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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 />"Bond Counsel" means Greenberg Traurig, P.A. or other counsel experienced in matters <br />relating to the validity of, and the exclusion from gross income for federal income tax purposes <br />of interest on, obligations of states and their political subdivisions. <br /> <br />"Bond Payment Date" means each May I and November I of each year, commencing <br />November 1,2012. <br /> <br />"Bond" means the City of Sunny Isles Beach, Florida Capital Improvement Revenue <br />Refunding Bond, Series 2012, 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 Bond. <br /> <br />"Defeasance Obligations" shall mean, to the extent permitted by law, the following <br />securities: <br /> <br />(I) U.S. Obligations; <br /> <br />(2) Any bonds or other obligations of any state of the United States of <br />America or of any agency, instrumentality or local governmental unit of any such state (i) <br />which are not callable prior to maturity or as to which irrevocable instructions have been <br />given to the trustee of such bonds or other obligations by the obligor to give due notice of <br />redemption and to call such bonds for redemption on the date or dates specified in such <br />instructions, (ii) which are secured as to principal and interest and redemption premium, <br />if any, by a fund consisting only of cash or bonds or other obligations of the character <br />described in clause (I) hereof, which fund may be applied only to the payment of such <br />principal of and interest and redemption premium, if any, on such bonds or other <br />obligations on the maturity date or dates thereof or the redemption date or dates specified <br />in the irrevocable instructions referred to in subclause (i) of this clause (2), as <br />appropriate, and (iii) as to which the principal of and interest on the bonds and <br />obligations of the character described in clause (I) hereof which have been deposited in <br />such fund along with any cash on deposit in such fund are sufficient to pay principal of <br />and interest and redemption premium, if any, on the bonds or other obligations described <br />in this clause (2) to and including the maturity date or dates thereof or to and including <br /> <br />2 <br /> <br />MIA 182,397,885vl 3-5-12 <br />