04-14-2021 Council Packet - Laserfiche WebLink

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13068670v2 7 “Mortgage” means the Subordinate Construction Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents of even date herewith from the Corporation to the Trustee, as mortgagee, and all amendments and supplements thereto. “Net Proceeds” means, when used with respect to proceeds of insurance or a condemnation award, moneys received or receivable by the Corporation, as owner, or the Trustee, as secured party, of the Project Facilities, less the cost of recovery (including attorneys’ fees) of such moneys from the insuring company or the condemning authority. “Operating Expenses” means, in any fiscal year, direct and indirect costs and expenses (including depreciation, allowance for doubtful accounts, amortization and interest expense) incurred by the Corporation, as determined by generally accepted accounting principles and the Corporation’s audited financial statements. “Operating Revenues” means, in any fiscal year, total operating revenue of the Corporation (less contractual allowances and free care), as determined by generally accepted accounting principles and the Corporation’s audited financial statements, but excluding extraordinary or non- recurring items (such as any gain resulting from the sale of assets not made in the ordinary course of business). “Opinion of Counsel” means a written opinion of counsel (who need not be Independent Counsel unless so specified) appointed by the Corporation or Issuer. If and to the extent required by the provisions of Section 1.02 hereof, each Opinion of Counsel shall include the statements provided for in said Section 1.02. “Optional Redemption Fund” means the Optional Redemption Fund established under Section 5.02 of this Indenture. “Original Purchaser” means Northland Securities, Inc. “Outstanding” when used as of any particular time with reference to Bonds means (subject to the provisions of Section 9.03 of this Indenture pertaining to Bonds held by the Issuer and the Corporation) all Bonds theretofore authenticated and delivered by the Trustee under the Indenture except: (i) Bonds theretofore cancelled by the Trustee or surrendered to the Trustee for cancellation; (ii) Bonds for the payment or redemption of which funds or direct obligations of or obligations fully guaranteed by the United States of America in the necessary amount shall have theretofore been deposited with the Trustee (whether upon or prior to the maturity or the redemption date of such Bonds), provided that if such Bonds are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given pursuant to Article III of this Indenture, or provision satisfactory to the Trustee shall have been made for the giving of such notice; and (iii) Bonds in lieu of or in substitution for which other Bonds shall have been authenticated and delivered by the Trustee pursuant to the terms of Section 2.07 pertaining to replacement of Bonds. “Permitted Encumbrances” means, as of any particular time, (i) liens for ad valorem taxes and special assessments not then delinquent, (ii) utility, access and other easements and rights-of- way, mineral rights, restrictions and exceptions that an Independent Engineer certifies will not interfere with or impair the use of or operations being conducted in the Project Buildings, (iii) such