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SECTION:II - ASSESSMENT DEFERRAL LOAN AGREEMENT In consideration of the premises and of the covenants and undertakings of the parties herein set forth, the parties agree as follows: A• Def.init,ions. Capitalized terms used in this Agreement shall have the meanings defined for such terms in this Section A, unless the context ciearly requires otherwise. (1) "Advance" means a disbursement of money from the Department to the Public Agency pursuant to this Agreement. (2) "Advance Rate" means the simple interest rate of five percent (5$) per annum, calculated on the basis of a 365-366 day year and actual•days elapsed. (3) "Advance Subaccount" means the Advance Subaccount in the Assessment Deferral Account. (4) "Agreement" means this Offer and Acceptance - Assessment Deferral Loan Agreement. (5) "Assessment.Deferral Account" means the account of that name which is described in.Section II.F of this Agreement. (6') "Cont~ract" means an assessment deferral contract, in substantially the form and upon the terms which have been approved in advance by the Department, and which has been executed by a property own'er who qualifies under the Loan Program. (7) "Department".means the Department of Environmental Quality of the State of~0regon. (8) "Loan Program" means 'the Assessment Deferral Loan Program which has been adopted by the Public Agency and approved by'the Department pursuant to ORS-468.970 to 468.983. (9) "Public Agency" means.the City of Eugene, Oregon. (10) "Repayment Subaccount" means the Repayment Su6account in the Assessment=Defexral Account. (11) "Sewer Assessments"`means assessments or in-lieu assessments made by the Public Agency for provision of and connection to a sewage collection system.- Sewer Assessments do not include assessments or in-lieu assessments for sewage treatment facilities. Page.2 - Assessment Deferral Loan Agreement