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<br />• and that it has and will preserve good and indefeasible title to all such property, subject to Permitted
<br />Encumbrances, as such term is defined in the Lease, and such other encumbrances as shall be
<br />permitted by the Trustee, and will warrant and defend the same to the Trustee against the claims of
<br />all persons whatsoever.
<br />Section 5.04. The Authority covenants that it will promptly, and before they shall
<br />become delinquent, pay or cause to be paid all lawful taxes, charges and assessments at any time
<br />levied or assessed upon or against the Project, or any part thereof, or upon the use of the same, or
<br />upon the income or profits thereof, and all license fees, franchise taxes and other like statutory
<br />charges; provided, however, that no such tax, charge or assessment shall be required to be paid so
<br />long as the validity of the same shall be ngood faith contested by the Authority; further, that it will
<br />not suffer any lien or charge to be enforeedµor to exist against the Project or any part thereof, or upon
<br />the Lease or the Pledged Funds, except the lien and charge of the Bonds secured hereby upon such
<br />Lease and Pledged Funds, and except for Permitted Encumbrances, as such term is defined in the
<br />Lease and such other encumbrances as shall be permitted by the Trustee; that it will not commit or
<br />suffer any waste of said property; and that it will at all times operate the property and keep and
<br />maintain said property and all buildings, structures, apparatus and appurtenances thereon or thereof
<br />in good repair, working order and condition, and will from time to time make all needful and proper
<br />repairs, renewals and replacements.
<br />Section 5.05. The Authority covenants that until all indebtedness secured by this
<br />• Agreement is fully paid, it will faithfully observe and comply with the terms of all applicable laws
<br />and ordinances of the State of Indiana and any political or municipal subdivision thereof.
<br />Section 5.06. If the Authority should at any time fail to pay in apt season any tax,
<br />assessment or other charge upon the Project, or any part thereof, or fail to pay promptly when
<br />payable any license fee, franchise or corporation tax, or like statutory. charge, the Trustee may,.
<br />without obligation to inquire into the validity thereof, pay such tax, assessment, fee or other charge,
<br />but without prejudice to the rights of the Trustee arising hereunder in consequence of such default,
<br />and the amount of every payment so made at any time by the Trustee, with interest thereon at the
<br />highest rate of interest on any of the Bonds when sold, whether or not then outstanding, from the
<br />date of payment, shall constitute an additional indebtedness of the Authority secured by the lien of
<br />this Agreement, prior and paramount to the lien hereunder of any of said Bonds and the premium
<br />and interest thereon.
<br />Section 5.07. The Authority covenants that proper books of record and account will
<br />be kept in which full, true and correct entries will be made of all dealings or transactions of or in
<br />relation to the properties, business and affairs of the Authority, and that it will:
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