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SECURITY AGREEMENT <br /> (PLEDGE OF REVENUES) <br /> DATE: January 31, 2005 <br /> DEBTOR: Colorado River Water Conservation District, acting through <br /> its Colorado River Water Projects Enterprise <br /> SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> 1313 SHERMAN STREET, ROOM 721 2 `. ' <br /> DENVER, CO 80203 �Y �:. ,;;� . <br /> € .. ;; <br /> PROMISSORY NOTE: $11,110,000, January 31, 2005 # o 3� <br /> TERMS OF REPAYMENT: 3.75% PER ANNUM FOR 14 YEARS ."�,,�/ <br /> LOAN CONTRACT: C150164, DATED January 31, 2005 <br /> COLLATERAL: The revenues pledged to repay the loan are the Colorado <br /> River Water Projects Enterprise's revenues, as described in <br /> Pledge of Revenues provisions of the LOAN CONTRACT and <br /> in DEBTOR'S Resolution dated January 19, 2005, (attached <br /> to the Loan Contract as Appendix 3). <br /> To secure payment of the loan evidenced by the PROMISSORY NOTE payable in <br /> accordance with the TERMS OF REPAYMENT, or until all principal, interest, and late <br /> charges, if any, are paid in full, the DEBTOR grants to SECURED PARTY a security interest in <br /> the above described COLLATERAL. <br /> DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> 1. That except for the security interest granted hereby and any other security interests <br /> described in Section 5 of the Loan Contract Project Summary, DEBTOR is the owner of <br /> the COLLATERAL free from any adverse lien, security interest or encumbrances; and <br /> that DEBTOR will defend the COLLATERAL against all claims and demands of all persons <br /> at any time claiming the same or any interest therein. <br /> 2. That the execution and delivery of this agreement by DEBTOR will not violate any law or <br /> agreement governing DEBTOR or to which DEBTOR is a party. <br /> 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever <br /> upon the COLLATERAL and not to permit the same to be attached or replevined. <br /> 4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and <br /> by its representations herein, DEBTOR shall be estopped from asserting for any reason <br /> that it is not authorized to grant a security interest in the COLLATERAL pursuant to the <br /> terms of this agreement. <br /> UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that <br /> DEBTOR keeps the COLLATERAL in an account separate from other revenues of DEBTOR <br /> and does not use the COLLATERAL for any purpose not permitted by the CONTRACT. Upon <br /> default, SECURED PARTY shall have the immediate right to the possession of the <br /> COLLATERAL. <br /> Appendix 4 to Loan Contract C150164 <br />