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<br />"Agreement" means this Loan Agreement and any and all modifications, alterations, <br />amendments and supplements hereto made in accordance with the provisions hereof. <br /> <br />"Annual Debt Service Requirement" means for a given Fiscal Year the amount required <br />to pay the principal and interest coming due on the Bonds during that Fiscal Year. <br /> <br />"Bond Counsel" means counsel experienced in matters relating to the validity of, and the <br />exclusion from gross income for federal income tax purposes of interest on, obligations of states <br />and their political subdivisions. <br /> <br />"Bond Payment Date" means each January 1, April 1, July 1 and October 1 of each year, <br />commencing October 1,2010. <br /> <br />"Bonds" means the $15,000,000 City of Sunny Isles Beach, Florida Capital Improvement <br />Revenue Bonds, Series 2010, issued pursuant to this Agreement. <br /> <br />"Business Day" means any day which is not a Saturday, Sunday or legal holiday in <br />Miami, Florida. <br /> <br />"City Manager" means the City Manager of the City. <br /> <br />"Clerk" means the Clerk or any Deputy Clerk of the City. <br /> <br />"Code" means the Internal Revenue Code of 1986, as amended, including the applicable <br />regulations of the Department of the Treasury (including applicable final regulations, temporary <br />regulations and proposed regulations), the applicable rulings of the Internal Revenue Service <br />(including published Revenue Rulings and private letter rulings) and applicable court decisions. <br /> <br />"Dated Date" means the date of issuance of the Bonds. <br /> <br />"Event of Default" shall mean an event of default specified III Article VIII of this <br />Agreement. <br /> <br />"Fiscal Year" means the period commencing on October 1 of each year and ending on the <br />succeeding September 30, or such other consecutive 12-month period as may be hereafter <br />designated as the fiscal year of the City pursuant to general law. <br /> <br />"Governing Body" means the City Commission of the City, or its successor in function. <br /> <br />"Holder" or "Holders" means the registered owner(s) (or their authorized representatives) <br />of the Bonds from time to time, initially the Bank. <br /> <br />"Loan Documents" means this Agreement, the Bonds, the Bond Ordinance and all other <br />documents, agreements, certificates, schedules, notes, statements, and opinions, however <br />described, referenced herein or executed or delivered pursuant hereto or in connection with or <br />arising with the Loan or the transaction contemplated by this Agreement. <br /> <br />{M1883440 2} <br /> <br />2 <br />