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ARTICLE II <br /> Representations and Covenants; Loan of Series 1993 <br /> Bond Proceeds <br /> Section 2 . 1. Representations and Covenants by Issuer. Issuer <br /> represents, warrants, covenants and agrees that: <br /> (a) Issuer is a municipal corporation duly organized and <br /> duly existing under the laws of the State of Indiana. Under <br /> the provisions of the Act, Issuer is authorized to enter into <br /> the transactions contemplated by this Agreement and to carry <br /> out its obligations hereunder. Issuer has been duly <br /> authorized to execute and deliver this Agreement. Issuer <br /> agrees that it will do or cause to be done all things <br /> necessary to preserve and keep in full force and effect its <br /> existence. <br /> (b) Issuer shall provide funds from the issuance of the <br /> Series 1993 Bonds for the Project, as may be necessary, <br /> subject to the consideration of the Series 1993 Note and the <br /> Borrower granting a mortgage and security interest in the <br /> Project to the Issuer, all for the benefit of the holders of <br /> the Bonds, to the end that industry and the economy may be <br /> diversified and job opportunities promoted, and to secure the <br /> Bonds by pledging its interest in this Loan Agreement and the <br /> Series 1993 Note to the Trustee. <br /> (c) Issuer shall assign the Series 1993 Note to the <br /> Trustee pursuant to the Indenture, and no further assignment <br /> is contemplated by the Issuer, since the Issuer recognizes <br /> that the Series 1993 Note has not been registered under the <br /> Securities Act of 1933 . <br /> (d) The public approval requirements of paragraph (2) of <br /> Subsection 147 (f) of the Code have been satisfied in respect <br /> of the Series 1993 Bonds. <br /> (e) Issuer shall file, not later than the 15th day of <br /> the 2nd calendar month after the close of the calendar quarter <br /> in which the Bonds are issued, a statement concerning the <br /> Bonds which contains the information referred to in Section <br /> 149 (e) of the Code. <br /> Section 2 .2 . Representations by Borrower. Borrower <br /> represents and warrants that: <br /> (a) P.A.I. Properties is an Indiana partnership with its <br /> principal place of business in St. Joseph County, Indiana, and <br /> it has not received notice and has no reasonable grounds to <br /> -10- <br />