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“Issuer” means the Newport News Redevelopment and Housing Authority, a political subdivision
of the Commonwealth, duly organized and existing under the laws of the Commonwealth, the issuer of the
Bonds under the Indenture, and its successors and assigns.
“Issuer Revenues” means (a) the Loan Payments; (b) all other money received or to be received by
the Issuer or the Trustee in respect of repayment of the Loan, including without limitation, all money and
investments in the Bond Fund; (c) any money and investments in the Project Fund and the Collateral Fund;
and (d) all income and profit from the investment of the foregoing money. The term “Issuer Revenues”
does not include any money or investments in the Rebate Fund, nor does it include payment of any
Additional Payments due from the Borrower to the Issuer under the Loan Agreement, including payment
of the Administrative Fee or reimbursement of any expenses incurred by the Issuer.
“Lien” means any mortgage, deed of trust, lien, charge, security interest or encumbrance of any
kind upon, or pledge of, any property, whether owned as of or acquired after the date of the Indenture, and
includes the acquisition of, or agreement to acquire, any property subject to any conditional sale agreement
or other title retention agreement, including a lease on terms tantamount thereto or on terms otherwise
substantially equivalent to a purchase.
“Loan” means the loan by the Issuer to the Borrower of the proceeds received from the sale of the
Bonds.
“Loan Agreement” means the Loan Agreement, dated as of July 1, 2026, between the Issuer and
the Borrower and assigned by the Issuer, except for Unassigned Issuer’s Rights, to the Trustee, as amended
or supplemented from time to time, in relation to the Bonds.
“Loan Payment Cure Period” means a period of four (4) Business Days following any Loan
Payment Date.
“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 the Loan Agreement.
“Local Time” means Eastern time (daylight or standard, as applicable) in the Commonwealth.
“Low Income Tenants” means persons or families with Adjusted Income which does not exceed
60% of the Area Median Income adjusted for household size. In no event will the occupants of a unit be
considered to be Low Income Tenants if all such occupants are students (as defined in Section 152(f)(2) of
the Code), unless the unit is occupied:
(i) by an individual who is (A) a student and receiving assistance under Title IV of
the Social Security Act, (B) a student who was previously under the care and placement
responsibility of the Commonwealth agency responsible for administering a plan under Part B or
Part E of Title IV of the Social Security Act, or (C) enrolled in a job training program receiving
assistance under the Job Training Partnership Act or under other similar federal, Commonwealth,
or local laws; or
(ii) entirely by full-time students if such students are (A) single parents and their
children and such parents are not dependents (as defined in Section 152 of the Code, determined
without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) of another individual and such
children are not dependents (as defined in Section 152 of the Code, determined without regard to
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