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"Holder" means a Bondholder. <br /> <br /> "Interest Payment Date" means a date specified in a Bond as a fixed date for payment of <br />an installment of interest on the Bond. <br /> <br /> "Net Revenues" means the Gross Revenues of the Electric System for any specified <br />period, less the Operating Expenses of the Electric System for the same specified period. <br /> <br />"Operating Account" means the account so designated in the Electric Fund. <br /> <br /> "Operating Expenses" means the current expenses of operation, maintenance and minor <br />or current repair of the Electric System for any specified period. Operating Expenses include, <br />without limitation, administrative expenses of the Commission relating to the Electric System, <br />franchise fees, premiums for insurance relating to the Electric System, and amounts necessary to <br />accumulate and maintain the Operating Reserve Requirement. Operating Expenses do not <br />include depreciation, amortization, or interest expense. <br /> <br /> "Operating Reserve Requirement" means an amount equal to the greater of (i) one <br />month's Operating Expenses, based upon the financial statements of the Commission for the <br />preceding Audited Fiscal Year, or (ii) a larger amount reasonably determined by the Commission <br />to be necessary to be maintained as a reserve for payment of Operating Expenses. <br /> <br /> "Outstanding" means when used with reference to Bonds, as of the date of determination, <br />all Bonds theretofore issued except Bonds which have been paid or are deemed to have been paid <br />as provided in Section 15. <br /> <br /> "Person" means any individual, corporation, partnership, joint venture, association, joint <br />stock company, trust, unincorporated organization, or government, or any agency or political <br />subdivision thereof. <br /> <br /> "Project" means <br />and other capital improvements to the Electric System. <br /> <br />"Purchaser" means <br /> <br />"Rate Stabilization Account" means the account so designated in the Electric Fund. <br /> <br /> "Registrar" means <br />appointed by the Commission pursuant to Section 6.01. <br /> <br />., or its successor <br /> <br />"Repair and Replacement Account" means the account so designated in the Electric Fund. <br /> <br />"Reserve Account" means the account so designated in the Electric Fund. <br /> <br /> "Reserve Requirement" means, as of the date of reference, an amount equal to the least of <br />(i) 10% of the original principal amount of the Bonds, or (ii) the maximum amount of principal <br />and interest payable during the then current Fiscal Year or any future Fiscal Year on all Bonds <br /> <br />1670578vl 3 <br /> <br /> <br />