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132279668v2 <br /> <br /> 2 <br /> <br />dividends and distributions all determined in accordance with generally accepted <br />accounting principles consistently applied. <br />Debt Service: the sum of (i) all obligations of the Borrower for interest on its <br />indebtedness, plus (ii) all obligations for payment of principal on its indebtedness within <br />such fiscal year, all determined in accordance with generally accepted accounting <br />principles consistently applied. “Debt Service” shall not include principal and interest <br />due and payable on that certain $10,000,000 City of Little Canada, Minnesota Capital <br />Campaign Revenue Note, Series 2024 (Saint Paul Academy and Summit School Project). <br />3. Section 1.1 of the Loan Agreement is hereby amended by deleting the definition <br />of “Debt Service Coverage Ratio” in its entirety and replacing it with the following definition: <br />Debt Service Coverage Ratio: the ratio of a party’s Cash Available for Debt <br />Service to Debt Service. <br />4. Exhibit A to the Loan Agreement is hereby amended by deleting it in its entirety <br />and replacing it with a new Exhibit A in the form attached hereto as Exhibit A. <br />5. Except as herein amended or supplemented all other provisions of the Loan <br />Agreement shall remain in full force and effect. <br />6. In the event any provision of this Amendment shall be held invalid or <br />unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render <br />unenforceable any other provision hereof. <br />7. This Amendment may be simultaneously executed in several counterparts, each of <br />which shall be an original and all of which shall constitute but one and the same instrument. <br />8. This Amendment shall be governed by and construed in accordance with the laws <br />of the State of Minnesota.