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<br />ARTICLE V <br />FURTHER CO VENANTS <br /> <br />501. Covenant as to Application of Proceeds of Bonds. . . . , . . , . . . 12 <br />502. Covenant Re Purchase of Mortgage Loans. . . . . . . . . . . . . . . 12 <br />503. Covenant Re Application of Moneys in Mortgage Loan Purchase <br /> <br />Account..............................12 <br />504. Covenant as to Mortgage Insurance. . . , . . . . . . . . . , . . . . 12 <br />505. Covenant Re Asset Coverage Test Certificates. . . . . . . . . . , . 13 <br />506. Non-Arbitrage Covenant. . . . . , . , . . . . , . . . . . . 13 <br />507. Non-Arbitrage Certification. . . . . . . . . . . . . . . .. 13 <br />508. Covenant re Standard & Poor's Corporation. . . . . . . . . . . .. 13 <br /> <br />ARTI CLE VI <br />EFFECTIVE DATE <br /> <br />601. Confirmation and Ratification of Resolution No. 80-75. . .. 15 <br /> <br />602. EffectiveDate..........,..............,. 15 <br /> <br />(i i) <br /> <br />. <br /> <br />. <br /> <br />. <br />. <br /> <br />. <br />8 <br />