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• Bonds. The Bonds of an Issue are not payable from amounts realized under any Credit Facility securing any other Bonds. The Revenues are defined in each Indenture to include with respect to the Issue of Bonds secured thereby (i) all payments to the Issuer or the Trustee pursuant to the applicable Loan Agreement and the Note (excluding only payments in respect of the Administrative Expenditures and indemnification of the Issuer), (ii) proceeds of the Bonds and all moneys and securities on deposit in the funds and accounts created by the Indenture and (iii) all other receipts of the Issuer attributable to the refinancing of the Project by the issuance of such Bonds. It is not contemplated that there will be any such "other receipts." The Revenues (as defined in each Indenture) are pledged solely to the payment of the principal or Redemption Price of and interest on, and the purchase price of, the Bonds secured by such Indenture, and no other Bonds, as the same become due and, to the extent provided in the Indenture, to the payment of amounts due under the Credit Facility Agreement relating to such Bonds. The Bonds of each Issue shall not be deemed to constitute a debt, liability or obligation of the Issuer thereof or of the State of Florida or of any political subdivision thereof, or a pledge of the faith and credit of the Issuer thereof or of the State of Florida or of any such political subdivision but shall be payable solely from the Revenues. The Issuer of the Bonds of each Issue shall not be obligated to pay the Bonds of such Issue or the interest thereon except from the revenues and proceeds pledged therefor, and neither the faith and credit nor the taxing power, if any, of the Issuer of the Bonds of an Issue or of the State of Florida or any political subdivision thereof is pledged to the payment of the principal of or the interest on such Bonds. Letters of Credit Each Letter of Credit will operate independently of each other Letter of Credit. The Letters of Credit contain similar terms. A summary of certain identical provisions of the Letters of Credit follows. This summary does not purport to be complete or definitive and is qualified in its entirety by reference to the full terms of the respective Letters of Credit. On the date of delivery of the Bonds of an Issue, the Bank will issue to the Trustee the Letter of Credit securing such Bonds in an initial stated amount (the "Stated Amount") equal to the initial aggregate principal amount of such Bonds and 58 days' interest thereon calculated at the rate of 15% per annum, which is the initial Maximum Rate. A separate Letter of Credit will be issued for each Issue. Drawings under the Letter of Credit Each Letter of Credit will be an irrevocable obligation of the Bank to pay to the Trustee, upon presentation of the draft and certificates -17-