BOWERS MUSEUM - 2006 GUARANTY AGMT FOR EXPANSION-2006

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"Obligation" means the obligation of the Corporation to make payments under the LOC. "Obligation Amount" means the sum of$I,OOO,OOO. "Pass-Through Payments" means all payments required to be paid in each Fiscal Year to any Taxing Agencies pursuant to the Law with respect to the Project Areas, or payments or set- asides pursuant to any pass-through or settlement agreement. "Pledged Tax Revenues" means, for each Fiscal Year during the term hereof, the taxes eligible for allocation to the Agency pursuant to the Law with respect to the Project Areas and all payments, reimbursements and subventions, if any, specifically attributable to ad valorem taxes lost by reason of tax exemptions and tax rate limitations, but excluding (a) amounts to be set aside for housing purposes as required by the Law or pursuant to the redevelopment plan for a Project Area, (b ) Pass-Through Payments, (c) scheduled payments of principal (including mandatory sinking account redemptions) and interest on any Agency debt incurred prior to the effective date of this Guaranty, together with future debt authorized by the Agency for any bond issue, or for a development project, and (d) appropriated administrative costs for that fiscal year. "Redevelopment Plan" means, collectively, the Redevelopment Plans for the Merged Project Areas, as the same may be amended from time to time by the Agency. "Tax Increment Fund" means that fund of the by whatever name used in its financial records, into which the Agency deposits all Pledged Tax Revenues and in which the Bank has a security interest pursuant to the terms ofthis Guaranty Agreement. "State" means the State of California. "Taxing Agencies" means all local government agencies entitled to a portion of the property taxes levied in the Project Areas. SECTION 1.02. Rules of Construction. Except where the context otherwise requires, words imparting the singular number shall include the plural number and vice versa, and pronouns inferring the masculine gender shall include the feminine gender and vice versa. All references herein to particular articles or sections are references to articles or sections of this Guaranty Agreement. The headings and Table of Contents herein are solely for convenience of reference and shall not constitute a part of this Guaranty Agreement, nor shall they affect its meanings, construction or effect. ARTICLE II LOAN TERMS; DISBURSEMENT; PARITY DEBT SECTION 2.01. Authorizations. The Agency hereby agrees to guaranty the Obligation by paying the Obligation Amount under and subject to the terms of this Guaranty Agreement. This Guaranty Agreement constitutes a continuing agreement between the Agency and the Bank to secure the full and final repayment of the Obligation Amount, subject to the covenants, agreements, provisions, limitations and conditions herein contained. 3