AgdaPkt 2015-04-13 Closed and Joint SA and PFA REVISED 04_10_2015

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8.A. - Page 34 The Bonds are also secured by amounts on deposit in the funds and accounts established under the Indenture, other than the Rebate Fund. Definition of Revenues. "Revenues" are defined in the Indenture as follows: (a) all amounts received by the Authority or the Trustee pursuant to or with respect to the 2015 Installment Purchase Contract, including, without limiting the generality of the foregoing, all of the 2015 Installment Payments (including both timely and delinquent payments and any late charges), prepayments of Installment Payments, insurance proceeds and condemnation proceeds deposited in the Insurance and Condemnation Fund, and (b) all interest, profits or other income derived from the investment of amounts in any fund or account established pursuant to the Indenture. Assignment to Trustee. The Authority, in the Indenture, transfers in trust, grants a security interest in and assigns to the Trustee, for the benefit of the Owners from time to time of the Bonds, all of the Revenues and all of the right, title and interest of the Authority in the 2015 Installment Purchase Contract(except for certain rights to indemnification set forth therein). The Trustee is entitled to all of the protections, limitations from liability and indemnities provided it under the Indenture. The Trustee shall be entitled to and shall collect and receive all of the Revenues, and any Revenues collected or received by the Authority shall be deemed to be held, and to have been collected or received, by the Authority as the agent of the Trustee and shall forthwith be paid by the Authority to the Trustee. The Trustee also shall be entitled to and shall, subject to the provisions of the Indenture, take all steps, actions and proceedings which the Trustee determines to be reasonably necessary in its judgment to enforce, either jointly with the Authority or separately, all of the rights of the Authority and all of the obligations of the City under the 2015 Installment Purchase Contract. Installment Payments;Application of Systems Revenues Installment Payments. Under the 2015 Installment Purchase Contract (and the 2013 Installment Purchase Contract and the 2007 Installment Purchase Contract), the City will irrevocably pledge all of the Net Revenues to the punctual payment of the 2015 Installment Payments, and the interest thereon. This pledge constitutes a first lien on the Net Revenues and such other moneys for the payment of the 2015 Installment Payments in accordance with the 2015 Installment Purchase Contract, on a parity with the pledge and lien which secures any Parity Debt, including the 2013 Installment Payments and the 2007 Installment Payments. The City is obligated to make Installment Payments to the Trustee, on behalf of and as assignee of the Authority. "Net Revenues" means, for any period, all of the Gross Revenues during such period less all of the Maintenance and Operation Costs during such period. "Gross Revenues" means all gross income and revenue received or receivable by the City from the ownership and operation of the Enterprise, calculated in accordance with Generally Accepted Accounting Principles, including all rates, fees and charges (including connection fees) received by the City for Water Service and all other income and revenue howsoever derived by the City from the Enterprise or arising from the Enterprise (including transfers from the Rate Stabilization Fund to the Revenue Fund); provided, however, that (i) any specific charges levied for the express purpose of reimbursing others for all or a portion of the cost of the acquisition or construction of specific facilities, or (ii) customers' deposits or any other deposits subject to refund until such deposits have become the property of the City, are -10--