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<br />ARTICLE I <br /> <br />DEFINITIONS <br /> <br />SECTION 1.0 I Definitions. Unless the context clearly otherwise requires, the <br />capitalized terms in this Guaranty Agreement shall have the respective meanings set forth below. <br />Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the <br />Agreement. <br /> <br />"Agency" means the Community Redevelopment Agency of the City of Santa Ana. <br /> <br />"Bank" means East West Bank. <br /> <br />"City" means the City of Santa Ana. <br /> <br />"Corporation" means the Charles W. Bowers Museum Corporation. <br /> <br />"County" means Orange County, California. <br /> <br />"Event of Default" means any of the events described in Section 7.01. <br /> <br />"First Guaranty" means the guaranty executed by Donald P. Kennedy for $3,000,000, <br />which must be fully exhausted as a condition precedent. <br /> <br />"Fiscal Year" means any l2-month period extending from July I in one calendar year to <br />June 30 of the succeeding calendar year, both dates inclusive. <br /> <br />"Guaranty" means the guaranty of the Obligation pursuant to this Guaranty Agreement. <br /> <br />"Guaranty Agreement" means this Guaranty Agreement, between the Bank, the <br />Corporation and the Agency, under which the Guaranty is made, as originally entered into or as <br />amended pursuant to the provisions hereof. <br /> <br />"Guaranty Conditions" means the following: (i) the Corporation has drawn upon the LOC <br />and failed to perform the Obligation as specified in the LOC; (ii) the Bank has made demand <br />upon the First Guaranty who has either refused to honor its guaranty or exhausted its obligation <br />thereunder and an obligation remains unsatisfied by the Corporation under the LOC. <br /> <br />"Law" means the Community Redevelopment Law of the State of California (being Part I <br />of Division 24 of the Health and Safety Code of the State of California, as amended), and all <br />laws amendatory thereof or supplemental thereto. <br /> <br />"LOC" means that certain line of credit which the Bank has agreed to issue to the <br />Corporation, which, if drawn upon, generates the requirement for repayment (the "Obligation"). <br /> <br />"Merged Project Area" means, collectively, the following merged project areas (or <br />portions thereof) established by the Agency: Central City; Inter-City; South Main; Bristol; North <br />Harbor; and South Harbor. <br /> <br />2 <br />