SA 3 - RESO - TAX ALLOCATION BONDS

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WHEREAS, the Bonds will be issued and payable on a basis subordinate to that portion of the pledge of Tax Revenues (as defined in the Senior Indenture) hereafter securing the payment of principal of and interest on the Senior Bonds; and WHEREAS, the Bonds will be issued and payable from amounts on deposit in the Redevelopment Property Tax Trust Fund; and WHEREAS, all conditions, things and acts required by law to exist, happen and be performed precedent to and in connection with the issuance of the Series 2016 Bonds exist, have happened and have been performed in regular and due time, form and manner as required by law, and the Agency is now duly empowered to issue the Series 2016 Bonds; NOW, THEREFORE, THIS INDENTURE WITNESSETH, that in order to secure the payment of the principal of, premium, if any, and the interest on all Bonds at any time issued and outstanding under the Indenture, according to their tenor, and to secure the performance and observance of all the covenants and conditions therein and herein set forth, and to declare the terms and conditions upon and subject to which the Bonds are to be issued and received, and in consideration of the premises and of the mutual covenants herein contained and of the purchase and acceptance of the Bonds by the owners thereof, and for other valuable considerations, the receipt of which is hereby acknowledged, the Agency does hereby covenant and agree with the Trustee, for the benefit of the respective owners from time to time of the Bonds, as follows: ARTICLE I DEFINITIONS; EQUAL SECURITY Section 1.01 Definitions. Unless the context otherwise requires, the terms defined in this section shall for all purposes of the Indenture and of the Bonds and of any certificate, opinion, report, request or other document herein or therein mentioned have the meanings herein specified. "Additional Bonds" shall mean all tax allocation bonds of the Agency authorized and executed pursuant to the Indenture and 'issued and delivered in accordance with Article IV. "Agency" shall mean the Successor Agency to the Community Redevelopment Agency, as successor to the Former RDA in accordance with the Dissolution Act. "Annual Debt Service" shall mean, for each Bond Year, the sum of (a) the interest due on the Outstanding Bonds and any Parity Debt in such Bond Year, assuming that the Outstanding Bonds are retired as scheduled (including by reason of mandatory sinking fund redemptions), and (b) the scheduled principal amount of the Outstanding Bonds due in such Bond Year (including any mandatory sinking fund redemptions due in such Bond Year). "Authorized Denomination" shall mean $5,000 principal amount of Bonds, or any integral multiple thereof. "Average Annual Debt Service" shall mean the average of the Annual Debt Service for all Bond Years, including the Bond Year in which the calculation is made. 3 -21