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Control Board, which are not secured directly or indirectly by a pledge of <br />and lien upon the Net Revenues. <br />Section 3. Debt Service Payments on 2014 Bonds. The City shall pay its <br />Allocable Share of the Bond Interest and Redemption Expenses relating to the 2014 <br />Bonds in accordance with Section 3 of the Financing Agreement, in semiannual <br />installments in the amounts and at the times set forth in the Appendix A. <br />Section 4. Financing Agreement to Remain in Effect. Except as expressly <br />amended under Section 2, all of the terms and provisions of the Financing Agreement <br />shall remain in full force and effect. <br />Section 5. Governing Law. This First Amendment will be construed in <br />accordance with and governed by the laws of the State of California. <br />Section 6. Binding Effect. This First Amendment mures to the benefit of and is <br />binding upon the Authority, the City and their respective successors and assigns, <br />subject, however, to the limitations contained herein. <br />Section 7. Severability of Invalid Provisions. If any one or more of the <br />provisions contained in this First Amendment are for any reason held to be invalid, illegal <br />or unenforceable in any respect, then such provision or provisions will be deemed <br />severable from the remaining provisions contained in this First Amendment and such <br />invalidity, illegality or unenforceability will not affect any other provision of this First <br />Amendment, and this First Amendment will be construed as if such invalid or illegal or <br />unenforceable provision had never been contained herein. The Authority and the City <br />each hereby declares that it would have entered into this First Amendment and each and <br />every other Section, paragraph, sentence, clause or phrase hereof irrespective of the <br />fact that any one or more Sections, paragraphs, sentences, clàuses or phrases of this <br />First Amendment may be held illegal, invalid or unenforceable. <br />Section 8. Execution of Counterparts. This First Amendment may be <br />executed in any number of counterparts, each of which will for all purposes be deemed <br />to be an original and all of which together constitute but one and the same instrument. <br />Section 9. Third Party Beneficiaries. The Bond Trustee is hereby made a <br />third party beneficiary hereof and are entitled to the benefits of this First Amendment <br />with the same force and effect as if the Bond Trustee were a party hereto. <br />-3-