Agenda - Council - 08/13/2013 - Laserfiche WebLink

Home

"Counsel" means an attorney duly admitted to practice law before the highest court of any state and, without limitation, may include legal counsel for either the Issuer or the Company. "Days Cash on Hand" means (I) Cash on Hand of the School, as shown under the heading "Assets, Cash and Temporary Investments" on the financial statements for each Fiscal Year divided by (II) the quotient of Operating Expenses, as shown on the financial statements for such Fiscal Year, divided by 365. "Default" and "Event of Default" mean with respect to any Default or Event of Default under this Agreement or the Indenture, any occurrence or event specified and defined by Section 8.1 hereof or by Section 9.01 of the Indenture. "Determination of Taxability" means receipt by the Trustee of a written notification of the issuance, prior to the maturity date or redemption prior to maturity of all Outstanding Bonds, of a statutory notice of deficiency by the United States Department of the Treasury, Internal Revenue Service, or a decision by a court of competent jurisdiction, holding in effect that interest on any Bond is includable for federal income tax purposes in the gross income of the registered owner thereof, which statutory notice or court decision is either (a) not contested by the Company in accordance with Section 6.8 hereof, or (b) contested by the Company in accordance with Section 6.8 hereof and resolved adversely to the interests of, or abandoned by, the Company. "EMMA" means the Electronic Municipal Market Access system operated by the Municipal Securities Rulemaking Board as the primary portal for complying with the continuing disclosure requirements of SEC Rule 15c2-12(b)(5) promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934. "Fiscal Year" means any period of 12 consecutive months adopted by the Company or the School, as applicable, as its fiscal year for financial reporting purposes and initially means the period beginning July 1 of each year and ending on June 30 of the next year. "Generally Accepted Accounting Principles" means those accounting principles applicable in the preparation of financial statements of the Company or the School, as applicable, as promulgated by the Financial Accounting Standards Board or such other body recognized as authoritative by the American Institute of Certified Public Accountants. "Governmental Obligations" means direct general obligations of (including obligations issued or held in book entry form on the books of) the Department of the Treasury of the United States of America. "Improvement" means any addition, enlargement, improvement, extension or alteration of or to the Project Building as it then exists (other than the expansion to be financed from the proceeds of the Bonds as contemplated hereunder), and any fixtures, structures or other facilities acquired or constructed by the Company and located on the Project Site. "Income Available for Debt Service" means, for any period, the excess of revenues over operating and non -operating expenses of the School, as determined in accordance with generally accepted accounting principles (but excluding extraordinary items and excluding unrealized 3 5600861v1