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s <br />Illfsem ` %.', <br />r <br />equally and ratably, by a prior lien upon and pledge of the <br />proceeds to be derived from the sale of the Bonds or the <br />sale of bond anticipation notes issued to extend and renew <br />the indebtedness evidenced by the Notes and by a prior lien <br />upon and pledge of the Loan Ca mitment. The Issuer does <br />hereby irrevocably pledge such funds to the payment into the <br />Notes Payment Account, created pursuant to the Bonds <br />Enabling Resolution, at the times provided, of the sum <br />required to secure to the Holders of the Notes the payment <br />of the principal thereof and the interest thereon when due. <br />C. Covenants of the Issuer. For so long as the <br />principal of and interest on the Notes shall be Outstanding <br />and unpaid or Until there shall have been irrevocably set <br />apart a sun sufficient to pay, when due, the entire <br />principal of the Notes renkaining unpaid, together with <br />interest accrued and to accrue thereon, the Issuer covenants <br />with each of the Holders of the Notes as follows: <br />(i) Application of Bond Proceeds. All <br />proceeds to be derived from the sale of the Bonds <br />shall be paid over to the Paying Agent and <br />deposited by the Paying Agent to the credit of the <br />Notes Payment Account, created and established by <br />the Bonds Enabling Resolution, and applied Eby the <br />Paying Agent only in the manner provided therein. <br />(ii) Application of Prior Covenants. The <br />covenants and pledges contained in the Bonds <br />Enablitxj Pesolution for the benefit of the holders <br />-32-- <br />