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Page 22 of 45State of Washington Department of Ecology <br />Agreement No: <br />Project Title: <br />Recipient Name: <br />WQC-2026-EverPW-00408 <br />City of Everett Port Gardner Water Quality Program – Phase 2 Construction <br />City of Everett <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 <br />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 <br />Utility to be operated and maintained in good repair, working order, and condition including payments to other <br />parties, but will not include any depreciation or RECIPIENT levied taxes or payments to the RECIPIENT in lieu of <br />taxes. <br />“Manufactured Products” means, items and construction materials composed in whole or in part of non-ferrous <br />metals such as aluminum plastics and polymer-based products such as polyvinyl chloride pipe; aggregates such as <br />concreate; glass, including optical fiber; and lumber. <br />“Produced in the United States” means for iron and steel products, that all manufacturing processes, from the initial <br />melting state through the application of coatings, occurred in the Untied States. <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 />“Prevailing Wage” means hourly wage , usual benefits, and overtime paid in the largest city in each county , to the <br />majority of workers, laborers, and mechanics performing the same work. The rate is established separately for each <br />county. <br />“Principal and Interest Account” means , for a loan that constitutes Revenue-Secured Debt, the account created in the <br />loan fund 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 <br />completed and is the last day eligible costs can be incurred. 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 <br />one not 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 <br />and condition of the funding agreement, the account of that name created in the loan fund to secure the payment of <br />the principal of and interest on the loan. <br />“Risk-Based Determination” means an approach to sub-recipient monitoring and oversight based on risk factors <br />associated to a RECIPIENT or project. <br />“Scope of Work” means the tasks and activities constituting the project . <br />“Section 319” means the section of the Clean Water Act that provides funding to address nonpoint sources of water <br />pollution. <br />“Senior Lien Obligations” means all revenue bonds and other obligations of the RECIPIENT outstanding on the date <br />of execution of this loan agreement (or subsequently issued on a parity therewith, including refunding obligations) or <br />issued after the date of execution of this loan agreement having a claim or lien on the Gross Revenue of the Utility <br />prior and superior to the claim or lien of the loan, subject only to Maintenance and Operation Expense. <br />“State Water Pollution Control Revolving Fund (Revolving Fund)” means the water pollution control revolving fund <br />established by Chapter 90.50A.020 RCW. <br />“Termination Date” means the effective date of ECOLOGY’s termination of the agreement . <br />“Termination Payment Date” means the date on which the RECIPIENT is required to repay to ECOLOGY any <br />outstanding balance of the loan and all accrued interest. <br />“Total Eligible Project Cost” means the sum of all costs associated with a water quality project that have been <br />Template Version 12/10/2020 <br />Docusign Envelope ID: D814CB0A-309D-42B0-8AE7-7273045711DF