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5 or entity appointed by the Issuer who shall enter into an administration agreement in a form acceptable to the Issuer and the Program Administrator. “Project” means the Facilities and the Site. “Qualified Project Period” means the period beginning on the Bond Issuance Date, and ending on the later of (a) the date which is 15 years after the Closing Date, (b) the first day on which no tax exempt private activity bond issued with respect to the Project is outstanding or (c) the date on which any assistance provided with respect to the Project under Section 8 of the United States Housing Act of 1937 terminates. For purposes of clause (b), the term “private activity bond” has the meaning contemplated in Section 142(d)(2)(A)(ii) of the Code. “Registered Owner” or “Bondowner” or “owner” When used with respect to the Bonds, the owner of a Bond then outstanding under the Indenture as shown on the registratio n books maintained by the Trustee pursuant to the Indenture. “Regulations” means the income tax regulations promulgated by the United States Department of the Treasury pursuant to the Code from time to time. “Regulatory Agreement” means this Amended and Restated Regulatory Agreement and Declaration of Restrictive Covenants, together with any amendments hereto or supplements hereof. “Site” means the parcel or parcels of real property described in Exhibit “A”, which is attached hereto and by this reference incorporated herein, and all rights and appurtenances thereunto appertaining. “State” means the State of California. “Tax Certificate” means the Certificate as to Arbitrage, dated the Closing Date, executed and delivered by the Issuer and the Borrower, together with the Certificate Regarding Use of Proceeds, dated the Closing Date, executed and delivered by the Borrower. “Tax-Exempt” means with respect to interest on any obligations of a state or local government, including the Bonds, that such interest is excluded from gross income for federal income tax purposes; provided, however, that such interest may be includable as an item of tax preference or otherwise includable directly or indirectly for purposes of calculating other tax liabilities, including any a lternative minimum tax or environmental tax, under the Code. “Trustee” means U.S. Bank National Association, acting as trustee under the Indenture or any successor trustee appointed in accordance with the terms of the Indenture. Unless the context clearly requires otherwise, as used in this Regulatory Agreement, words of the masculine, feminine or neuter gender shall be construed to include each other gender when appropriate and words of the singular number shall be construed to include the plural number, a nd vice versa, when appropriate. This Regulatory Agreement and all the terms and provisions hereof shall be construed to effectuate the purposes set forth herein and to sustain the validity hereof. The defined terms used in the preamble and recitals of this Regulatory Agreement have been included for convenience of reference only, and the meaning, construction and interpretation of all defined EXHIBIT 1 4-9