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501(c)(3) organization if both organizations have (a) significant common purposes and substantial common membership, or (b) directly or indirectly, substantial common direction. (ii) In the case of a corporation, (A) an individual who owns directly or indirectly more than 50% in value of the outstanding stock of the corporation; (B) in a partnership, if any partner owns more than 50% in value of the outstanding stock of the corporation; (C) another corporation, if that corporation owns more than 50% of the voting power or value of the corporation; (D) another corporation, if more than 50% of the voting power or value of its stock is owned by the corporation; (E) another corporation, if five or fewer individuals own stock possessing more than 50% of the voting power or value of both that corporation and the corporation; (F) an S corporation, if the same individual owns more than 50% in value of both the S corporation and the corporation; or (G) a trust or its grantor, either of which owns more than 50% in value of the outstanding stock of the corporation. (iii) In the case of a partnership, (A) a partner that owns directly or indirectly more than 50% of the capital interest or the profits interest in such partnership; (B) another partnership, if the same person or persons own directly or indirectly more than 50% of the capital interest or the profits interest in both that partnership and the partnership; or (C) an S corporation, if the same person or persons own more than 50% of the capital interest or the profits interest in the partnership. (iv) In the case of an individual, (A) members of the individual's family (including the individual's spouse, brothers, sisters, ancestors and lineal descendants); (B) a corporation more than 50% in value of the outstanding stock of which is owned directly or indirectly by or for such individual; (C) a partnership, if the individual owns directly or indirectly more than 50% of the capital interest or the profits interest in such partnership; or (DI a trust as to which the individual is either grantor or beneficiary, or which has the same grantor as a trust to which the individual is beneficiary. Sinking Fund means, as set forth in Treasury Regulations Section 1.148-1(c)(2), in general a debt service fund, redemption fund, reserve fund, replacement fund or any similar fund to the extent that such fund is reasonably expected to be used directly or indirectly to pay principal or interest on an issue of obligations. Spendable Proceeds means, with respect to an issue of governmental obligations, the net amount of proceeds (after payment of all expenses of issuing such obligations) received by the issuer thereof as a result of the sale of such obligations minus the sum of (i) the Minor Portion; (ii) the amount of obligation proceeds deposited in a reasonably required reserve or replacement fund for the obligations; and (iii) the amount of such proceeds to be expended within three years after the issue date of such obligations in payment of principal or interest on such obligations. Tax Certificate means this Tax Certificate and Agreement and any exhibits attached hereto. Tax-Exempt Obligation means any obligation the interest on which is excluded from federal gross income pursuant to the provisions of Section 103 of the Code, unless such obligation is a "specified private activity bond" within the meaning of Section 57(a)(5)(C) of the Code. • LA1-69477.4 5