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<br />LOAN AGREEMENT <br /> <br />THIS LOAN AGREEMENT dated as of November 1,2008, between CASS COUNTY, a <br />political subdivision of the State of North Dakota (the "Issuer"), and OAK GROVE LUTHERAN <br />SCHOOL, a North Dakota nonprofit corporation (the "Corporation"), <br /> <br />WITNESSETH that the Issuer and the Corporation, each in consideration of the <br />representations, covenants, and agreements of the other as set forth herein, mutually represent, <br />covenant, and agree as follows: <br /> <br />ARTICLE 1 <br /> <br />DEFINITIONS, EXHIBITS AND <br />RULES OF INTERPRETATION <br /> <br />SECTION 1.01. DEFINITIONS. In this Loan Agreement, the terms defined in the Resolution <br />shall have the same meaning herein, and the following terms have the following respective meanings <br />unless the context hereof clearly requires otherwise: <br /> <br />"Act" means Chapter 40-57, North Dakota Century Code. <br /> <br />"Additional Payments" means the sums to be paid by the Corporation pursuant to Section <br />4.03 hereof. <br /> <br />ffAfter Payment Termination Value" means the amount set forth on the Payment Schedule <br />attached hereto as Exhibit C as the After Payment Termination Value for the applicable date. <br /> <br />f'Assignment" means the Assignment of Capital Campaign Contributions from the <br />Corporation to the Lender dated as of the date hereof, as the same may be amended from time to <br />time. <br /> <br />"Basic Payments" means the sums to be paid by the Corporation pursuant to Section 4.02 <br />hereof. <br /> <br />"Bond" or ffBonds" means the Series 2008 Bonds. <br /> <br />"Bond Account" means the account created by Section 2.11(a) ofthe Resolution. <br /> <br />f'Bond Counsel" means an attorney or firm of attorneys at law of nationally recognized <br />standing in the field of law relating to exemption from federal income taxation with respect to <br />interest on municipal bonds. <br /> <br />1-1 <br />