Agenda - Council - 07/12/2022 - Laserfiche WebLink

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upon the discontinuance of either rating service or both of such rating services, any other nationally recognized rating service; 0) deposits in interest-bearing, time deposits or certificates of deposit or similar arrangements (without regard to whether such deposits or arrangements are insured by the Federal Deposit Insurance Corporation (the "FDIC") of any lead bank of a bank holding company which has at least an "A-1" or "prime-one" rating or their equivalents from S&P or Moody's, or their successors, or certificates of deposit of any national bank if the amount thereof is fully insured by the FDIC; (k) U.S. dollar denominated deposit accounts, federal funds with domestic commercial banks which have a rating on their short -term certificates of deposit on the date of purchase of"A-1" or "A-1+"by S&P and "P-1" by Moody's and maturing no more than three hundred sixty (360) days after the date of purchase (ratings on holding companies are not considered as the rating of the bank.); and (1) any investments which are legal investments under Minnesota Statutes, Chapter 118A. Plans and Specifications means the plans and specifications for construction and installation of a Project(including the 2022 Project),to be approved by the Company and available for inspection by the Trustee, as the same may be modified from time to time in accordance with provisions of the Loan Agreement. Pledge Agreement means the Pledge and Covenant Agreement, dated as of September 1, 2022, between the Charter School and the Trustee, and all amendments thereof and supplements thereto. Pledged Assets shall have the meaning provided in the Pledge Agreement. Pledged Revenues shall have the meaning provided in the Pledge Agreement. [PPP Loan means the unsecured forgivable loan in a principal amount of approximately $ with under the United States Small Business Administration Payroll Protection Program which the Charter School received on , 20 , and any other unsecured forgivable loan under the United States Small Business Administration Payroll Protection Program or similar State or federal relief program.] [NOTE TO DRAFTER, DELETE IF SCHOOL DID NOT RECEIVE ANY PPP FUNDS] Principal and Interest Requirements on Long-Term Indebtedness means, for any Fiscal Year, the amount required to pay the interest and principal for Long-Term Indebtedness of the Company and the Charter School in such Fiscal Year, excluding "funded interest" from the proceeds of Indebtedness and, excluding the amount of money actually on deposit in the Reserve Fund as of the date of calculation,to be determined on the assumption that all Bonds will be retired at their stated maturities except for those Bonds or Long-Term Indebtedness which are required by this Indenture to be redeemed prior to their stated maturities from sinking fund payments the Company or the Charter School is required by the Loan Agreement to make for such a purpose, 15 735810810