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State of Washington Department of Ecology <br />Agreement No: WQC-2023-EverPW-00118 <br />Project Title: Regional Stormwater Facility Planning <br />Recipient Name: City of Everett <br />Page 19 of 46 <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 a <br />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 />"Risk -Based Determination" means an approach to sub -recipient monitoring and oversight based on risk factors associated to <br />a RECIPIENT or project. <br />"Scope of Work" means the tasks and activities constituting the project. <br />Template Version 12/10/2020 <br />