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immunity, the Borrower has waived such immunity pursuant to Section 14(o) (Affirmative <br />Covenants – Immunity). <br />(y)Patriot Act. The Borrower is not required to establish an anti-money <br />laundering compliance program pursuant to the Patriot Act. <br />(z)No Federal Debt. The Borrower has no delinquent federal debt (including <br />tax liabilities but excluding any delinquencies that have been resolved with the appropriate federal <br />agency in accordance with the standards of the Debt Collection Improvement Act of 1996). <br />Section 13.Representations and Warranties of WIFIA Lender. The WIFIA Lender <br />represents and warrants that: <br />(a)Power and Authority. The WIFIA Lender has all requisite power and <br />authority to make the WIFIA Loan and to perform all transactions contemplated by the WIFIA <br />Loan Documents to which it is a party. <br />(b)Due Execution; Enforceability. The WIFIA Loan Documents to which it is <br />a party have been duly authorized, executed and delivered by the WIFIA Lender, and are legally <br />valid and binding agreements of the WIFIA Lender, enforceable in accordance with their terms. <br />(c)Officers’ Authorization. The officers of the WIFIA Lender executing each <br />of the WIFIA Loan Documents to which the WIFIA Lender is a party are duly and properly in <br />office and fully authorized to execute the same on behalf of the WIFIA Lender. <br />ARTICLE V <br />COVENANTS <br />Section 14.Affirmative Covenants. The Borrower covenants and agrees as follows <br />until the date the WIFIA Bond and the obligations of the Borrower under this Agreement (other <br />than contingent indemnity obligations) are irrevocably paid in full in immediately available funds, <br />unless the WIFIA Lender waives compliance in writing: <br />(a)Rate Covenant. <br />(i)The Borrower shall fix, establish, maintain, and collect rates, fees, <br />and charges for the System in accordance with the first paragraph of Section 5.04 of the <br />Master Resolution (the “Rate Covenant”), which requirements are hereby incorporated <br />herein and a copy of such paragraph, as of the Effective Date, is set forth as Part A of <br />Schedule VII (Rate Covenant) attached hereto. <br />(ii)If the Borrower fails to comply with the Rate Covenant, it shall <br />comply with the requirements set forth in the second paragraph of Section 5.04 of the <br />Master Resolution which requirements are hereby incorporated herein and a copy of such <br />paragraph, as of the Effective Date, is set forth as Part B of Schedule VII (Rate Covenant) <br />attached hereto. <br />35 <br /> <br />