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200109053 "Regulatory Agreement" means this Regulatory Agreement and Declaration of Restrictive Covenants, together with any amendments or supplements hereto, as it may be amended from time to time. "Rent Restricted Unit" means a Dwelling Unit if the gross rent with respect to the Dwelling Unit does not exceed 30% of the imputed income limitation applicable to such Dwelling Unit (based on the number of bedrooms therein in accordance with Section 42(g)(2)(C) of the Code). "Section 8" means Section 8 of the United States Housing Act of 1937, as amended. "State" means the State of Nebraska. "Successor in Interest" has the meaning assigned to such term in Section 7. "Tax- exempt" means, with respect to interest on any obligations of a state or local government, including the Series 2001A Bonds, that such interest is excluded from gross income for federal income tax purposes (other than interest on any Series 2001A Bond for any period during which such Series 2001A Bond is held by a "substantial user" of any facility financed with the proceeds of the Series 2001A Bonds or a "related person," as such terms are used in Section 147(a) of the Code); 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 alternative minimum tax or environmental tax, under the Code. "Trustee" means LaSalle Bank National Association, or any successor Trustee serving as such under 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 and words of the singular number shall be construed to include the plural number, and vice versa. 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 terms shall be determined by reference to this Section 1, notwithstanding any contrary definition in the preamble or recitals hereof. The titles and headings of the sections of this Regulatory Agreement have been inserted for convenience of reference only, and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof or be considered or given any effect in construing this Regulatory Agreement or any provisions hereof or in ascertaining intent, if any question of intent shall arise. Section 2. Acquisition, Construction, Equipping and Completion of the Project. The Borrower hereby represents as of the date of this Agreement covenants and agrees as follows: (a) The Borrower has incurred, or will incur within six months after the Closing Date, a substantial binding obligation to commence the acquisition, construction, equipping and completion of the Project, pursuant to which the Borrower is or will be obligated to expend at least 5% of the Bond Proceeds. -7-