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“Outstanding Bonds,” “Bonds Outstanding,” or “Outstanding” as applied to the Bonds means, as
of the applicable date, all Bonds which have been authenticated and delivered, or which are being delivered
by the Trustee under this Indenture, except:
(a) Bonds cancelled upon surrender, exchange or transfer, or cancelled because of payment on
or prior to that date;
(b) Bonds, or the portion thereof, for the payment or purchase for cancellation of which
sufficient money has been deposited and credited with the Trustee or the Paying Agents on or prior to that
date for that purpose (whether upon or prior to the maturity of those Bonds);
(c) Bonds, or the portion thereof, which are deemed to have been paid and discharged or
caused to have been paid and discharged pursuant to the provisions of this Indenture; and
(d) Bonds in lieu of which others have been authenticated under Section 3.06 hereof.
“Paying Agent” means the Trustee acting as such, or any other bank or trust company designated
as a Paying Agent by or in accordance with this Indenture.
“Person” or words importing persons mean firms, associations, partnerships (including without
limitation, general and limited partnerships), joint ventures, societies, estates, trusts, corporations, limited
liability companies, public or governmental bodies, other legal entities and natural persons.
“Plans and Specifications” means the plans and specifications describing the Project as now
prepared and as they may be changed as herein provided from time to time.
“Predecessor Bond” of any particular Bond means every previous Bond evidencing all or a portion
of the same debt as that evidenced by the particular Bond. For the purposes of this definition, any Bond
authenticated and delivered under Section 3.06 hereof in lieu of a lost, stolen or destroyed Bond shall,
except as otherwise provided in Section 3.06 hereof, be deemed to evidence the same debt as the lost, stolen
or destroyed Bond.
“Program Obligations” shall have the meaning provided in the FHA Mortgage.
“Project” means the financing of a portion of the costs of rehabilitation, renovation, improvement,
construction and equipping of the multifamily rental housing facility known as “Stuart Gardens II
Apartments,” consisting of approximately 239 rental units and related facilities, located at 1326C Garden
Drive, Newport News, Virginia 23607, for occupancy by persons or families of low and moderate income.
“Project Costs” means the costs of the Project specified in Section 3.4 of the Loan Agreement.
“Project Fund” means the Project Fund created pursuant to Section 5.01 hereof.
“Promissory Note” means the Promissory Note, in the original principal amount of $24,000,000,
dated the Closing Date, in the form attached to the Loan Agreement as Exhibit A, evidencing the obligation
of the Borrower to make Loan Payments.
“Rating Agency” means S&P, Moody’s, or any other nationally recognized municipal securities
rating agency acceptable to the Holders, and initially means Moody’s so long as Moody’s is rating the
Bonds.
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