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13068670v2 <br /> <br /> <br />6 <br /> <br />“Income Available for Debt Service” means, in any fiscal year, the excess of Operating <br />Revenues over Operating Expenses, but (i) including in Operating Revenues charitable <br />contributions and interest and income on investments available for operations or debt service <br />(exclusive of any unrealized gains or losses on investments) and including in Operating Revenues <br />proceeds of casualty insurance received by the Corporation in connection with mortgaged property <br />where the terms of the mortgage indebtedness permit prepayment thereof with such proceeds and <br />where the Corporation has made a written election to apply such proceeds to such prepayment and <br />proceeds of business interruption insurance, and (ii) excluding from Operating Expenses <br />depreciation, amortization and interest expense. <br />“Indenture” means this Trust Indenture between the Issuer and U.S. Bank National <br />Association, as Trustee, dated as of May 1, 2021, under which the Bonds are authorized to be <br />issued, and including any amendments or supplements thereto. <br />“Independent”, when used with reference to an attorney, engineer, architect, certified <br />public accountant, consultant or other professional person, means a person who (i) is in fact <br />independent, (ii) does not have any material financial interest in the Corporation or the transaction <br />to which his Certificate or opinion relates (other than payment to be received for professional <br />services rendered), and (iii) is not connected with the Issuer or the Corporation as a commissioner <br />or an 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 and selected by the Corporation. <br />“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. <br />“Issuer” means City of Little Canada, a municipal corporation and a political subdivision <br />of the State of Minnesota, its successors and assigns. <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 />“Letter of Representations” means the Blanket Letter of Representations between the <br />Depository and the Issuer and any amendments or supplements thereto. <br />“Loan Agreement” means the Loan Agreement of even date herewith, between the Issuer <br />and the Corporation, as amended or supplemented from time to time. <br />“Loan Repayments” means the payments made or to be made by the Corporation pursuant <br />to Section 4.02 of the Loan Agreement.