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sement ::.hereof if paid by the Issuer; (h) payment of expenses i:1currs?.J i.n enforcing any remedy against any contractor or sub- contractor in respect of any default under a contract relating to th~ i'r'.Jjcct; and (i) any sums required to reimburse the Issuer or the Dorrower for advances made by any of them for any of the .:l. bov~ i ::.~ms, or for any other costs incurred and for work clone by any of them, which are properly chargeable to the Project. "Determination of Taxability" shall mean a Determination of ·;axability as specified in Section 10, 2 of this Agreement. "t::quipment" shall mean all personal property consti- tuti:vJ ,:my portion of the Project, including the furnishings, maci1iner1, e~uipment and other tangible personal property, as :aor,.? :Jarticularly described in Exhibit "A" hereto. "2vent of Default" shall mean any Event of Default spe- cified in St?ction 9.1 of this Agreement. "Guarantor" shall rnean, jointly and severally, Clark ~evclopmcnt, Inc., Jack A. Clark, Christopher A, Clark and Martin .J. Clark. "Guaranty" shall mean the Guaranty Agreement between the Guar~ntor, the Issuer and the Trustee, of even date herewith, pur5u~nt to which the Guarantor has guaranteed full and prompt payment of the principal of, premium, if any, and interest on the nont.ls. "Intlenture" shall mean the Trust Indenture (including any indenture supplemental thereto) between the Issuer "ind the TrtJstee, of even date herewith, as amended from time to time, "Independent Architect" shall mean an architect or architectural firm registered and qualifiecl to practice the pro- fession of ~rchitecture under U1e laws of the State and not in the Eull-time employment of elther the Issuer or the 13orrower. "Independent l~ngineer" shal L mean an engineer or engi- neering firm registered anll qualified to !)ractice the profession of ,rngineering under the laws of the State and not in the full- ti;;ie ~1ap1'.>yrnent of either the Issuer or the narrower. "Inwist;nent Securities" shall mean any of the following securities, if and to the extent the same are at the time legal for investment of. the funds of the Issuer: (a) any bonds or other obligations which ~s to prin- cipal und interest constitute direct obligations of, or are -5-