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•® SECTION 10. SECURITY OF NOTES. The payment of the prin- cipal of and interest on the Notes shall be secured forthwith, equally and ratably, by a prior lien upon and pledge of the pro- ceeds to be derived from the sale of the Bonds or the sale of bond anticipation notes issued to extend and renew the indebted- ness evidenced by the Notes and, if necessary, by a lien upon and pledge of the Pledged Funds, junior, subordinate and inferior to the lien thereon of the holders of the Prior Lien Obligations. The Issuer does hereby irrevocably pledge such funds to the payment into the Sinking Fund, Reservc Account and Notes Payment Account, created pursuant to the Enabling Instrument, at the times provided, of the sums required to secure to the holders of the Notes the payment of the principal thereof and the interest thereon when due. In addition, the holders of the Notes shall be secured by the execution and delivery of the Agreement, hereinafter defined, as provided below. SECTION 11. APPLICATION OF PROCEEDS. The Notes shall be executed and delivered by the Issuer to the purchaser thereof upon payment by such purchaser to the Trustee, hereinafter men- tioned, of the purchase price therefor and accrued interest thereon, for disposition by the Trustee only in the manner pro- vided in the Escrow Deposit Agreement (the "Agreement") attached hereto as Exhibit A. SECTION 12. COVENANTS OF THE ISSUER. For so long as the principal of and interest on the Notes shall be outstanding and unpaid or until there shall have been irrevocably set apart a sum sufficient to pay, when due, the entire principal of the Notes remaining unpaid, together with interest accrued and to accrue thereon, the Issuer covenants with each of the holders of the Notes as follows: A. EXECUTION AND DELIVERY OF AGREEMENT. The Issuer hereby covenants and agrees that prior to the issuatfce of the Notes, it will execute and deliver in favor of First National Bank of Florida, Tampa , Florida, as trustee the "Trustee"), the Agreement in substantially the form attached hereto as Exhibit A, with only such omissions, insertions and variations as may be necessary and/or desirable and approved by the Chairman of the Board prior to the delivery thereof (which necessity and/or desirability and approval shall be presumed by such officer's execution of the Agreement and the Issuer's deli- very thereof). The holders of the Notes shall have a lien upon the proceeds from the sale of the Notes until the same shall have been applied in the manner provided in the Agreement, as such lien is described in the Agreement. -9-