PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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in lieu of such taxes), assessments or other charges for governmental services with respect to the Project Facilities for the current year (exclusive of utility charges); provided that during the calendar year in which the Completion Date occurs,credit shall be given against the earliest deposits otherwise due for amounts deposited in the Taxes and Insurance Fund on the Date of Issuance of the Series 2001 Bonds. "Monthly Transfer Date"means,with respect to each calendar month,the 20`h day of the month, or if such day is not a Business Day, the Business Day next following. "Mortgage"means the Combination Mortgage Security Agreement,Fixture Financing Statement and Assignment of Rents and Leases, dated as of November 1, 2001, from the Borrower to the City and as assigned to the Trustee as security for the Senior Bonds. "Mortgage Assignment" means the Assignment of Mortgage from the City to the Trustee, assigning the City's rights in the Mortgage and the Subordinate Mortgage to the Trustee. "Mortgagee" initially means the City; provided that the rights and obligations of the Mortgagee under the Mortgage will be assigned to the Trustee pursuant to the Assignment. "Mortgaged Property" means the Mortgaged Property described in the granting clauses to the Mortgage and the Subordinate Mortgage. "Mortgagor" means the Borrower. "Net Proceeds" means, when used with respect to proceeds of insurance or a condemnation award,moneys received or receivable by the Borrower as owner or the Trustee as secured party of the Project Facilities, less the cost of recovery(including attorneys' fees) of such moneys from the insuring company or the condemning authority. "Net Revenues Available for Debt Service" means, for any period, the excess of Gross Revenues over Operating Expenses. "Net Revenues Available for Subordinate Debt Service"means at any time,amounts then on deposit in the Subordinate Debt Service Account of the Bond Fund. "Non-Cash Expenses"shall mean for any period,depreciation,amortization,bad debt expense and all other items properly reportable under generally accepted accounting principles for the period as an expense but for which no corresponding outlay of cash or property is required in any period. "Operating Expenses" means for any period,as determined on a cash rather than on an accrual basis (except as otherwise may be provided). (i) all non-capitalized expenses incurred in the operation or maintenance of the Project Facilities by or on behalf of the Borrower, including, but not limited to, administrative costs, all Management Fees, utility