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City of Santa Ana <br />Agreement No.: D2202006 <br />Project No.: 3010038-002C <br />Page 6 of 49 <br />"Material Obligation" means an obligation of the Recipient that is material to this transaction, including <br />System Obligations. <br />"Maximum Annual Debt Service" means the maximum amount of Debt Service due on System <br />Obligations in a Fiscal Year during the period commencing with the Fiscal Year for which such calculation <br />is made and within the next five years in which Debt Service for any System Obligations will become due. <br />"Net Revenues" means, for any Fiscal Year, all Revenues received by the Recipient less the Operations <br />and Maintenance Costs for such Fiscal Year. <br />"Obligation" means the obligation of the Recipient to make Payments (including Additional Payments) as <br />provided herein, as evidenced by the execution of this Agreement, proceeds of such obligations being <br />used to fund the Project as specified in the Project Description in Exhibit A and Exhibit B and in the <br />documents thereby incorporated by reference. <br />"Operations and Maintenance Costs" means the reasonable and necessary costs paid or incurred by the <br />Recipient for maintaining and operating the System, determined in accordance with GAAP, including all <br />reasonable expenses of management and repair and all other expenses necessary to maintain and <br />preserve the System in good repair and working order, and including all reasonable and necessary <br />administrative costs of the Recipient that are charged directly or apportioned to the operation of the <br />System, such as salaries and wages of employees, overhead, taxes (if any), the cost of permits, licenses, <br />and charges to operate the System and insurance premiums; but excluding, in all cases depreciation, <br />replacement, and obsolescence charges or reserves therefor and amortization of intangibles. <br />"Parity Obligation" means a debt obligation of the Recipient on parity with this Obligation. The Recipient's <br />Parity Obligations are these: <br />• The Installment Sale Agreement by and between the City of Santa Ana and the Santa Ana <br />Financing Authority dated as of July 22, 2014 (Water Revenue Refunding Bonds, Series 2014) <br />"Payment" means any payment due to the State Water Board from the Recipient pursuant to this <br />Agreement. <br />"Policy" means the State Water Board's "Policy for Implementing the Drinking Water State Revolving <br />Fund," as amended from time to time, including the Intended Use Plan in effect as of the execution date <br />of this Agreement. <br />"Project" means the Project financed by this Agreement as described in Exhibits A and B and in the <br />documents incorporated by reference herein. <br />"Project Completion" means the date, as determined by the Division after consultation with the Recipient, <br />that operation of the Project is initiated or is capable of being initiated, whichever comes first. <br />"Project Costs" means the incurred costs of the Recipient which are eligible for financial assistance under <br />this Agreement, which are allowable costs as defined under the Policy, and which are reasonable, <br />necessary and allocable by the Recipient to the Project under GAAP, and may include capitalized <br />interest. <br />"Project Funds" means all moneys disbursed to the Recipient by the State Water Board for eligible Project <br />Costs pursuant to this Agreement. <br />DWSRF 10J2022 <br />