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1 confirmations to the extent permitted by law The Trustee will furnish the Authority periodic cash transaction statements which include detail for all investment transactions made by the Trustee hereunder The Trustee may make any investments hereunder through its own bond or investment department or trust investment department, or those of its parent or any affiliate The Trustee or any of its affiliates may act as sponsor, advisor or manager in connection with any investments made by the Trustee hereunder ARTICLE V COVENANTS OF THE AUTHORITY SECTION 5 01 Punctual Payment and Performance The Authority will punctually pay out of the Revenues the interest on and the principal of and redemption become due on every Bond issued hereunder in strict conformity with the premiums, if any, to beco y ty terms hereof and of the Bonds, and will faithfully observe and perform all the agreements and covenants to be observed or performed by the Authority contained herein and in the Bonds. SECTION 5 02 Against Encumbrances The Authority will not make any pledge of or place any charge or lien upon the Revenues except as provided herein, and will not issue any bonds, notes or obligations payable from the Revenues or secured by a pledge of or charge or lien upon the Revenues except the Bonds SECTION 5 03 Tax Covenants (a) The Authority covenants that it will not take any action, or fail to take any action, if any such action or failure to take such action would adversely affect the exclusion from gross income of the interest on the Series 2017 Bonds under Section 103 of the Code The Authority covenants that it will not directly or indirectly use or permit the use of any proceeds of the Series 2017 Bonds or any other funds of the Authority or take or permit to be taken or omit or permit the omission of any action or actions that would cause the Series 2017 Bonds to be "arbitrage bonds" within the meaning of Section 148(a) of the Code To that end, the Authority will comply with all applicable regulations of Section 148 of the Code and all applicable regulations of the United States Department of the Treasury In the event that at any time the Authority is of the opinion that for purposes of this Section 5 03 or Section 5 05 of the Agreement it is necessary to restrict or to limit the yield on the investment of any moneys held by the Trustee under this Trust Agreement or the Agreement or otherwise, the Authority shall so instruct the Trustee in writing, and the Trustee shall take the action required by such instructions (b) The City shall establish and maintain a fund designated the Rebate Fund separate from any other fund established and maintained under the Agreement The City shall deposit in the Rebate Fund the Rebate Requirement as provided in the Tax Certificate Subject to the other provisions of this Section 5 03 and Section 5 05 of the Agreement, moneys held in the Rebate Fund are hereby pledged to secure payments to the United States government, and the Authority and the Holders Without limiting the general of the foregoing, the Authority agrees that there shall be paid from time to time all amounts required to be rebated to the United States pursuant to Section 148(f) of the code and any temporary, proposed or final treasury regulations as may be -19- 2762680 2