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operating, organized or resident in a Sanctioned Country, or (c) any Person owned or Controlled <br />by any such Person or Persons. <br />“Sanctions” means economic or financial sanctions or trade embargoes imposed, <br />administered, or enforced from time to time by the Government, including those administered by <br />OFAC or the U.S. Department of State. <br />“Servicer” means such entity or entities as the WIFIA Lender shall designate from time to <br />time to perform, or assist the WIFIA Lender in performing, certain duties hereunder. <br />“Servicing Fee” means the Servicing Set-Up Fee and any Construction Period Servicing <br />Fee or Operating Period Servicing Fee. <br />“Servicing Set-Up Fee” has the meaning set forth in Section 10(a)(i) (Fees and Expenses <br />– Fees). <br />“SRF Loans” means the Existing SRF Loans and, to the extent permitted under Section <br />15(a) (Negative Covenants – Indebtedness) and under the Master Resolution, any Obligations <br />incurred after the Effective Date by the Borrower pursuant to loan agreements under the State’s <br />revolving fund programs for clean water or drinking water. <br />“State” has the meaning provided in the preamble hereto. <br />“Subordinated Indebtedness Fund” means the Subordinated Indebtedness Fund <br />established by the Borrower pursuant to Section 4.04 of the Master Resolution. <br />“Subordinated Obligations” means Subordinated Indebtedness (as defined in the Master <br />Resolution); provided that any such Obligation is fully subordinated to the WIFIA Loan and the <br />WIFIA Bond in priority of payment (as to both principal and interest), voting and priority of <br />security interest in the Pledged Funds, including with respect to payment from revenues and <br />reserves and payment upon default or acceleration of any such Obligation. <br />“Substantial Completion” means, with respect to the Project, the stage at which the <br />Project is able to perform the functions for which the Project is designed. <br />“Substantial Completion Date” means the date on which the Borrower certifies to the <br />WIFIA Lender, with evidence satisfactory to the WIFIA Lender, that Substantial Completion has <br />occurred. <br />“Supplemental Resolution” has the meaning provided in the Master Resolution. <br />“System” has the meaning provided in the Master Resolution. <br />“System Accounts” means the Revenue Fund, the Operation and Maintenance Fund, the <br />Debt Service Fund, the WIFIA Debt Service Account, the Reserve Fund, the Renewal and <br />Replacement Fund, the Rate Stabilization Fund, and the Subordinated Indebtedness Fund. <br />“System Revenues” means “Gross Revenues”, as defined in the Master Resolution. <br />14 <br /> <br />