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“Holder,” “Holders,” or “Holder of a Bond” means the Person in whose name a Bond is registered
on the Register.
“HUD” means the United States Department of Housing and Urban Development.
“HUD Regulatory Agreement” means the Regulatory Agreement for Multifamily Projects, dated
the date of the FHA Note, between the Borrower and HUD, related to the FHA Insured Mortgage Loan,
together with any Rider attached to the Regulatory Agreement recorded by the Borrower in the City of
Newport News, Virginia land records for the benefit of the Issuer and the Trustee.
“Indebtedness” means for any Person (a) all indebtedness or other obligations of such Person for
borrowed money or for the deferred purchase price of property or services; (b) all indebtedness or other
obligations of any other Person for borrowed money or for the deferred purchase price of property or
services, the payment or collection of which such Person has guaranteed (except by reason of endorsement
for deposit or collection in the ordinary course of business) or in respect of which such Person is liable,
contingently or otherwise, including, without limitation, by way of agreement to purchase, to provide funds
for payment, to supply funds to or otherwise to invest in such other Person, or otherwise to assure a creditor
against loss; (c) all indebtedness or other obligations of any other Person for borrowed money or for the
deferred purchase price of property or services secured by (or for which the holder of such indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien, upon or in property (including,
without limitation, accounts and contract rights) owned by such Person, whether or not such Person has
assumed or become liable for the payment of such indebtedness or other obligations; (d) all direct or
contingent obligations of such Person in respect of letters of credit; (e) all lease obligations which have
been or should be, in accordance with GAAP, capitalized on the books of such Person as lessee; and
(f) guaranties of any of the foregoing; provided that Indebtedness does not include accounts payable and
accrued expenses incurred in the ordinary course of business.
“Indenture” means this Indenture of Trust, dated as of July 1, 2026, between the Issuer and the
Trustee, as amended or supplemented from time to time in accordance with Article VIII hereof.
“Independent,” when used with respect to a specified Person, means such Person has no specific
financial interest direct or indirect in the Borrower or any Affiliate of the Borrower and in the case of an
individual is not a director, trustee, officer, partner or employee of the Borrower or any Affiliate of the
Borrower and in the case of an entity, does not have a partner, director, trustee, officer, member or employee
who is a director, trustee, officer or employee of any partner of the Borrower or any Affiliate of the
Borrower.
“Information Services” means in accordance with then current guidelines of the Securities and
Exchange Commission, the Municipal Securities Rulemaking Board established pursuant to
Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor entity or entities designated by
the Securities and Exchange Commission.
“Initial Deposit” means the deposit of Available Money in the amount of $[0], which the Borrower
shall cause to be made from the Underwriter’s Advance to the Interest Account of the Bond Fund on the
Closing Date.
“Initial Interest Rate” means [_______]%.
“Initial Mandatory Tender Date” means October 1, 2028.
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