified, <br />amended or supplemented; <br />Business Day means any day except a Saturday, Sunday or a legal holiday or a day on <br />which banking institutions in the City are authorized by law or executive order to close; <br />City means the City of Little Canada, Minnesota; <br />County means Ramsey County, Minnesota; <br />Developer means Bix Real Estate Holdings, LLC, a Minnesota limited liability company, <br />its successors and assigns; <br />Development District means Development District No. 7, including the real property <br />described in the Development Program; <br />Development Program means the Development Program approved in connection with the <br />Development District; <br />Development Property means the real property described in Exhibit A attached to this <br />Agreement; <br />Event of Default means any of the events described in Section 4.1 hereof; <br />Legal and Administrative Expenses means the fees and expenses incurred by the City in <br />connection with the adoption of the Tax Increment Financing Plan, the preparation of this <br />Agreement; <br />Note Payment Date means August 1, 2021, and each February 1 and August 1 of each <br />year thereafter to and including February 1, 2028; provided, that if any such Note Payment Date <br />should not be a Business Day, the Note Payment Date shall be the next succeeding Business <br />Day; <br />Prime Rate means the rate of interest from time to time publicly announced by U.S. Bank <br />National Association in St. Paul, Minnesota, as its "prime rate" or "reference rate" or any <br />successor rate, which rate shall change as and when that rate or successor rate changes; <br />Project means the acquisition of an existing facility and to up-fit the facility to food-grade <br />standards for a food processing, warehouse and distribution facility by the Developer on the <br />Development Property located in the City;