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• "Loan Contract" means the contract generally identified as Loan Contract Number CT2018-2028 between the District and CWCB pursuant to which CWCB is to loan the District moneys from the CWCB's Construction Fund, as authorized pursuant to Section 37-60- 122(1)(b), C.R.S. "Net Revenues"means Revenues after deducting Operating Expenses. "Note" means the promissory note to be issued by the District to CWCB pursuant to the Loan Contract,the form of which is set forth as APPENDIX 3 to the Loan Contract. "Note Account" means the "2017 CWCB Note Account," established by the provisions hereof for the purpose of paying the principal of and interest on the Note, including the interest accruing under the Loan Contract prior to the accrual of interest under the Note. "Operating Expenses" means all reasonable and necessary current expenses of the District, paid or accrued, for operating, maintaining and repairing the System, including, without limitation, legal and overhead expenses of the District directly related to the administration of the System, insurance premiums, audits, charges of depository banks and paying agents,professional services, salaries and administrative expenses, labor and the cost of materials and supplies for current operation; provided however, that there shall be excluded from Operating Expenses any allowance for depreciation, payments in lieu of taxes or franchise fees, legal liabilities not based on contract, expenses incurred in connection with Capital Improvements, payments due in connection with any bonds or other obligations issued to provide Capital Improvements, and charges for the accumulation of reserves. "Parity Lien Obligations" means the outstanding loans from the CWRPDA Drinking Water Revolving Fund, which are represented by the Loan Agreement dated as of May 1, 1999 and related Governmental Agency Bond and the Loan Agreement dated as of May 1, 2014 and related Governmental Agency Bond, as the same may be amended from time to time. "Payment Date"means the date or dates established pursuant to the Loan Contract for the payment of the principal of and interest on the Note, as set forth therein. "Pro Rata Portion" means when used with respect to a required credit to the accounts or subaccounts established for the payment of the principal of and interest on the Note, the Parity Lien Obligations and any Future Parity Obligations, the dollar amount derived by dividing the amount of principal or interest to come due on the next principal or interest payment date by the number of monthly credits required to be made prior to such payment date. "Project" means any purpose for which loan proceeds from the Loan Contract may be expended under the Enabling Laws and the Loan Contract, which purpose generally consists of the capital costs relating to the participation by the District in the Southern Water Supply Project II located in Boulder and Larimer Counties. "Project Costs" means the District's costs properly attributable to the Project, or any parts thereof, and permitted by the provisions of the Enabling Laws and the Loan Contract. 3 4828-5273-6853.1