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"Net Proceeds" means Proceeds reduced by any amounts deposited in a reasonably <br />required reserve or replacement fund. <br />"Nonqualified Financial Property" means debt, stock, partnership interests, options, <br />futures contracts, forward contracts, warrants, notional principal contracts, annuities and other <br />similar property specified in Treasury Regulations, except that such term shall not include (a) <br />reasonable amounts of working capital held in cash, cash equivalents or debt instruments with a <br />term of 18 months or less, or (b) debt instruments described in Section 1221(4) of the Code <br />(dealing with accounts or notes receivable acquired in the ordinary course of trade or business <br />for services rendered or from the sale of stock in trade or inventory property). <br />"Original Use" means the first use to which property is put within the Qialif ed <br />Empowerment Zone. For the purposes of determining Original Use, if property is vacant for at <br />least a one-year period including the date of designation of the Qualified Empowerment Zone, <br />use prior to that period is disregarded and any de minimis incidental uses of property, such as <br />renting the side of a building for a billboard, are disregarded. <br />"Primary Initial Testing Date" means the date that is 18 months after the later of (a) the <br />Date of Issuance 'or (b) the date on which the Project is placed in service; provided, however, that <br />the Primary Initial Testing Date cannot be later than the date that is three years after the Date of <br />Issuance or the date that is five years after the Date of Issuance if the Bonds finance a <br />construction project for which both the Issuer and a licensed architect or engineer certify on or <br />before the Date of Issuance that more than three years after the Date of Issuance is necessary to <br />complete construction of the Project. <br />"Principal User" means the Owner and any successor owner of the Project. In addition, <br />if the Owner is not at any time an Empowerment Zone Business, but the rental of the Project is a <br />Qualified Business, the term "Principal User" means the lessee or lessees of the Project. <br />"Proceeds" means sale proceeds of tax-exempt obligations (exclusive of accrued interest) <br />and investment earnings on such sale proceeds. <br />"Prohibited Activities" means: <br />(a) any trade or business consisting predominantly of the development or <br />holding of intangibles for sale or license; <br />(b) . any trade or business consisting of the operation of any Prohibited <br />Facilities; and <br />(c) any trade or business the principal activity of which is farming (as defined <br />in Section 2032A(e)(5)(A) or (B)) if, as of the close of the taxable year, the sum of (i) the <br />aggregate unadjusted bases (or, if greater, the fair market value) of the assets owned by <br />the taxpayer which are used in a trade or business and (ii) the aggregate value of assets <br />leased by the taxpayer which are used in a trade or business, exceeds $500,000. For <br />purposes of this subparagraph (c), the taxpayer and all members of a controlled group as <br />defined in Section 1397(b) of the Code will be treated as a single taxpayer. <br />06-4514.05 15 <br />