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40 ARTICLE II REPRESENTATIONS Section 2.01. Representations of the Issuer. The Issuer makes the following representations as the basis for the undertakings on the Borrower's part herein contained: (a) The Issuer is a political subdivision of the State created and existing under and by virtue of the Constitution and laws of the State. (b) Under the terms of the Act, the Issuer has the power to enter into this Loan Agreement and the Indenture and to accept the Note and to carry out its obligations hereunder and thereunder. (c) The Issuer is not in default under any of the provisions of the laws of the State that would affect its existence or its powers referred to in the preceding paragraph (b). (d) The Issuer has duly authorized the execution and delivery of this Loan Agreement and the Indenture and each such document, when executed and delivered on its behalf, will constitute a legal, valid and binding obligation of the Issuer, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and by general principles of equity. (e) Under existing statutes and decisions, no taxes on income or profits are imposed on the Issuer. (f) To the best knowledge, information and belief of the Issuer, no event has occurred and no condition exists that, upon the issuance of the Bonds, would constitute an Event of Default on the part of the Issuer under this Loan Agreement or the Indenture and the Issuer is not and has never been in default under any general obligation indebtedness. Section 2.02. Representations of the Borrower. The.Borrower makes the following representations as the basis for the undertakings on the Issuer's part herein contained: (a) The Borrower is a corporation duly organized and in good standing under the laws of the State. (b) The Borrower has all requisite power to execute and deliver this Loan Agreement and the Note and to perform its obligations hereunder and thereun4er, and the Borrower by proper action has duly authorized the execution and delivery of this Loan Agreement and the Note. (c) This Loan Agreement and the Note, when executed and delivered on its behalf, will constitute legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms, except as enforceability - 10 -