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[361] > Image [361] of Minutes of the University of Kentucky Board of Trustees, 1986-05-jun25.

Part of Minutes of the University of Kentucky Board of Trustees

Hospital, placing restrictions and limitations on the (i) fees and charges to be fixed, charged and collected with respect to services provided by the Hospital, or (ii) timing of the receipt of Revenues. "GUARANTY" means any obligation of the Board guaranteeing in any manner, directly or indirectly, any obligation of any other person, which obligation of such other person would, if such obligation were the obligation of the Board, constitute Indebtedness hereunder; provided, however, that a Guaranty as defined in this paragraph shall include only such guaranties as are secured by Revenues and shall not include any guaranties secured by other revenues or assets of the Board. "HOSPITAL" means the Existing Facilities, any Additional Facilities and any other facilities used to produce Revenues. "HOSPITAL PROJECT" means all buildings, equipment and necessary appurtenances hereafter acquired and financed by a Series of Bonds or Parity indebtedness and constituting a part of the Hospital. "INCOME AVAILABLE FOR DEBT SERVICE" means, with respect to the Operations of the Hospital, as to any Fiscal Year the excess of Revenues over Operating Expenses as determined in accordance with generally accepted accounting principles consistently applied; provided, however, that no determination thereof shall take into account any gain or loss resulting from either the extinguishment of Indebtedness or the sale, exchange or other disposition of capital assets not made in the ordinary course of business. "INDEBTEDNESS" means Long-Term Indebtedness and Short-Term Indebtedness. "INTEREST ACCOUNT" means that account or accounts created as a part of the Bond Fund. "LONG-TERM INDEBTEDNESS" means all obligations for borrowed money incurred or assumed by the Board which are required in accordance with generally accepted accounting principles to be reflected in the financial statements of the Operations of the Hospital, including a Guaranty, Short-Term Indebtedness, if a commitment by a financial lender exists to provide financing to retire such Short-Term Indebtedness and such commitment provides for the repayment of principal on terms which would, if such commitment were implemented, otherwise constitute Long-Term Indebtedness, and the current portion of Long-Term Indebtedness, for any of the following: (i) money borrowed for an original term, or renewable at the option of the borrower for a period from the date originally incurred, longer than one (1) year; (ii) leases which are required to be capitalized in accordance with generally accepted accounting principles having an original term, or renewable at the option of the lessee for a period from the date originally incurred, longer than one year; and -5-