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TABLE OF CONTENTS <br /> Page <br /> ARTICLE I DEFINITIONS, CONSTRUCTION & CONDITIONS PRECEDENT...................2 <br /> SECTION 1.01. Definitions.............................................................................................2 <br /> SECTION 1.02. Rules of Construction............................................................................ 8 <br /> SECTION 1.03. Conditions Precedent to Effectiveness.................................................. 8 <br /> ARTICLE II TERMS OF SALE................................................................................................... 9 <br /> SECTION 2.01. Purchase and Sale.................................................................................. 9 <br /> SECTION 2.02. Design, Acquisition, Construction and Sale of the Facility.................. 9 <br /> SECTION 2.03. Payment of Purchase Price; Term; Interest Rates............................... 10 <br /> SECTION 2.04. Payment on Business Days. ................................................................ 1 I <br /> SECTION 2.05. Disbursement of Facility Funds. ......................................................... 11 <br /> SECTION 2.06. Additional Payments........................................................................... 12 <br /> SECTION 2.07. Reserved.............................................................................................. 13 <br /> SECTION 2.08. No Early Prepayment of APurchase Price; Authorized <br /> Prepayment.......................................................................................... 13 <br /> SECTION 2.09. Validity of Pledge and First Lien........................................................ 14 <br /> SECTION 2.10. Limited Obligation.............................................................................. 14 <br /> SECTION 2.11. Permitted Additional Parity Debt........................................................ 14 <br /> SECTION 2.12. Purchaser's Obligation for Other Project Costs.................................. 16 <br /> SECTION 2.13. Project and Facility Description.......................................................... 16 <br /> SECTION 2.14. Withholding of Facility Funds. ........................................................... 16 <br /> SECTION 2.15. Reserve Account................................................................................. 17 <br /> SECTION 2.16. Permitted Subordinate Debt..................................................17 <br /> ARTICLE III PLEDGE OF REVENUES; APPLICATION OF FUNDS.................................. 18 <br /> SECTION 3.01. Pledge of Net System Revenues. ........................................................ 18 <br /> SECTION 3.02. Sytem Revenues to be Deposited in the Enterprise Fund. .................. 18 <br /> SECTION 3.03. Priority of Payments Made from the Enterprise Fund. ....................... 18 <br /> ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE PURCHASER............ 19 <br /> SECTION 4.01. Organization; Authority...................................................................... 19 <br /> SECTION 4.02. Agreement Valid and Binding. ........................................................... 19 <br /> SECTION 4.03. No Conflict in Execution of Agreement. ............................................ 19 <br /> SECTION 4.04. No Litigation.......................................................................................20 <br /> SECTION 4.05. No Breach or Default. ......................................................................... 20 <br /> SECTION 4.06. No Consent, Approval or Permission Necessary................................20 <br /> SECTION 4.07. Accuracy and Completeness of Information Submitted to <br /> lBank................................................................................................... 20 <br /> SECTION 4.08. Financial Statements of the Purchaser. Error! Bookmark not defined.20 <br /> SECTION 4.09. Licenses, Permits and Approvals for Completion of the Facility..... 201 <br /> SECTION 4.10. Authority to Operate the System.......................................................201 <br /> SECTION 4.11. Valid Title;No Conflict...................................................................... 21 <br /> SECTION 4.12. Other Liens;No Lien Senior to lBank Lien........................................21 <br /> SECTION 4.13. Purchaser's Compliance with Prop 218 Law......................................21 <br /> 1 <br />