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"Management Consultant" means an Independent person, experienced in the study <br /> of operations of senior housing facilities and having a favorable reputation therefor <br /> throughout the United States or the State of Minnesota for skill and expertise in such work <br /> and, unless otherwise specified in the Loan Agreement or the Indenture, as selected and <br /> engaged by the Borrower. <br /> "Management Contract"means the Management Agreement dated as of November <br /> 1,2001 between the Borrower and the Manager,and any other successor contract providing <br /> for management services of the Project Facilities, as the same may be amended from time <br /> to time in accordance with the terms of the Indenture and the Loan Agreement. <br /> "Management Fee"means the compensation paid to the Manager for management of <br /> the Project Facilities, exclusive of reimbursement for costs paid by the Manager which <br /> otherwise constitute Operating Expenses,but including both a Senior Management Fee and <br /> a Subordinated Management Fee. <br /> "Manager" means any person performing management services for the Project <br /> Facilities under a Management Contract; the initial Manager is Great Lakes Management <br /> Company, a Minnesota corporation. <br /> "Mandatory Tender Date" means November 1, 2011, the date the Series 2001A <br /> Bonds are subject to mandatory tender. <br /> "Maximum Debt Service Requirement" means for any period, the largest Debt <br /> Service Requirement that is or will be due in that period or in any future period with the <br /> same duration as that period. <br /> "Monthly Net Project Revenues" means as of any Deposit Date for any calendar <br /> month,all Project Revenues received during the period from and including the last Deposit <br /> Date to but not including the current Deposit Date,less all Operating Expenses incurred(or <br /> if permitted, accrued) in such period exclusive of(a) Ordinary Trustee Fees and Expenses, <br /> (b) amounts due as real or personal property taxes or assessments on any portion of the <br /> Project Facilities, (c) amounts due as insurance with respect to the Project Facilities or its <br /> operations, (d) amounts required in such month to be deposited in the Repair and <br /> Replacement Fund or the Taxes and Insurance Fund,(e)interest due on Subordinated Debt, <br /> and (f) any items payable from the Repair and Replacement Fund, the Project Fund or the <br /> Insurance and Award Fund). <br /> "Monthly Repair and Replacement Fund Deposit"means for each month the amount <br /> of$775 (1/12 of the product of$150 multiplied by the number of Project units (62)). <br /> "Monthly Taxes and Insurance Deposit"means for each month one-twelfth(1/12)of <br /> one hundred percent (100%) of the amount set forth from time to time in the Budget (as <br /> defined in the Loan Agreement)for the current calendar year for(i)annual premiums on all <br /> insurance required to be maintained by the Indenture and(ii)real estate taxes (or payments <br />