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In connection with the foregoing pledge and assignment , <br /> Issuer does hereby deliver to, and deposit with, Custodian, and <br /> Custodian hereby acknowledges receipt of, the Bond Insurance Pol- <br /> icy. Custodian agrees to accept receipt of the Bond Insurance <br /> Policy and declares that it holds and will hold such Bond Insur- <br /> ance Policy for the sole benefit of the Bondholders. Custodian <br /> hereby acknowledges, approves and agrees to the duties, terms and <br /> conditions of the Bond Insurance Policy as they relate to it and <br /> its participation in the transactions contemplated thereby. <br /> THIS FIRST SUPPLEMENTAL INDENTURE FURTHER WITNESSETH, <br /> and it is expressly declared, that all said property, rights and <br /> interests, including, without limitation, the amounts hereby <br /> assigned and pledged, are to be dealt with and disposed of , <br /> under , upon and subject to the terms, conditions, stipulations , <br /> covenants, agreements, trusts, uses and purposes of the Original <br /> Indenture as supplemented and amended by this First Supplemental <br />� Indenture and Issuer has a reed and covenanted, and does hereby <br /> ► 9 <br /> ree and covenant with Trustee, Custodian and with the respec- <br /> a , <br /> 9 <br /> iv holders and owners from time to time, of the Bonds, or any <br /> t e , <br /> part thereof, as follows: <br /> ARTICLE I <br /> DEFINITIONS <br /> All words and phrases defined in the Original Indenture <br /> and in the Agreement shall have the same meaning in this First <br />, Supplemental Indenture, unless otherwise defined herein. In <br /> addition, the following words and phrases shall have the follow- <br /> ing meanings: <br /> "Bond Insurance Policy" means the insurance policy <br /> issued by the Bond Insurer and guaranteeing the payment of the <br /> principal of and interest on the Bonds. <br /> "Bond Insurance Premium" means the nonrefundable insu- <br /> rance premium for the Bond Insurance Policy payable to the Bond <br /> Insurer in the form of a wire transfer as follows: <br /> ( i) on or before the date of Policy Issuance, and <br /> initial premium equal to .32� times x/12 times the prin- <br /> cipal amount of the Bonds insured by the Bond Insurance <br /> Policy, where x is the number of months from and includ- <br /> ing the month in which the Bond Insurance Policy is <br /> issued to July l , 1987 ; and <br /> ( ii) commencing July l, 1987 and every July 1 <br /> thereafter , until all the Bonds shall be fully paid or <br /> defeased, an annual premium equal to .375� of the aggre- <br /> -4- <br />