Common use of DEP Fee Clause in Contracts

DEP Fee. DEP Fee = $3,500,000 x 2% = $70,000 This item represents the DEP Loan Surcharge or Loan Origination Fee imposed by DEP as a portion of the cost of the project of the borrower. This DEP Loan Surcharge or Loan Origination Fee is a portion of the cost of the project that has been incurred for engineering and environmental services provided by DEP for the borrower in connection with, and as a condition precedent to, the inclusion of the project of the borrower in the 2007 Financing Program of the Trust. As a portion of the cost of the borrower’s project that represents a condition precedent to the inclusion of the borrower’s project in the 2007 Financing Program of the Trust, the DEP Loan Surcharge or Loan Origination Fee represents a program expense of the 2007 Financing Program of the Trust and will be financed for the borrower as part of the Trust loan made by the Trust to the borrower from the proceeds of the Trust bonds, the Trust shall direct the trustee for the Trust bonds to transfer to DEP from the Project Fund the DEP Loan Surcharge or Loan Origination Fee allocable to the borrower. The DEP’s authority to assess a Loan Surcharge or Loan Origination Fee was established pursuant to P.L. 2002, c.34 approved on July 1, 2002.

DEP Fee. DEP Fee = $3,500,000 x 2% = $70,000 This item represents the DEP Loan Surcharge or Loan Origination Fee imposed by DEP as a portion of the cost of the project of the borrower. This DEP Loan Surcharge or Loan Origination Fee is a portion of the cost of the project that has been incurred for engineering and environmental services provided by DEP for the borrower in connection with, and as a condition precedent to, the inclusion of the project of the borrower in the 2007 2008 Financing Program of the Trust. As a portion of the cost of the borrower’s project that represents a condition precedent to the inclusion of the borrower’s project in the 2007 2008 Financing Program of the Trust, the DEP Loan Surcharge or Loan Origination Fee represents a program expense of the 2007 2008 Financing Program of the Trust and will be financed for the borrower as part of the Trust loan made by the Trust to the borrower from the proceeds of the Trust bonds, the Trust shall direct the trustee for the Trust bonds to transfer to DEP from the Project Fund the DEP Loan Surcharge or Loan Origination Fee allocable to the borrower. The DEP’s authority to assess a Loan Surcharge or Loan Origination Fee was established pursuant to P.L. 2002, c.34 approved on July 1, 2002.