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8 <br /> "Initiation of Operation" is the actual date the Water Pollution Control Facilities financed with. <br /> proceeds of the LOAN begin to operate for its intended purpose. <br /> "LOAN" means the Washington State Water Pollution Control Revolving Fund Loan or Centennial <br /> Clean Water Fund(Centennial) Loan made pursuant to this AGREEMENT. <br /> "LOAN Amount" means either an Estimated LOAN Amount or a Final LOAN Amount, as <br /> applicable. <br /> "LOAN Fund" means the special fund of that name created by ordinance or resolution of the <br /> RECIPIENT for the repayment of the principal of and interest on the LOAN. <br /> "Maintenance and Operation Expense" means all reasonable expenses incurred by the RECIPIENT <br /> in causing the Utility to be operated and maintained in good repair, working order,and condition <br /> including payments to other parties for the transmission, treatment, or disposal of sewage,but will not <br /> include 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 /> "Principal and Interest Account" means, for a LOAN that constitutes Revenue-Secured Debt,the <br /> account of that name created in the Loan Fund to be first used to repay the principal of and interest on <br /> the LOAN. <br /> "PROJECT" means the PROJECT described in this AGREEMENT. <br /> "PROJECT Completion Date" is the date specified in the AGREEMENT as that on which the Scope <br /> of Work will be fully completed. <br /> "PROJECT Schedule"is that schedule for the PROJECT specified in the AGREEMENT. <br /> "Reserve Account"means, for a LOAN that constitutes Revenue-Secured Debt,the account of that <br /> name created in the Loan Fund to secure the payment of the principal of and interest on the LOAN. <br /> "Revenue-Secured Debt" means an obligation of the RECIPIENT secured by a pledge of the revenue <br /> of a utility and one not a general obligation of the RECIPIENT. <br /> "Scope of Work" means the tasks and activities constituting the PROJECT. <br /> "Senior Lien Obligations" means all revenue bonds and other obligations of the RECIPIENT <br /> outstanding on the date of execution of this AGREEMENT(or subsequently issued on a parity <br /> therewith, including refunding obligations) or issued after the date of execution of this AGREEMENT <br /> having a claim or lien on the Gross Revenue of the Utility prior and superior to the claim or lien of the <br /> LOAN, subject only to Maintenance and Operation Expense. <br /> "State Water Pollution Control Revolving Fund (Revolving Fund)" means the water pollution <br /> control revolving fund established by RCW 90.50A.020. <br /> Page 2 of ATTACHMENT 5 <br /> 61 <br />