12-19-2007 Council Agenda - Laserfiche WebLink

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have been used in calculating the increase or decrease in net assets), and (iv) Capital Campaign Contributions actually received in such Fiscal Year by (b) the aggregate amount of the Borrower's required payments of principal of, and interest on, the Loan for such Fiscal Year. Determination of Taxability: shall have the meaning ascribed to it in Section 4.5(2) hereof; Equipment: any and all machinery, equipment, furniture and other tangible personal property purchased or to be purchased by the Borrower with the proceeds of the Loan and all replacements and substitutions therefore; Event of Default: any of the events described in Section 6.1 hereof; "Fiscal Year ": The twelve month period from July 1, through the next succeeding June 30. Issuance Expenses: shalt mean any and all costs and expenses relating to the issuance, sale and delivery of the Note, including, but not limited to, any fees of the Lender, all fees and expenses of legal counsel, financial consultants, feasibility consultants and accountants, any fee to be paid to the City, the cost of preparation and printing of this Agreement, the Mortgage, the Security Agreement, the Resolution, the Pledge Agreement, the Note and all other related documents, and all other expenses relating to the issuance, sale and delivery of the Note and any other costs which are treated as "issuance costs" within the meaning of Section 147(g) of the Code; Land: the real property and any other easements and rights described in Exhibit A to the Mortgage; Lender: BankCherokee, a Minnesota banking corporation, in St. Paul, Minnesota, its successors and assigns; Loan: the loan of Note proceeds from the City to the Borrower described in Section 3.1 hereof; Mortgage: the Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents, dated as of even date herewith, executed by Borrower, as mortgagor, in favor of Lender, as mortgagee, securing the Note and any amendments thereto; Note: the City of Little Canada, Minnesota Educational Facilities Revenue Note (St. John the Evangelist School Project), Series 2007; Pledge Agreement: the Pledge Agreement, dated as of even date herewith, between the City and the Lender pledging and assigning the City's interest in the Loan Agreement to the Lender to the extent provided therein; Principal Balance: so much of the principal sum on the Note as from time to time remains unpaid; 2110583v4 2 - 2 0 -