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13068487v2 <br /> <br /> <br /> 4 <br /> <br />“Indenture” means the Trust Indenture between the Issuer and U.S. Bank National <br />Association, as Trustee, of even date herewith, under which the Bonds are authorized to be issued, <br />and including any indenture supplemental thereto. <br />“Independent”, when used with reference to an attorney, engineer, architect, certified <br />public accountant, or other professional person, means a person who (i) is in fact independent, (ii) <br />does not have any material financial interest in the Corporation or the transaction to which his <br />Certificate or opinion relates (other than the payment to be received for professional services <br />rendered), and (iii) is not connected with the Issuer or the Corporation as a commissioner or an <br />officer, director or employee. <br />“Independent Counsel” means an Independent attorney duly admitted to practice law <br />before the highest court of any state. <br />“Independent Engineer” means an Independent Engineer or Engineering firm or an <br />Independent architect or architectural firm qualified to practice the profession of Engineering or <br />architecture under the laws of Minnesota selected by the Corporation. <br />“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. <br />“Land” means the land and interests in land constituting the site of the Project Buildings, <br />as described in Exhibit A to the Mortgage. <br />“Lease Assignment” or “Assignment” means the assignment of leases and rents included <br />in the Mortgage. <br />“Loan” means the loan from the Issuer to the Corporation of the gross proceeds of issuance <br />of the Bonds, made pursuant to this Loan Agreement. <br />“Loan Agreement” means this Loan Agreement between the Issuer and the Corporation, <br />dated as of May 1, 2021, as from time to time amended or supplemented. <br />“Loan Repayments” means the payments made or to be made by the Corporation pursuant <br />to Section 4.02 of this Loan Agreement. <br />“Mortgage” means the Subordinate Construction Mortgage, Security Agreement, Fixture <br />Financing Statement and Assignment of Leases and Rents of even date herewith, from the <br />Corporation to the Trustee, as mortgagee, and any amendments and supplements thereto. <br />“Net Proceeds” means, when used with respect to proceeds of insurance or a condemnation <br />award, moneys received or receivable by the Corporation, as owner, or the Trustee, as secured <br />party, of the Project Facilities, less the cost of recovery (including attorneys’ fees) of such moneys <br />from the insuring company or the condemning authority. <br />“Operating Expenses” means, in any fiscal year, direct and indirect costs and expenses <br />(including depreciation, allowance for doubtful accounts, amortization and interest expense) <br />incurred by the Corporation, as determined by generally accepted accounting principles and the <br />Corporation’s audited financial statements.