11-14-01 2. LOAN AGREEMENT - Laserfiche WebLink

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capital leases(including leases of real property),entered into by the Borrower in connection with the acquisition of property not previously owned by the Borrower and computed in accordance with generally accepted accounting principles;provided,however,that"Indebtedness"does not include: (a) debt up to the amount of the aggregate cash equivalents and marketable securities (valued at market) held in the funds of the Borrower which have been pledged and designated by the Borrower (consistent with the restriction attendant to such funds), to satisfy a specified debt of the Borrower, (b) trade accounts payable and accrued expenses incurred in the normal course of business, or (c) Permitted Purchase Money Security Interests. For purposes of this definition,no single evidence of indebtedness shall be counted more than once even though more than one of the clauses (i) - (v) above may apply. Indcbtedncss shall not includc thc Operating Loan as dcfined in thc Indcnturc. "Indenture" means the Indenture of Trust between the City and U.S. Bank Trust National Association, as Trustee, of even date herewith, under which the Bonds are authorized to be issued, and including any amendments or supplements thereto. "Independent Engineer" means an Independent engineer or engineering firm or an Independent architect or architectural firm qualified to practice the profession of engineering or architecture under the laws of Minnesota. "Inspecting Architect" means "Insurance Consultant" means a representative of a nationally or regionally recognized insurance company or other consultant selected by the Borrower and experienced in matters pertaining to insurance coverage for multifamily residential housing projects,including the selection and maintenance of insurance coverage in such matters as public liability insurance, hazard insurance, workers compensation, flood insurance, and business interruption or loss of rents insurance. "Interim Indebtedness"means any Indebtedness incurred,assumed or guaranteed by the Borrower on an interim basis to provide temporary financing as permitted by Section 6.16 hereof. "Land" means the land and interests in land constituting the site of the Project, as described in Exhibit A to the Mortgage and the Subordinate Mortgage. "Loan" means the loan from the City to the Borrower of the gross proceeds of issuance of the Bonds, made pursuant to this Agreement. "Loan Documents" means this Agreement, the Mortgage, the Subordinate Mortgage, the Ground Lease, the Continuing Disclosure Agreement, the Development Agreement, the Tax Increment Note, the Assignment of TIF Note, the Disbursing Agreement, the Assignment of Construction Agreement, the Assignment of Architect's Agreement, each assignment to the Trustee as security for any Bonds of the Project Plans or any architectural, engineering, design, construction, equipment or other contract for the purchase of material or -5-