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Mortgagee means the Trustee, and any successor trustee under the Indenture. <br /> Mortgagor means PCS Building Company, a Minnesota nonprofit corporation, and any <br /> successor owner of the Mortgaged Property who agrees to be bound by this Mortgage. <br /> Permitted Encumbrances means those encumbrances set forth in Section 3.2 hereof and <br /> listed in EXHIBIT B attached hereto. <br /> Pledge Agreement means the Pledge and Covenant Agreement, dated as of September 1, <br /> 2022,between the Charter School and the Trustee, as amended or supplemented from time to time. <br /> Pledged Accounts means the right to receive all receipts,revenues, and income derived by <br /> the Mortgagor, or on behalf of the Mortgagor by the Issuer or the Trustee or a receiver, from the <br /> Mortgaged Property, including, without limiting the generality of the foregoing, revenues derived <br /> from the operation of the Mortgaged Property,whether in the form of accounts receivable, contract <br /> rights, general intangibles, or other rights, and the proceeds of such rights, whether now owned or <br /> held or hereafter coming into existence. <br /> Pro'ect means the Series 2022 Project and any additional project financed by a series of <br /> Bonds. <br /> Released Property means any Mortgaged Property released from the Mortgage pursuant to <br /> the provisions of Section 4.5 of this Mortgage. <br /> School Facilities means the same as defined in the Indenture. <br /> Series 2022 Project means the same as defined in the recitals of this Mortgage. <br /> Series 2022A Bonds means the Issuer's Charter School Lease Revenue Bonds (PACT <br /> Charter School Project), Series 2022A, in the original principal amount of$37,095,000, pursuant <br /> to the terms of the Indenture. <br /> Series 2022B Bonds means the Issuer's Taxable Charter School Lease Revenue Bonds <br /> (PACT Charter School Project), Series 2022B, in the original principal amount of $315,000, <br /> pursuant to the terms of the Indenture. <br /> Series 2022 Bonds means the Series 2022A Bonds and the Series 2022B Bonds. <br /> State means the State of Minnesota. <br /> Trustee means U.S. Bank Trust Company, National Association, a national banking <br /> association, and any successor trustee under the Indenture. <br /> UCC Collateral means the same as defined in Section 2.3(e) below. <br /> 4 <br /> 73092175v4 <br />