Common use of Observance of Covenants and Payment of Bonds Clause in Contracts

Observance of Covenants and Payment of Bonds. The Authority covenants that it will observe any and all covenants, undertakings, stipulations and provisions contained in this Indenture and in each and every Bond issued hereunder, and will duly and punctually pay or cause to be paid the principal of the Bonds and the interest and premium, if any, thereon, at the times and places, and in the manner mentioned in the Bonds, according to the true intent and meaning thereof; provided that, notwithstanding any other provision of this Indenture or the Bonds, the obligations of the Authority under this Indenture and the Bonds are special and limited obligations of the Authority, payable solely from and secured exclusively by the Trust Estate; and provided, further, that nothing in the Bonds or this Indenture shall be construed as pledging or assigning any assets of the Authority except the Trust Estate, or as creating a general obligation of the Authority.