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132435584v2 <br /> <br /> <br /> 2 <br /> <br />Collateral: all collateral on which a lien has been granted to the Lender by the Borrower <br />pursuant to this Agreement, the Capital Campaign Security Agreement, and the Business Assets <br />Security Agreement; <br />Counsel: an attorney designated by or acceptable to the Lender, duly admitted to practice <br />law before the highest court of any state; an attorney for the Borrower or the Issuer may be <br />eligible for appointment as Counsel; <br />Date of Taxability: this term shall have the meaning ascribed to it in Section 4.5(2) <br />hereof; <br />Debt Service Coverage Ratio: means the Borrower’s (A) change in unrestricted net <br />assets, plus depreciation, amortization and interest expense, plus (less) unrealized losses (gains), <br />divided by (B) prior year current maturities of long-term debt plus current year cash interest <br />expense, all determined in accordance with generally accepted accounting principles, <br />consistently applied; <br />Declaration: the Declaration of Restrictive Covenants of even date herewith by the <br />Borrower; <br />Default Rate: has the meaning defined in Section 6.7 hereof; <br />Determination of Taxability: this term shall have the meaning ascribed to it in Section <br />4.5(2) hereof; <br />Disbursement Request: a Disbursement Request in the form of Exhibit B attached <br />hereto; <br />Event of Default: any of the events described in Section 6.1 hereof; <br />Exempt Organization: a governmental unit, an entity described in Section 501(c)(3) of <br />the Code or a limited liability company that is a disregarded entity for federal income tax <br />purposes and whose sole member (or, if different, beneficial owner for federal income tax <br />purposes) is an entity described in Section 501(c)(3) of the Code; <br />Facility: the renovations to be constructed to the lower kindergarten through fifth-grade <br />school, including improvements to classroom and community space, and improvements to safety, <br />accessibility, and infrastructure located at 1150 Goodrich Avenue on the campus of the Borrower <br />in the City; <br />Fiscal Year: with respect to the Borrower, the period commencing on the first day of July <br />of any year and ending on the last day of June of the next year or any other twelve (12) month <br />period specified by the Borrower as its fiscal year; <br />Independent Counsel: an attorney duly admitted to practice law before the highest court <br />of any state and who is not a full-time employee, director or shareholder of the Issuer, the <br />Borrower, or Lessee;