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(a) is in fact independent and not under the control of the Borrower or the <br />CIEDB; <br />(b) does not have any substantial interest, direct or indirect, in the Borrower, <br />the CIEDB or the Project; and <br />(c) is not connected with the Borrower or the CIEDB as an officer or <br />employee of the Borrower or the CIEDB, but who may be regularly retained to make reports to <br />the Borrower or the CIEDB. <br />"Independent ConsultanY' means a consultant or firm of such consultants <br />generally recognized to be well qualified in the field of consulting relating to tax allocation bond - <br />financing by California redevelopment agencies, appointed and paid by the Borrower, and who, <br />or each of whom: <br />(a) is in fact independent and not under the control of the Borrower; <br />(b) does not have any substantial interest, direct or indirect, with the <br />Borrower; and <br />(c) is not connected with the Borrower as a member, officer or employee of <br />the Borrower, but who may be regularly retained to make annual or other reports to the <br />Borrower. <br />"Interest Payment Date" means February 1 and August 1 of every year in which <br />the Loan is outstanding, commencing February l, 2003. <br />"Law" means the Community Redevelopment Law of the State of California <br />(being Part I of Division 24 of the Health and Safety Code of the State of California, as <br />amended), and all laws amendatory thereof or supplemental thereto. <br />"Loan" means the loan made by the CIEDB to the Borrower and evidenced by <br />this Loan Agreement. <br />"Loan Agreement" means this Tax Allocation Loan Agreement, between the <br />CIEDB and the Borrower, under which the Loan is made, as originally entered into or as <br />amended pursuant to the provisions hereof. <br />"Loan Funds" mean the total cumulative amount authorized by the CIEDB to the <br />Borrower pursuant to this Loan Agreement to purchase and/or construct the Project and as <br />specified in Section 2.04, not to exceed two million dollars ($2,000,000). <br />"Maximum Annual Debt Service" means as of the date of calculation, the greatest <br />total Debt Service payable in any Fiscal Year during the period commencing with the then <br />current Fiscal Year and terminating with the Fiscal Year in which the last payments are due <br />under this Loan Agreement. <br />3 <br />