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"Holder"means a Bondholder. "Interest Payment Date" means a date specified in a Bond as a fixed date for payment of an installment of interest on the Bond. "Municipal Utilities Commission"means the governing body of the Commission. "Net Revenues" means the Gross Revenues of the Electric System for any specified period, less the Operating Expenses of the Electric System for the same specified period. "Operating Account"means the account so designated in the Electric Fund. "Operating Expenses" means the current expenses of operation, maintenance and minor or current repair of the Electric System for any specified period. Operating Expenses include, without limitation, administrative expenses of the Commission relating to the Electric System, franchise fees, premiums for insurance relating to the Electric System, and amounts necessary to accumulate and maintain the Operating Reserve Requirement. Operating Expenses do not include depreciation, amortization, or interest expense. "Operating Reserve Requirement" means an amount equal to the greater of (i) one month's Operating Expenses, based upon the financial statements of the Commission for the preceding Audited Fiscal Year, or (ii) a larger amount reasonably determined by the Commission to be necessary to be maintained as a reserve for payment of Operating Expenses. "Outstanding" means when used with reference to the Bonds or the Prior Bonds, as the case may be, as of the date of determination, all Bonds or Prior Bonds, as the case may be, theretofore issued except Bonds or Prior Bonds, as the case may be, which have been paid or are deemed to have been paid as provided in Section 16. "Person" means any individual, corporation, partnership,joint venture, association,joint stock company, trust, unincorporated organization, or government, or any agency or political subdivision thereof. "Prior Bonds" means the $9,755,000 original principal amount of Electric Revenue Bonds, Series 2016A, dated July 14, 2016, $9,755,000 in principal amount of which are currently outstanding and $1,370,000 original principal amount of Electric Revenue Refunding Bonds, Series 2016B, dated July 14, 2016, $930,000 in principal amount of which are currently outstanding. "Prior Resolution" means, collectively, the Resolutions duly adopted by the Commission on June 14, 2016, with respect to the Prior Bonds. "Project" means the financing the remaining cost of the acquisition of the Commission's membership interest in the Minnesota Municipal Power Agency (MMPA). "Project Account" means the Project Account established in the Electric Fund pursuant to Section 13 hereof 3 531773v2 JSB EL185-55