Pledge of Revenues; Lien

Any pledge of revenues or other money made by the Authority shall be valid and binding from the time when the pledge is made; the revenues or other money so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without COL10312014 CH. 82 GUAM STREETLIGHT AUTHORITY any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Authority, irrespective of whether such parties have notice thereof. Neither the indenture nor any other instrument by which a pledge is created need be filed or recorded except in the records of the Authority.