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. . 8 . . and applicable regulations adopted thereunder by the Internal Revenue Service, and the Agency hereby assumes the obligation to comply with Section 103(c) and Section 103(0) and the regulations throughout the term of the Bonds. Covenant 10. Compliance with Law. The Agency covenants that it will comply with the requirements of the Law. Without limiting the generality of the foregoinq, the Agency covenants and agrees to file all required statements and hold all public hearings required under Section 33334.6 and 33675 of the Law to assure compliance by the Agency with its covenants hereunder. Covenant 11. Limitation on Indebtedness. The Agency covenants and agrees that is has not and will not incur any loans, obligations or indebtedness repayable from Pledged Revenues such that the total aggregate debt service on said loans, obligations or indebtedness incurred from and after the date of adoption of the Redevelopment Plan, when added to the total aggregate debt service on the Bonds, will exceed the maximum amount of Pledged Revenues to be divided and allocated to the Agency pursuant to the Redevelopment Plan. Section 19. Taxation of Leased Property. Whenever any property within the Site has been redeveloped and thereafter is leased by the Agency to any person or persons (other than a public agency), or whenever the Agency leases real property within the Site to any person or persons (other than a public agency) for redevelopment, the property shall be assessed and taxed in the same manner as privately owned property, as required by Section 33673 of the Law, and the lease or contract shall provide (a) that the lessee shall pay taxes upon the assessed value of the entire property and not merely upon the assessed value of his or its leasehold interest, and (b) that if for any reason the taxes levied on the property in any year during the term of the lease or contract are less than the taxes which would have been levied if the entire property had been assessed and taxed in the same manner as privately owned property, the lessee shall pay such difference to the Agency within thirty (30) days after the taxes for the year become payable to the taxing agencies and in no event later than the delinquency date of such taxes established by law. All such payments shall be treated as Tax Revenues, and when received by the Agency shall be used as provided herein. Section 20. Fiscal Agent. The Agency appoints Dai-Ichi Kangyo Bank of California, a California banking corporation, as Fiscal Agent hereunder, to act as the agent, fiscal agent and depositary of the Agency for the purpose of receiving Pledged Revenues and other funds in trust as provided in this Resolution, to hold, allocate, use and apply the Pledged 12-28-85 0063k/2281/05 -32-