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<br />Indenture a valid assignment and pledge of the Revenues, have been done and
<br />performed, and the creation, execution and delivery of this Indenture, and the
<br />creation, execution and issuance of the Bonds, subject to the terms hereof, have
<br />in all respects been duly authorized.
<br />GRANTING CLAUSES
<br />The Issuer, in consideration of the premises, of the acceptance by the
<br />Trustee of the trusts hereby created, of the purchase and acceptance of the Bonds
<br />by the owners thereof and for other good and valuable consideration, the receipt
<br />and sufficiency of which is hereby acknowledged, in order to secure the payment
<br />of the principal or Redemption Price of and interest on, and the purchase price
<br />of, the Bonds according to their tenor and effect and, to the extent provided
<br />herein, the payment of amounts due under the Credit Facility Agreement in
<br />accordance with the terms thereof, and to secure the performance and observance
<br />by the Issuer of all the covenants expressed or implied herein and in the Bonds,
<br />does hereby grant, bargain, sell, convey, assign and pledge, and grant a security
<br />interest in, the following to the Trustee and its successors in trust and assigns
<br />forever, subject only to the provisions of this Indenture permitting the
<br />application thereof on the terms and conditions set forth in this Indenture:
<br />GRANTING CLAUSE FIRST
<br />All of the right, title and interest of the Issuer in and to the Loan
<br />Agreement, excepting only the Issuer's rights to receive payment of the
<br />Administrative Expenditure (defined herein), to indemnification and, prior to the
<br />occurrence of an Event of Default (defined herein), to receive notices and give
<br />certain approvals as provided in the Loan Agreement, and all remedies in
<br />connection therewith; and
<br />GRANTING CLAUSE SECOND
<br />All right, title and interest of the Issuer in and to the Revenues and
<br />any and all other real or personal property of every name and nature from time to
<br />time hereafter by delivery or by writing of any kind conveyed, mortgaged,
<br />pledged, assigned or transferred, as and for additional security hereunder by the
<br />Issuer or by anyone on its behalf, or with its written consent, to the Trustee,
<br />which is hereby authorized to receive any and all such property at any and all
<br />times and to hold and apply the same subject to the terms hereof;
<br />TO HAVE. AND TO HOLD all and singular the Trust Estate, whether now
<br />owned or hereafter acquired, unto the Trustee and its successors in trust and
<br />assigns forever upon the terms and trusts herein set forth for the equal and
<br />ratable benefit, security and protection of all present and future owners of the
<br />Bonds from time to time issued under and secured by this Indenture, without
<br />privilege, priority or distinction as to the lien or otherwise of any of the
<br />Bonds over any other Bonds, except as otherwise expressly provided herein, and,
<br />to the extent provided herein, for the benefit of the Credit Facility Provider to
<br />secure payment of amounts due to the Credit Facility Provider under the Credit
<br />Facility Agreement in accordance with the terms thereof;
<br />`M
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