05-13-2020 Council Packet - Laserfiche WebLink

Home Browse Search

12316323v3 3 "Bonds" means the Series 2020 Bonds, together with any Additional Bonds issued pursuant to Section 2.09 of the Indenture. "Borrower" means Presbyterian Homes Care Centers, Inc., a Minnesota nonprofit corporation, its successors and assigns. "Cash and Liquid Investments" means all unrestricted cash and marketable securities (valued at fair market value), including without limitation, funded depreciation, whether classified as current or noncurrent assets, held by the Borrower for any of its corporate purposes, excluding amounts in any Funds or Accounts held by the Trustee under the Indenture, and excluding the proceeds of any indebtedness incurred by the Borrower. "Certificate" means a certification in writing required or permitted by the provisions of this Loan Agreement or the Indenture, signed and delivered to the Trustee or other proper person or persons. If and to the extent required by the provisions of Section 1.02 hereof, each Certificate shall include the statements provided for in said Section 1.02. "Certified Resolution" means a copy of a resolution of the Governing Body, certified by the City Administrator to have been duly adopted by said Governing Body and to be in full force and effect on the date of such certification. "City" or "Issuer" means City of Little Canada, a municipal corporation of the State of Minnesota, its successors and assigns. "Closing Date" means the date of issuance and initial delivery to the Original Purchaser of the Series 2020 Bonds. "Completion Date" shall mean the respective dates on which all costs of the 2018 Project and 2020 Project shall have been paid in full, and all moneys credited to the respective accounts of the Project Fund shall have been disbursed therefor, according to a Certificate of the Authorized Borrower Representative substantially to such effect, all as described in Section 3.06 hereof. "Cost of Issuance Account" means the Cost of Issuance Account established within the Project Fund, in accordance with the Indenture and this Loan Agreement. "Costs of Issuance" means costs of issuance of the Series 2020 Bonds, as payable from the Costs of Issuance Account. "Days Cash on Hand" means the number of days determined by dividing (i) the sum of the Borrower's Cash and Liquid Investments, by (ii) the quotient resulting from dividing total operating expenses for the fiscal year (as determined by GAAP, but excluding extraordinary losses and expenses, unrealized losses on investments, depreciation expense, amortization expense, and any other non-cash expense) by the number of days in such fiscal year. "Default" means default by the Borrower in the performance or observance of any of the covenants, agreements or conditions on its part contained in this Loan Agreement, exclusive of