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Page 3 D-1246-12-14 <br /> December 19, 2014 <br /> interest rate on said loan shall not be greater than 2%; the amortization of such loan shall result <br /> in substantially level annual payments of aggregate principal and interest in each year in which <br /> principal shall be payable; and the covenants therein shall not be materially more burdensome to <br /> the Enterprise. <br /> SECTION 2. For purposes of repayment of the Granby Dam Hydropower Project Loan <br /> Contract with CWCB,the Pledged Revenues shall be defined as follows: <br /> The Pledged Revenues shall consist of the Net Revenues of the Project,' as defined below: <br /> "Net Revenues" means the Gross Revenues after deducting the Operation and Maintenance <br /> Expenses. <br /> "Gross Revenue" means all income and revenues directly or indirectly derived by the <br /> Enterprise from the operation and use of the Project, or any part thereof, including <br /> without limitation, any rates, fees (including without limitation plant investment fees and <br /> availability fees), and charges for the services furnished by, or the use of, the Project, and <br /> all income attributable to any past or future dispositions of property or rights, or to any <br /> related contracts, settlements, or judgments held or obtained in connection with the <br /> Project or its operations (including, without limitation, a Power Purchase Agreement), <br /> and any amendments or modifications thereto and including investment income accruing <br /> from such moneys; provided however, that there shall be excluded from Gross Revenue: <br /> ad valorem property taxes; any moneys borrowed and used for providing Capital <br /> Improvements; any money and securities, and investment income therefrom, in any <br /> refunding fund, escrow account, or similar account, pledged to the payment of any bonds <br /> or other obligations; and any moneys received as grants or appropriations from the <br /> United States, the State of Colorado or other sources, the use of which is limited or <br /> restricted by the grantor or donor to the provision of Capital Improvements or for other <br /> purposes resulting in the general unavailability thereof, except to the extent any such <br /> moneys shall be received as payments for the use of the Project, services rendered <br /> thereby, the availability of any such service, or the disposal of any commodities <br /> therefrom. Notwithstanding anything contained above, amounts deposited in a rate <br /> stabilization account shall not be deemed Gross Revenue in the calendar year deposited <br /> and amounts withdrawn from the rate stabilization account shall be deemed Gross <br /> Revenue in the year withdrawn. <br /> "Capital Improvement" means the acquisition of land, easements, facilities, and <br /> equipment (other than ordinary repairs and replacements), and the construction or <br /> reconstruction of improvements, betterments, and extensions, for use by, or in connection <br /> with,the Project. <br /> The Loan Contract defines the Granby Hydropower Project as "Project." <br /> 3 <br />