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ARTICLE V <br /> COVENANTS <br /> Section 5.01. Covenants. The Authority covenants and agrees that it will comply with <br /> the following covenants until the date on which no amount is due or owing to the Purchaser under <br /> this Agreement or the other Related Documents, unless the Purchaser shall otherwise consent in <br /> writing: <br /> (a) Financial Reporting and Notices. (i) The Authority shall provide to the <br /> Purchaser within two hundred seventy (270) days of the end of each fiscal year of the <br /> Authority, a copy of its audited financial statements for such fiscal year along with a <br /> certificate executed by an Authority Representative certifying that no Event of Default or <br /> event that with the lapse of time or the giving of notice would constitute an Event of Default <br /> has occurred, or if any such default has occurred, specifying the nature of such default,the <br /> period of its existence, the nature and status thereof and any remedial steps taken or <br /> proposed to correct such default. <br /> (ii) The Authority shall provide to the Purchaser the Authority's annual <br /> budget within sixty(60) days of the end of each fiscal year of the Authority. <br /> (iii) The Authority shall provide prompt written notice to the Purchaser <br /> of(1) any Event of Default or event that with the lapse of time or the giving of <br /> notice would constitute an Event of Default,and(2)all actions, suits or proceedings <br /> pending against the Authority in any court before any governmental authority <br /> which could reasonably be expected to result in a material adverse effect upon the <br /> operations, business, properties, liabilities or condition of the Authority or a <br /> material impairment of the ability of the Authority to perform its obligation under <br /> this Agreement,the Note and the Related Documents. <br /> (b) Existence, Etc. The Authority shall maintain its existence pursuant to its <br /> authorizing legislation and the laws of the State. <br /> (c) Compliance with Laws. The Authority shall comply in all material respects <br /> with all applicable laws, ordinances, rules, regulations and requirements of any <br /> governmental authority unless noncompliance would not have a material a material <br /> impairment on the ability of the Authority to perforin its obligations under this Agreement, <br /> or the other Related Documents to which it is a party or a material adverse effect upon the <br /> legality, validity, binding effect or enforceability against the Authority of this Agreement, <br /> or the other Related Documents to which it is a party. <br /> (d) Maintenance of Books and Records; Inspections. The Authority shall <br /> maintain adequate books, accounts and records, and prepare all financial statements <br /> required under this Agreement in accordance with generally accepted accounting principles <br /> and in compliance with the regulations of any governmental authority having jurisdiction <br /> over it. The Authority shall permit any employee or representative of the Purchaser to visit <br /> and inspect any of its properties,to examine and audit its books of account,records,reports <br /> 11 <br />