05-13-2020 Council Packet - Laserfiche WebLink

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12316306v3 -6- contest having been instituted, or, if instituted, such contest or appeal has been unsuccessfully concluded. Inclusion of interest on any of the Series 2020 Bonds in the computation of any alternative minimum tax shall not be a Determination of Taxability. "Disbursing Agreement" means the Disbursing Agreement of even date herewith between the Borrower, the Trustee, and the Title Company, as disbursing agent. "Draw Request" means a requisition, substantially in the form set forth as Exhibit B hereto, to be submitted by the Borrower to the Trustee in connection with the disbursement of proceeds of the Prior Note or the proceeds of the Series 2020 Bonds for the payment or reimbursement of Project Costs and Costs of Issuance, in accordance with the provisions hereof and of the Loan Agreement. "Event of Default" means an Event of Default described in Section 7.01 of this Indenture which has not been cured. "Final Computation Date" shall have the meaning set forth in Treasury Regulation §1.148-3(e)(2). "Fund" means, whenever used with reference to this Indenture, the Project Fund, the Bond Fund, the Sinking Fund, the Reserve Fund, and/or the Optional Redemption Fund. "Governing Body" means, with respect to the Issuer, the City Council of the Issuer, or its successor as governing body of the Issuer. "Guarantor" means Presbyterian Homes and Services, a Minnesota nonprofit corporation. "Holder," "Bondholder" or "owner" whenever employed herein with respect to a Bond means the person in whose name such Bond shall be registered. "Income Available for Debt Service" means, in any fiscal year, the excess of Operating Revenues over Operating Expenses, but (i) including in Operating Revenues: (a) charitable contributions and interest and income on investments available for operations or debt service (exclusive of any unrealized gains or losses on investments); (b) unrestricted equity transfers of cash or cash equivalents from commonly controlled affiliates; and (c) proceeds of casualty insurance received by the Borrower in connection with mortgaged property where the terms of the mortgage indebtedness permit prepayment thereof with such proceeds and where the Borrower has made a written election to apply such proceeds to such prepayment; and (ii) excluding from Operating Expenses: (a) depreciation, amortization and interest expense; and (b) any loss resulting from the extinguishment of indebtedness. "Indenture" means this Trust Indenture between the Issuer and U.S. Bank National Association, as Trustee, dated as of May 1, 2020, under which the Bonds are authorized to be issued, and including any amendments or supplements thereto. "Independent", when used with reference to an attorney, engineer, architect, certified public accountant, consultant or other professional person, means a person who (i) is in fact independent, (ii) does not have any material financial interest in the Borrower or the transaction