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22 199386222v3 “Stabilized NOI” means, for any period, (x) Effective Gross Revenues for such period less (y) Expenses for such period, as determined or approved by the Controlling Person. “State” means the State of Minnesota. “Subordinate Debt” means, collectively, those certain loans in the maximum amounts set forth in the Schedule of Financial Terms from the Subordinate Lender to the Borrower, evidenced and secured by the Subordinate Debt Documents. “Subordinate Debt Documents” means all documents evidencing or securing the Subordinate Debt or otherwise executed and delivered by the Borrower in connection therewith or as a condition of the advance of the proceeds thereof, together with a subordination agreement executed by lender of such Subordinate Debt, all in form and substance acceptable to the Controlling Person. “Subordinate Lender” means the Subordinate Lender(s) specified on the Schedule of Financial Terms. “Subordination Agreement” means, collectively, those certain the Subordination Agreement(s) dated on or about the Closing Date made by Subordinate Lender, as subordinate lender, in favor of the Fiscal Agent and Funding Lender, as may be amended, modified or supplemented from time to time. “Substantial User” means, with respect to any “facilities” (as the term “facilities” is used in Section 144(a) of the Code), a “substantial user” of such “facilities” within the meaning of Section 147(a) of the Code. “Surplus Funding Loan Proceeds” shall have the meaning set forth in the Borrower Note. “Tax and Insurance Escrow Account” means the Account of that name created pursuant to the Funding Loan Agreement, if any. “Tax Certificate” means the Borrower Tax Certificate, dated the Closing Date, from the Borrower and endorsed by the Governmental Lender, as may be amended, modified or supplemented from time to time. “Testing Period” means the period for testing set forth on the Schedule of Financial Terms immediately preceding the date of such determination. “Third Party Costs” means the ongoing Governmental Lender Fees, Fiscal Agent Fees and the fees of the Rebate Analysts or any other third party in connection with the Governmental Note. “Title Company” means the title insurance company insuring the lien of the Mortgage on the Closing Date together with any successor title company approved by the Controlling Person. “Title Policy” means the mortgagee’s title insurance policy relating to the Project Facilities issued by the Title Company to the Fiscal Agent and/or the Funding Lender, effective on the date of recording of the Mortgage, as the same may be subsequently down-dated or endorsed from time to time, with the approval of the Controlling Person. “U.C.C.” means the Uniform Commercial Code of the State as now in effect or hereafter amended.