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“Loan Payment Date” means the fifth Business Day preceding each Bond Payment Date.
“Loan Payments” means the amounts required to be paid by the Borrower in repayment of the Loan
pursuant to the provisions of the Promissory Note and Section 4.1 of the Loan Agreement.
“Local Time” means Eastern time (daylight or standard, as applicable) in the Commonwealth.
“Majority of the Holders of the Bonds” means the Holders of more than 50% of the principal
amount of the then Outstanding Bonds.
“Mandatory Tender” means a tender of Bonds required by Section 4.03 hereof.
“Mandatory Tender Date” means either (a) the Initial Mandatory Tender Date; or (b) if the Bonds
Outstanding on such date or on any subsequent Mandatory Tender Date are remarketed pursuant to
Section 4.05 hereof for a Remarketing Period that does not extend to the final maturity of the Bonds, the
day after the last day of the Remarketing Period.
“Maturity Date” means October 1, 2030.
“Maximum Interest Rate” means the interest rate equal to the lesser of (a) 8% per annum or (b) the
maximum interest rate per annum permitted by applicable Commonwealth law.
“Minimum Trustee Rating” means a long term rating of the Trustee’s unsecured obligations with
maturities in excess of one (1) year of not less than “A” by S&P, or, if the Trustee does not have such a
rating from S&P, it must have a minimum rating of its unsecured obligations with maturities of one (1) year
or less of “A-1” from S&P.
“Moody’s” means Moody’s Ratings.
“Notice Address” means:
To the Issuer: Newport News Redevelopment and Housing Authority
227 27th Street
Newport News, VA 23607
Attention: Executive Director
Telephone: (757) 928-2620
To the Trustee: U.S. Bank Trust Company, National Association
2 Concourse Parkway, Suite 800
Atlanta, GA 30328-5588
Attn: Global Corporate Trust
To the Borrower: Stuart Gardens Housing Partners, LP
c/o Vitus Development III, LLC
2607 2nd Avenue Suite 300
Seattle, Washington 98121
With a copy to: Winthrop & Weinstine, P.A.
Capella Tower, Suite 3500
225 South Sixth Street
Minneapolis, MN 55402-4629
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