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action on its part for the issuance of the Bonds and the execution and delivery of this Indenture has been duly and effectively taken; and that the Bonds in the hands of the owners thereof as shown on the Bond Register are and will be valid and enforceable obligations of the Authority according to the import thereof. Anything contained in this Indenture to the contrary notwithstanding, it is hereby understood that none of the covenants of the Authority contained in this Indenture are intended to create a general or primary obligation of the Authority. Section 703. Ownership; Instruments of Further. Assurance. The Authority represents that the pledge and assignment of the Lease to the Trustee and the Credit Facility Issuer hereby made are valid and lawful. The Authority covenants that, except as to that part of the Project which may hereafter be acquired by it, the Authority has heretofore acquired the Project, subject only to Permitted Encumbrances, as defined in the Lease, and such other encumbrances as shall be permitted by the Trustee, and has good right, full power and lawful Authority to make this Agreement and to pledge the lease rentals of the Project as herein provided, and that it has and will preserve all of its interest in all such property, subject to Permitted Encumbrances, as such term is defined in the Lease, and such other encumbrances as shall be permitted by the Trustee, and will warrant and defend the same to the Trustee against the claims of all persons whatsoever. The Authority covenants that it will do, execute, acknowledge and • deliver or cause to be done, executed, acknowledged and delivered, such indentures supplemental hereto and such further acts, instruments and transfers as the Trustee or the Credit Facility Issuer may reasonably require for the better assuring, transferring, mortgaging, conveying, pledging, assigning and confirming unto the Trustee, the Lease and all payments thereon and thereunder pledged hereby to the payment of the principal of, and premium, if any, and interest on, the Bonds and amounts owed to the Credit Facility Issuer. Section 704. Pavment of Taxes. The Authority covenants that it will promptly, and before they .shall become delinquent, pay or cause to be paid all lawful taxes, charges and assessments at any time levied or assessed upon or against the Project, or any part thereof, or upon the use of the same, or upon the income or profits thereof, and all license fees, franchise taxes and other like statutory charges; provided, however, that no such tax, charge or assessment shall be required to be paid so long as the validity of the same shall be in good faith contested by the Authority; further, that it will not suffer any lien or charge to be enforced or to exist against the Project or any part thereof, or upon the Lease and the rentals paid thereunder or any moneys held in Trust by the Trustee pursuant to the terms of this Indenture, except the lien and charge to secure the Bonds and to secure the Credit Facility Issuer upon such Lease and moneys, and except for Permitted Encumbrances, as such term is defined in the Lease, and • 64