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(b) Performance of Covenants, Authority and Actions. The Issuer <br />will at all times faithfully observe and perform all agreements, covenants, <br />undertakings, stipulations and provisions contained in the Agreement, the <br />Bond Legislation, the Indenture and in any and every Bond executed, <br />authenticated and delivered under the Indenture, and in all proceedings <br />of its Legislative Authority pertaining thereto, on its part to be performed <br />or observed. The Issuer covenants that it is, and upon delivery of the <br />Project Bonds will be, duly authorized by the laws of the State, including <br />particularly and without limitation the Act, to issue the Project Bonds, <br />to execute the Indenture and the Agreement, to accept and assign the Mortgage <br />and to provide the security for payment of the Bond service charges in the <br />manner and to the extent herein and in the Indenture set forth; that all <br />actions on its part for the issuance of the Project Bonds and execution <br />and delivery of the Indenture and the Agreement and the acceptance and <br />assignment of the Mortgage have been or will be duly and effectively taken; <br />and that the Project Bonds in the hands of the holders thereof will be valid <br />and enforceable special obligations of the Issuer according to the terms <br />thereof. Each obligation of the Issuer required to be undertaken pursuant <br />to the Bond Legislation, the Indenture, the Agreement, and the Bonds is <br />binding upon the Issuer, and such officer or employee thereof as may from <br />time to time have the authority under law to take such actions as may be <br />necessary to perform all or any part of such obligation. <br />(c) Pledged Receipts. Except as otherwise provided in the Bond <br />Legislation, Indenture, and Agreement, the Issuer will not pledge or assign <br />the Pledged Receipts or create or suffer to be created any debt, lien or <br />charge thereon other than the pledge and assignment thereof under this Bond <br />Legislation and the Indenture. <br />(d) Recordings and Filings. The Issuer will, at the expense of <br />the Company, cause the Agreement, the Mortgage and the Indenture and any <br />amendments or supplements thereto and all necessary financing statements, <br />