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all the proceeds thereof until the same have been applied as pro- t vided in the Enabling Instrument. SECTION 8. COVENANTS OF THE ISSUER. For so long as the principal of and interest on the Notes shall be outstand- ing and unpaid or until there shall have been irrevocably set apart a sum sufficient to pay, when due, the entire principal of the Notes remaining unpaid, together with interest accrued and to accrue thereon, the Issuer covenants with each of the holders of the Notes as follows: A. PROCEEDS FROM BONDS. Upon the receipt of the proceeds of the Bonds, excluding accrued interest, the Issuer shall apply such proceeds as follows: (1) To pay forthwith the principal of the outstand- ing Notes and the interest accrued thereon to such date of payment. (2) For deposit and application of the balance of such proceeds pursuant to the provisions of the Enabling Instrument. B. APPLICATION OF PRIOR COVENANTS. The covenants and pledges contained in the Enabling Instrument for the benefit of the holders of the Bonds to the extent that the same are not inconsistent with the provisions of this resolution shall be deemed to be for the benefit, protection and security for the payment of the Notes and for the holders thereof in like manner as applicable to the Bonds for the benefit of the holders there- of. The Sinking Fund and Reserve Account created and established pursuant to the Enabling Instrument, to the extent necessary, shall be maintained for the benefit of the Notes and the holders thereof. - C. SALE OF BONDS. From time to time the Issuer shall in good faith endeavor to sell a sufficient principal amount of the Bonds in order to have funds available to pay the Notes and the interest thereon as the same become due. SECTION 9. SUPPLE^lENTAL INSTRUMENTS. The Issuer shall, as necessary, from time to time and at any time, adopt -6-