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State of Washington Department of Ecology <br />Agreement No: WQC-2022-EverPW-00085 <br />Project Title: Water Quality Treatment at 3rd Avenue SE <br />Recipient Name: City of Everett <br />Page 21 of 44 <br />such time as the loan is officially closed out and a final loan repayment schedule is issued. <br />"Final Loan Amount" means all principal of and interest on the loan from the Project Start Date through the Project <br />Completion Date. <br />"Final Loan Repayment Schedule" means the schedule of loan repayments over the term of the loan based on the Final Loan <br />Amount. <br />"Forgivable Principal" means the portion of a loan that is not required to be paid back by the borrower. <br />"General Obligation Debt" means an obligation of the RECIPIENT secured by annual ad valorem taxes levied by the <br />RECIPIENT and by the full faith, credit, and resources of the RECIPIENT. <br />"General Obligation Payable from Special Assessments Debt" means an obligation of the RECIPIENT secured by a valid <br />general obligation of the Recipient payable from special assessments to be imposed within the constitutional and statutory tax <br />limitations provided by law without a vote of the electors of the RECIPIENT on all of the taxable property within the <br />boundaries of the RECIPIENT. <br />"Gross Revenue" means all of the earnings and revenues received by the RECIPIENT from the maintenance and operation of <br />the Utility and all earnings from the investment of money on deposit in the Loan Fund, except (i) Utility Local Improvement <br />Districts (ULID) Assessments, (ii) government grants, (iii) RECIPIENT taxes, (iv) principal proceeds of bonds and other <br />obligations, or (v) earnings or proceeds (A) from any investments in a trust, Defeasance, or escrow fund created to Defease or <br />refund Utility obligations or (B) in an obligation redemption fund or account other than the Loan Fund until commingled with <br />other earnings and revenues of the Utility or (C) held in a special account for the purpose of paying a rebate to the United <br />States Government under the Internal Revenue Code. <br />"Guidelines" means the ECOLOGY's Funding Guidelines that that correlate to the State Fiscal Year in which the project is <br />funded. <br />"Initiation of Operation Date" means the actual date the Water Pollution Control Facility financed with proceeds of the loan <br />begins to operate for its intended purpose. <br />"Loan" means the Washington State Water Pollution Control Revolving Fund Loan or Centennial Clean Water Fund <br />(Centennial) Loan made pursuant to this loan agreement. <br />"Loan Amount" means either an Estimated Loan Amount or a Final Loan Amount, as applicable. <br />"Loan Fund" means the special fund created by the RECIPIENT for the repayment of the principal of and interest on the loan. <br />"Loan Security" means the mechanism by which the RECIPIENT pledges to repay the loan. <br />"Loan Term" means the repayment period of the loan. <br />"Maintenance and Operation Expense" means all reasonable expenses incurred by the RECIPIENT in causing the Utility to be <br />operated and maintained in good repair, working order, and condition including payments to other parties, but will not include <br />any depreciation or RECIPIENT levied taxes or payments to the RECIPIENT in lieu of taxes. <br />"Net Revenue" means the Gross Revenue less the Maintenance and Operation Expense. <br />"Original Engineer's Estimate" means the engineer's estimate of construction costs included with bid documents. <br />"Principal and Interest Account" means, for a loan that constitutes Revenue -Secured Debt, the account created in the loan fund <br />to be first used to repay the principal of and interest on the loan. <br />"Project" means the project described in this agreement. <br />"Project Completion Date" means the date specified in the agreement on which the Scope of Work will be fully completed. <br />This term is only used in loan agreements. <br />"Project Schedule" means that schedule for the project specified in the agreement. <br />"Revenue -Secured Debt" means an obligation of the RECIPIENT secured by a pledge of the revenue of a utility and one not <br />a general obligation of the RECIPIENT. <br />"Reserve Account" means, for a loan that constitutes a Revenue Secured Debt and if specifically identified as a term and <br />condition of the funding agreement, the account of that name created in the loan fund to secure the payment of the principal of <br />and interest on the loan. <br />Template Version 12/10/2020 <br />