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11-13-2024 Council Packet
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11-13-2024 Council Packet
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135242345v3 <br /> <br /> <br />8 <br />federal income tax purposes of Funding Lender or any former Funding Lender other than a <br />Funding Lender who is a “substantial user” of the Project or a “related person” (as such terms are <br />defined in Section 147(a) of the Code); provided, however, that no such Determination of <br />Taxability under clause (a) or (c) shall be deemed to have occurred if Governmental Lender (at the <br />sole expense of Borrower) or Borrower is contesting such determination, has elected to contest <br />such determination in good faith and is proceeding with all applicable dispatch to prosecute such <br />contest until the earliest of (i) a final determination from which no appeal may be taken with <br />respect to such determination, (ii) abandonment of such appeal by Governmental Lender or <br />Borrower, as the case may be, or (iii) one year from the date of initial determination. <br />“Electronic Instruction and Notice” means delivery of written instructions, directions <br />and/or notice signed by an Authorized Officer in a Word format or a Portable Document Format <br />(PDF) by electronic mail to the electronic mail addresses listed in Section 10.04 hereof (if any); <br />provided, that if a sender receives notice that the electronic mail is undeliverable, notice must be <br />sent as otherwise required by Section 10.04 hereof. <br />“Event of Default” means the occurrence of any event listed in Section 6.01 hereof. <br />“Extraordinary Services” means and includes, but not by way of limitation, services, <br />actions and things carried out and all expenses incurred by Fiscal Agent, in respect of or to prevent <br />default under this Funding Loan Agreement or the Project Loan Documents, including any <br />reasonable attorneys’ or agents’ fees and expenses and other litigation costs that are entitled to <br />reimbursement under the terms of the Project Loan Agreement, and other actions taken and carried <br />out by Fiscal Agent which are not expressly set forth in this Funding Loan Agreement or the <br />Project Loan Documents. <br />“Fair Market Value” means the price at which a willing buyer would purchase the <br />investment from a willing seller in a bona fide, arm’s length transaction (determined as of the date <br />the contract to purchase or sell the investment becomes binding) if the investment is traded on an <br />established securities market (within the meaning of Section 1273 of the Code) and, otherwise, the <br />term “Fair Market Value” means the acquisition price in a bona fide arm’s length transaction (as <br />referenced above) if (a) the investment is a certificate of deposit that is acquired in accordance <br />with applicable regulations under the Code, (b) the investment is an agreement with specifically <br />negotiated withdrawal or reinvestment provisions and a specifically negotiated interest rate (for <br />example, a guaranteed investment contract, a forward supply contract or other investment <br />agreement) that is acquired in accordance with applicable regulations under the Code, (c) the <br />investment is a United States Treasury Security--State and Local Government Series that is <br />acquired in accordance with applicable regulations of the United States Bureau of Public Debt, or <br />(d) any commingled investment fund in which Governmental Lender and related parties do not <br />own more than a ten percent (10%) beneficial interest therein if the return paid by the fund is <br />without regard to the source of investment. <br />“Fee Component” is defined in the Project Loan Agreement. <br />“Financing Documents” means, collectively, this Funding Loan Agreement, the <br />Governmental Note, the Tax Certificate, the Project Loan Documents, the Construction Loan
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