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default under any of the foregoing, or results in the creation <br /> or imposition of any liens, charges, or encumbrances <br /> whatsoever upon any of the property or assets of Borrower <br /> under the terms of any other instrument or agreement. <br /> (i) The Borrower is or shall become the lawful owner and <br /> is now or shall become lawfully seized and possessed of the <br /> Mortgaged Property (other than that not presently in <br /> existence) , free and clear of all liens, security interests, <br /> charges or encumbrances whatever except Permitted <br /> Encumbrances, and has full power and lawful authority to <br /> mortgage and grant a security interest in the same to the <br /> Issuer. This Mortgage constitutes a direct and valid first <br /> lien on such Mortgaged Property, subject only to Permitted <br /> Encumbrances. <br /> (j) There are no obligations which are sold less than <br /> fifteen (15) days apart from the Series 1993 Bonds, are sold <br /> pursuant to the same plan of financing as the Series 1993 <br /> Bonds, and are reasonably expected to be paid from <br /> substantially the same source of funds as the Series 1993 <br /> Bonds. <br /> (k) No part of the Project reached a degree of <br /> completion which would permit operation at substantially the <br /> level for which it was designed and was, in fact, in operation <br /> at such level before the date of delivery of the Series 1993 <br /> Bonds. <br /> (1) Not more than 25 percent of the proceeds of the <br /> Series 1993 Bonds will be used to provide a facility the <br /> primary purpose of which is one of those referred to in <br /> Section 144 (a) (8) (A) of the Code, and no portion of the <br /> proceeds of the Series 1993 Bonds will be used to provide a <br /> facility referred to in Section 144 (a) (8) (B) or Section 147 (e) <br /> of the Code. <br /> (m) The average maturity of the Series 1993 Bonds <br /> (determined as provided in Section 147 (b) of the Code) does <br /> not exceed 120 percent of the average reasonably expected <br /> useful life of the Facilities being financed with the proceeds <br /> of the Series 1993 Bonds (determined as provided in Section <br /> 147 (b) of the Code) . <br /> (n) The Borrower has delivered to the Trustee a <br /> certificate of the Borrower or of independent certified public <br /> accountants for the Borrower: (i) identifying the property <br /> financed by the Series 1993 Bonds on an asset-by-asset basis <br /> (by ACRS cost recovery class, if any) and generally describing <br /> the facility or project, (ii) certifying the average maturity <br /> of the Series 1993 Bonds (determined as provided in Section <br /> 147 (b) of the Code) , and (iii) certifying the average <br /> -12- <br />