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Se..._~ction 4;0_~ . Assi.onment to Bank . The City hereby transfers, assigrs and sets over to the Bank, as holder of the Note, all of the Revenues and amy and all rights, privileges and obligations it has under the Agreement and the Promissory Note including, without limitation, the right to collect and receive directly all of the Revenues, and any Revenues collected or received by the City shall be deemed to be held, and to have been collected or received, by the City as the agent of the Bank, and shall forthwith be paid bv the City to the Bank. ARTICLE V COVENANTS OF THE CITY Section 5.01 . Punctual Payment . The City will punctuellv pay or cause ~'~-~'~--~T~-~but only out of Revenues as herein provided) the Drinci9al of and interest to become due on the Note, in strict conformity with the terms of the Note and of this Resolution, and it will faithfully observe and Der~orra all of the conditions, covenants and requirements of this Resolution and all Suppl~ental Resolutions and of the Note. Nothino herein contained shall prevent the City from making advances of its own moneys howsoever derived to any of the uses or purposes referred to herein. Section 5,0~ . Against En~mbrances . The City will not encumber, pledge~ any charge or lien upon any of the Revenues superior to or on a parity with the pledge and lien herein created for the benefit of the Note, except as permitted by this Resolution. Section 5.03 . Preservation of Revenues : Amendment of Acrreement , Promissory Note . Th~ c'~'~se to be coll~ompt-Ty all ~nounts due 'from the~rticipating Party under the Agreelneut and the Promissory Note as the s~e become due, and shall promptly and vigorously enforce all of its rights under the Agreement and the Promissory Note. Without the written consent of the Bank the City shall not amend, modify or terminate, or aoree or consent to ~mend, modify or terminate, the A~reement or the Promissory Note; but, with the written consent of the Bank, the City may consent to amendments or modifications thereof. The Bank may give such written consent, and may itself take any such action or consent to an amendment or modification, onlv (i) if, in the opinion of the Bank such action or such amendments or modifications will not adversely affect the interests of the Bank or result in any impairment of the security hereby given for the payment of the Note, and (ii) such amendments or modifications will not have the effect of extendino the time for payment or reducing the amount due and payable by the Participating Party pursuant to the Aqre~ent and the Promissory Note. Section 5.04. Accountina Records and Reports. The Bank shall keep proper books of record~nd ~ccou'~t in which complete and correct entries shall be made of all transactions relating to the receipt and aonlication of the Revenues. The Bank, on or before July 1 of each year, beqinnino July 1, lm83, shall furnish to the City a complete financial statement covering receipts and application of Revenues for the twelve months ending on the Precedino Jun: 1. Section 5.05 . Compliance with Resolution . The City shall not suffer or pefmit any default to 66cUr under this Resolution, but shall faithfullv observe and perform all the covenants, conditions and recpirements hereof. Section 5.06 . Further Assurances . The City will adopt, make, execute and deliver any and all such further resolutions, instruments and assurances as may be reasonably necessary or proper to carry out the intention nr to facilitate the performance of this Resolution, and for the better assuring and confirming unto the Bank of the rights and benefits provided in this Resolution.