Common use of GRANTING CLAUSE THIRD Clause in Contracts

GRANTING CLAUSE THIRD. All right, title and interest of the Company in, to and under any Excepted Property, which may, from time to time after the Execution Date, by delivery or by an instrument supplemental to this Indenture, be subjected to the lien hereof by the Company, the Trustee being hereby authorized to receive the same at any time as additional security hereunder; it being understood that any such subjection to the lien hereof of any Excepted Property as additional security may be made subject to such reservations, limitations or conditions respecting the use and disposition of such property or the proceeds thereof as shall be set forth in such instrument; All right, title and interest of the Company, whether now owned or hereafter acquired, in, to and under (i) all goods (as such term is defined in the California Commercial Code as in effect on the date hereof) located in the State of California, and (ii) all money, deposit accounts, instruments, investment property and other property (as such terms are defined in the California Commercial Code as in effect on the date hereof) paid or delivered to, deposited with, or held by the Trustee hereunder; All right, title and interest, whether now owned or hereafter acquired, of the Company in, to and under the rents, issues, profits, revenues and other income and proceeds of the property expressly subjected or expressly required to be subjected to the lien of this Indenture, and all the estate, right, title and interest of every nature whatsoever of the Company in and to the same and every part thereof, and all other property of whatever kind and nature expressly subjected to the lien of this Indenture or stated to constitute Mortgaged Property by any of the terms and provisions hereof; and All proceeds (as such term is defined in the California Commercial Code as in effect on the date hereof) of the foregoing. Expressly excepting and excluding, however, from the lien of this Indenture all right, title and interest of the Company in, to or under the following property (other than such property as is described in Granting Clause Third of this Indenture), whether now owned or hereafter acquired (the “Excepted Property”):

GRANTING CLAUSE THIRD. All right, title and interest of the Company in, to and under any Any (i) Excepted Property, which may, from time to time after the Execution Datedate of the execution and delivery of this Indenture, as originally executed and delivered, by delivery or by an instrument indenture supplemental to this Indenture, be subjected to the lien Lien hereof by the CompanyCompany or any other Person on its behalf, the Trustee and the Deed of Trust Trustee each being hereby authorized to receive the same at any time as additional security hereunderhereunder only with the consent of Holders holding in the aggregate more than thirty-three percent (33%) in the principal amount of the Securities then Outstanding, provided that such consent shall not be required with respect to cash delivered to the Trustee pursuant to this Indenture; it being understood that any such subjection to the lien Lien hereof of any Excepted Property as additional security may be made subject to such reservations, limitations or conditions respecting the use and disposition of such property or the proceeds thereof as shall be set forth in such instrument; All right, title and interest of the Company, whether now owned or hereafter acquired, in, to and under (i) all goods (as such term is defined in the California Commercial Code as in effect on the date hereof) located in the State of California, instrument and (ii) the Collections Account and all money, Funded Cash and any other amounts or property on deposit accounts, instruments, investment property and other property (as such terms are defined in the California Commercial Code as in effect on the date hereof) paid or delivered to, deposited with, or held by the Trustee hereunder; All right, title and interest, whether now owned or hereafter acquired, of the Company in, to and under the rents, issues, profits, revenues and other income and proceeds of the property expressly subjected or expressly required to be subjected credited to the lien of this IndentureCollections Account, and all the estate, right, title and interest of every nature whatsoever of the Company in and to the same and every part thereof, and all other property of whatever kind and nature expressly subjected to the lien of this Indenture or stated to constitute Mortgaged Property by including any of the terms and provisions hereofInvestment Securities; and All proceeds (as such term is defined from and tenements, hereditaments, servitudes and appurtenances belonging or in any way appertaining to the California Commercial Code as in effect on aforesaid property, with the date hereof) of the foregoing. reversions and remainders thereof; Expressly excepting and excluding, however, from the lien Lien of this Indenture all right, title and interest of the Company in, in and to or under the following property (other than such property as is described in Granting Clause Third of this Indenture)property, whether now owned or hereafter acquired (the herein sometimes called “Excepted Property”):

GRANTING CLAUSE THIRD. All rightAny and all other property, title rights and interest interests of the Company in, to every kind and under any Excepted Property, which may, nature from time to time after the Execution Date, hereafter by delivery or by an instrument supplemental to this Indenturewriting of any kind granted, be bargained, sold, alienated, demised, released, conveyed, assigned, transferred, mortgaged, pledged, hypothecated or otherwise subjected hereto, as and for additional security hereunder by the City or by any other person on its behalf or with its written consent to the lien hereof by the CompanyTrustee, and the Trustee being is hereby authorized to receive any and all such property at any and all times and to hold and apply the same at any time as additional security hereunder; it being understood that any such subjection subject to the lien hereof of any Excepted Property as additional security may be made subject to such reservations, limitations or conditions respecting terms hereof; TO HAVE AND TO HOLD all and singular the use and disposition of such property or the proceeds thereof as shall be set forth in such instrument; All right, title and interest of the CompanyTrust Estate, whether now owned or hereafter acquired, in, to and under (i) all goods (as such term is defined in the California Commercial Code as in effect on the date hereof) located in the State of California, and (ii) all money, deposit accounts, instruments, investment property and other property (as such terms are defined in the California Commercial Code as in effect on the date hereof) paid or delivered to, deposited with, or held by unto the Trustee hereunderand its successors in said trust and assigns forever; All rightIN TRUST, title NEVERTHELESS, upon the terms and interesttrusts herein set forth for the equal and proportionate benefit, whether now owned or hereafter acquired, security and protection of all present and future Registered Owners of the Company inBonds, to and under the rentswithout privilege, issues, profits, revenues and other income and proceeds of the property expressly subjected priority or expressly required to be subjected distinction as to the lien or otherwise of this Indentureany of the foregoing over any other of the foregoing, except to the extent herein otherwise specifically provided; THIS INDENTURE FURTHER WITNESSETH, and it is expressly declared, that all Bonds issued and secured hereunder are to be issued, authenticated and delivered, and all said property, rights and interests and any other amounts hereby assigned and pledged are to be dealt with and disposed of, under, upon and subject to the estateterms, rightconditions, title stipulations, covenants, agreements, trusts, uses and interest of every nature whatsoever purposes as herein expressed, and the City has agreed and covenanted, and does hereby agree and covenant, with the Trustee and the respective owners of the Company in and to the same and every part thereof, and all other property of whatever kind and nature expressly subjected to the lien of this Indenture or stated to constitute Mortgaged Property by any of the terms and provisions hereof; and All proceeds (Bonds as such term is defined in the California Commercial Code as in effect on the date hereof) of the foregoing. Expressly excepting and excluding, however, from the lien of this Indenture all right, title and interest of the Company in, to or under the following property (other than such property as is described in Granting Clause Third of this Indenture), whether now owned or hereafter acquired (the “Excepted Property”):follows:

GRANTING CLAUSE THIRD. All right, title Any and interest all other property of the Company in, to each name and under any Excepted Property, which may, nature from time to time after the Execution Date, hereafter by delivery or by an instrument supplemental to this Indenturewriting of any kind pledged or assigned as and for additional security hereunder, be subjected by the Issuer or by anyone on its behalf or with its written consent, to the lien hereof by the CompanyTrustee, the Trustee being which are hereby authorized to receive any and all such property at any and all times and to hold and apply the same at any time as additional security hereunder; it being understood that any such subjection subject to the lien hereof of any Excepted Property as additional security may be made subject to such reservations, limitations or conditions respecting terms hereof. TO HAVE AND TO HOLD all and singular the use and disposition of such property or the proceeds thereof as shall be set forth in such instrument; All right, title and interest of the CompanyTrust Estate, whether now owned or hereafter acquired, in, to and under (i) all goods (as such term is defined in the California Commercial Code as in effect on the date hereof) located in the State of California, and (ii) all money, deposit accounts, instruments, investment property and other property (as such terms are defined in the California Commercial Code as in effect on the date hereof) paid or delivered to, deposited with, or held by unto the Trustee hereunder; All rightand its successors in said trusts and assigns forever. IN TRUST NEVERTHELESS, title upon the terms and interesttrusts herein set forth for the equal and proportionate benefit, whether now owned or hereafter acquired, security and protection of all present and future owners of the Company inBonds, from time to time issued under and under the rentssecured by this Indenture without privilege, issues, profits, revenues and other income and proceeds of the property expressly subjected priority or expressly required to be subjected distinction as to the lien or otherwise of this Indenture, and all the estate, right, title and interest of every nature whatsoever any of the Company in Bonds over any of the other Bonds (except only as otherwise expressly stated herein) and thereafter to secure the Bank to the same extent of its interest herein. PROVIDED HOWEVER, that if the Issuer, its successors or assigns, shall cause to be paid, the principal of the Bonds and every part the interest and premium, if any, due or to become due thereon, at the times and in the manner mentioned in the Bonds, according to the true intent and meaning thereof, and shall cause the payments to be made into the Bond Fund as required under Article VI hereof or shall provide, as permitted by Article VIII hereof, for the payment thereof, and shall keep, perform and observe all other property of whatever kind the covenants and nature expressly subjected conditions pursuant to the lien terms of this Indenture to be kept, performed and observed by it, and shall pay or stated cause to constitute Mortgaged Property by any be paid to the Trustee and the Bank all sums of money due or to become due, to each of them, respectively, in accordance with the terms and provisions hereof; , then this Indenture and All proceeds (the rights hereby granted shall cease, determine and be void except as set forth in such term Article VIII. THIS INDENTURE OF TRUST FURTHER WITNESSETH, and it is defined in expressly declared, that all Bonds issued and secured hereunder are to be issued, authenticated and delivered and the California Commercial Code Trust Estate hereby assigned and pledged are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as in effect on hereinafter expressed, and the date hereof) Issuer has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the respective Owners from time to time of the foregoing. Expressly excepting Bonds and excluding, however, from the lien of this Indenture all right, title and interest of the Company inBank, to or under the following property (other than such property extent of its interest herein, as is described in Granting Clause Third of this Indenture), whether now owned or hereafter acquired (the “Excepted Property”):follows: