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<br />pursuant to a Loan Agreement, dated as of January 1, 2007, as amended by that certain Amended
<br />and Restated Loan Agreement, dated as of October 1, 2009, and as further amended by that certain
<br />Second Amended and Restated Loan Agreement, dated as of January 3, 2012, and as further
<br />amended by that certain Third Amended and restated Loan Agreement dated the date hereof,
<br />between the Issuer and the Borrower (and as may be further modified, amended, supplemented
<br />and/or restated from time to time, the “Agreement”). On or about the date hereof, PEI shall be
<br />released as a “Borrower”.
<br />THIS BOND IS A SPECIAL AND LIMITED OBLIGATION OF THE ISSUER,
<br />PAYABLE SOLELY FROM AND SECURED EXCLUSIVELY BY THE REVENUES AND
<br />RECEIPTS DERIVED FROM THE AGREEMENT. THIS BOND SHALL NOT REPRESENT
<br />OR CONSTITUTE A DEBT OF THE ISSUER OR THE STATE, OR ANY POLITICAL
<br />SUBDIVISION THEREOF, WITHIN THE MEANING OF THE PROVISIONS OF THE
<br />CONSTITUTION OR STATUTES OF THE STATE, OR A GENERAL, MORAL OR OTHER
<br />OBLIGATION OF THE ISSUER OR THE STATE, OR ANY POLITICAL SUBDIVISION
<br />THEREOF. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE
<br />ISSUER OR THE STATE, OR ANY POLITICAL SUBDIVISION THEREOF, IS PLEDGED TO
<br />THE PAYMENT OF THIS BOND. THIS BOND IS NOT PAYABLE IN ANY MANNER FROM
<br />REVENUES RAISED BY TAXATION.
<br />No covenant, stipulation, obligation or agreement of any incorporator, member, director,
<br />trustee, officer, agent, attorney or employee, past, present, or future, of the Issuer (or any
<br />predecessor or successor entity) under this Bond shall be enforceable against such person in
<br />anything other than that person’s official capacity. Neither the incorporators, members, directors,
<br />trustees, officers, agents, attorneys nor employees of the Issuer executing this Bond shall be liable
<br />personally on this Bond or subject to any personal liability or accountability by reason of the
<br />issuance or execution hereof.
<br />No recourse shall be had for the payment of the principal or purchase price of, or premium,
<br />if any, or interest on, this Bond, or for any claim based thereon, against any incorporator, member,
<br />director, trustee, officer, agent, attorney or employee, past, present or future, of the Issuer, or
<br />against any incorporator, member, director, trustee, officer, agent, attorney or employee, past,
<br />present or future, of any predecessor or successor entity, as such, either directly or through the
<br />Issuer or any such predecessor or successor entity, whether by virtue of any constitution, statute
<br />or rule of law or by the enforcement of any assessment or penalty or otherwise. All such liability,
<br />whether at common law, in equity, by any constitution or statute or otherwise, of incorporators,
<br />members, directors, trustees, officers, agents, attorneys or employees, as such, is released as a
<br />condition of and consideration for the issuance and execution of this Bond.
<br />This Bond is issued with the intent that the laws of the State will govern its construction.
<br />Reference is made to the Indenture for a more complete description of the Project, the
<br />provisions, among others, with respect to the nature and extent of the security for the Bonds, the
<br />rights, duties and obligations of the Issuer, the Trustee and the Holders of the Bonds, and the terms
<br />and conditions upon which the Bonds are issued and secured. Each Holder assents, by its
<br />acceptance hereof, to all of the provisions of the Indenture.
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