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Page 18 of 46State of Washington Department of Ecology <br />Agreement No: <br />Project Title: <br />Recipient Name: <br />WQC-2023-EverPW-00118 <br />Regional Stormwater Facility Planning <br />City of Everett <br />“Defease” or “Defeasance” means the setting aside in escrow or other special fund or account of sufficient investments and <br />money dedicated to pay all principal of and interest on all or a portion of an obligation as it comes due. <br />“Effective Date” means the earliest date on which eligible costs may be incurred . <br />“Effective Interest Rate” means the total interest rate established by Ecology that includes the Administrative Charge . <br />“Estimated Loan Amount” means the initial amount of funds loaned to the RECIPIENT . <br />“Estimated Loan Repayment Schedule” means the schedule of loan repayments over the term of the loan based on the <br />Estimated Loan Amount. <br />“Equivalency” means projects designated by ECOLOGY to meet additional federal requirements . <br />“Expiration Date” means the latest date on which eligible costs may be incurred. <br />“Final Accrued Interest” means the interest accrued beginning with the first disbursement of funds to the RECIPIENT through <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 />Template Version 12/10/2020 <br />DocuSign Envelope ID: 2DF45A90-96AE-464E-848B-4CA1529CAE01