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<br /> �
<br /> � Credit" and collectively the "Letters of Credit") far the accou��
<br /> of Grantor in an aggregate face amount not to exceed $2,500,000
<br /> and with expiry dates no later than December 31, 1996, a true and
<br /> correct copy of which Credit Agreem�ent is on file at the o�fices
<br /> of the Beneficiary; and
<br /> WSEREP,S, �i) the Revolving Credit is evidenced and tv
<br /> � be evidenced by Revolvinq Credit notes (the "Revolvi�.g Credit
<br /> Notes") aggreqating $15,000,000 and payable to tE�e order of the
<br /> respective Lenders naiaed thereon, whereby GrantoE promises ta gay
<br /> the principal sum set forth therean on December 31, 1996 with
<br /> interest as set forth in the Credit Agreemeat, (ii� the Slfort
<br /> Term Credit is to be eviden�ed by Short Term C�edit notes
<br /> . . aqqregating up to $S,QQO.OQQ (the "Staort Term Credit 2�Totes"j
<br /> papable to the order af the sespec�ive Lenders nam�d tYaereon,
<br /> whereby Grantor promises to pay th� gzincipal sum set forth
<br /> thereos nine months f rom the date o�,�xec��ion �tsereof, but in .nr��
<br /> event later than October 25, 1990 with inL•�-res� as set fosth in �
<br /> the Credit Agreement, (iii) the Tes� Cr�dit is evidenced and to �
<br /> be evidenced by Term Credit notes (t:I�.e "Term C�ed.st �otes") �
<br /> aggregating $45,000,000 bearing ev�n 8ate h�r�with and payab�e �c�
<br /> the order of the respective Lend�rs named �h��eon, whereby
<br /> Grantor promises to pay th� p�inciFal sum set forth thereon, with
<br /> interest as set forth in th� Credit Agre2men+�, in installments a�
<br /> set forth therein with a final ma�t�.rity o� psincipal and inter���.
<br /> not required to be s�flner paid o� ��r_ember 31, 1996 and (iv) th� �
<br /> Letters of Credit are to be respectively issued upon and subject '
<br /> to the term� af applicationr� and agzeements for Letters of Credit �
<br /> to be executed by the Grantar (in�ividually a� "Application" ana
<br /> colle�l:fvely the "Apnlica�ions") (�tie Revolving Credit Notes, �
<br /> Short Term Credit Notes, an� Term Credit Notes and any and all ,
<br /> notes issued in renewal Che�s�o€ or in substitution or rep�.acement
<br /> thesefor being hereinaftQr collectively referred to as the
<br /> "Notes");
<br /> NOW, THEREFOREo for and in consideration of the ' -
<br /> execution and delivery by the Lenders of the Credit Agre�mentn ��
<br /> and ofiher goad and valuable consideration, receipt whe��af: s� —
<br /> hereby acknowledged, the Grantor, to secure (i) the payntent af
<br /> the prinaipal and pr�nium, if any� c�f and interest on the Notey
<br /> as and when the same becomes due and payable (whether by lapse of �
<br /> time, acceleration or otherwise), (ii) the reimbursement to ,
<br /> Heneficiary of any amounts drawn undez ths Letters of Cre�iit.
<br /> (iii� the payment of any and all sums payable under or according -'
<br /> to the provisions oE �he Credit Agr�ement or the Applications,
<br /> (iv) the pay�e�nt of all other inde�f�tiednes�� obligations and
<br /> iiabilities c��ich this Ind�nture secures �t��suant ta any of its �
<br /> term�. and (v) the ob�ervanc� and p�rfarmance of aZl covenants and '
<br /> a�rer��:nnts contained herein or in Yire Notes or in the Credit
<br /> . l�greer.►ent or in the Applic�tions a: in any other instrumeat or
<br /> document at any time evidencing or securing any of the fr�regoing
<br /> or setting frrth terms and conditions applicable thereta (all of
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