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<br />(a) all amounts received by the Authority or the Trustee pursuant to or with <br />respect to the Installment Purchase Contract, including, without limiting the generality of <br />the foregoing, all of the Installment Payments (including both timely and delinquent <br />payments and any late charges), prepayments of Installment Payments, insurance <br />proceeds and condemnation proceeds deposited in the Insurance and Condemnation <br />Fund, and <br /> <br />(b) all interest, profits or other income derived from the investment of amounts <br />in any fund or account established pursuant to the Indenture. <br /> <br />Assignment to Trustee. The Authority, in the Indenture, transfers in trust, grants a <br />security interest in and assigns to the Trustee, for the benefit of the Owners from time to time of <br />the Bonds, all of the Revenues and all of the right, title and interest of the Authority in the <br />Installment Purchase Contract (except for certain rights to indemnification set forth therein). <br /> <br />The Trustee is entitled to all of the protections, limitations from liability and indemnities <br />provided it under the Indenture. The Trustee shall be entitled to and shall collect and receive all <br />of the Revenues, and any Revenues collected or received by the Authority shall be deemed to <br />be held, and to have been collected or received, by the Authority as the agent of the Trustee and <br />shall forthwith be paid by the Authority to the Trustee. The Trustee also shall be entitled to and <br />shall, subject to the provisions of the Indenture, take all steps, actions and proceedings which <br />the Trustee determines to be reasonably necessary in its judgment to enforce, either jointly with <br />the Authority or separately, all of the rights of the Authority and all of the obligations of the City <br />under the Installment Purchase Contract. <br /> <br />Installment Sale Payments; Application of Systems Revenues <br /> <br />Installment Sale Payments. Under the Installment Purchase Contract, the City will <br />irrevocably pledge all of the Net Revenues to the punctual payment of the Installment Payments, <br />and the interest thereon. This pledge constitutes a first lien on the Net Revenues and such other <br />moneys for the payment of the Installment Payments in accordance with the Installment Purchase <br />Contract, on a parity with the pledge and lien which secures any Parity Debt. The City is <br />obligated to make Installment Payments to the Trustee, on behalf of and as assignee of the <br />Authority. <br /> <br />"Net Revenues" means, for any period, all of the Gross Revenues during such period <br />less all of the Maintenance and Operation Costs during such period. <br /> <br />"Gross Revenues" means all gross income and revenue received or receivable by the <br />City from the ownership and operation of the Enterprise, calculated in accordance with Generally <br />Accepted Accounting Principles, including: <br /> <br />. <br /> <br />all rates, fees and charges (including connection fees) received by the City for Water <br />Service, <br /> <br />. <br /> <br />all other income and revenue howsoever derived by the City from the Enterprise or <br />arising from the Enterprise, and <br /> <br />. <br /> <br />transfers from the Rate Stabilization Fund to the Revenue Fund. <br /> <br />"Gross Revenues" does not include (i) any specific charges levied for the express <br />purpose of reimbursing others for all or a portion of the cost of the acquisition or construction of <br />specific facilities, or (ii) customers' deposits or any other deposits subject to refund until such <br />deposits have become the property of the City. <br /> <br />9 <br />