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<br />ARTICLE 2 <br /> <br />REPRESENT A TIONS <br /> <br />SECTION 2.01. REPRESENTATIONS BY THE ISSUER. The Issuer makes the following <br />representations as the basis for its covenants herein: <br /> <br />(a) the Issuer is a duly organized and existing political subdivision under the laws <br />ofthe State; <br /> <br />(b) in authorizing the loan for the construction ofthe Project, the Issuer's purpose <br />is, and in its judgment the effect thereof will be, to promote the public welfare by providing <br />improved educational facilities for Oak Grove Lutheran School; <br /> <br />(c) the financing of the Project, the issuance and sale ofthe Bonds, the execution <br />and delivery of this Loan Agreement, the Pledge Agreement and the Resolution, and the <br />performance of all covenants and agreements ofthe Issuer contained in the Bonds, this Loan <br />Agreement and the Resolution, and of all other acts and things required under the <br />Constitution and laws of the State to make the Bonds, this Loan Agreement and the <br />Resolution valid and binding obligations of the Issuer in accordance with their terms, are <br />authorized by the Act and have been duly authorized by the Resolution; <br /> <br />(d) under the provisions of the Pledge Agreement, the Issuer's interest in this <br />Loan Agreement and certain payments due hereunder are pledged and assigned to the Lender <br />as security for the payment of the principal of and interest and premium, if any, on the <br />Bonds; <br /> <br />(e) no elected public official ofthe Issuer has either a direct or indirect financial <br />interest in this Loan Agreement nor will any elected public official either directly or <br />indirectly benefit financially from this Loan Agreement. <br /> <br />SECTION 2.02. REPRESENTATIONS BY THE CORPORATION. The Corporation makes the <br />following representations as the basis for its covenants herein: <br /> <br />(a) the Corporation is a nonprofit corporation duly incorporated, validly existing <br />and in good standing under the laws of the State, and is authorized and qualified to do <br />business in the State, has authority to enter into this Loan Agreement, and has duly <br />authorized the execution and delivery ofthis Loan Agreement; <br /> <br />(b) the execution and delivery of this Loan Agreement, the Mortgage and the <br />Assignment, and the consummation of the transactions contemplated thereby, and the <br />fulfillment of the terms and conditions thereof, do not and will not conflict with or result in <br />a breach of the Articles of Incorporation, By-laws, any restriction of any agreement or <br /> <br />2-1 <br />