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' investments shall be charged to such fund, which loss shall be an <br /> obligation of the Borrower as provided in the Loan Agreement. <br />� As and when any amount invested pursuant to this <br /> Section may be needed for disbursement, the Borrower may direct <br /> the Assignee to cause a sufficient amount of the investments to <br /> be sold and reduced to cash to the credit of such funds regard- <br /> less of the loss on such liguidation, which loss the Borrower <br /> shall pay as provided in the Loan Agreement. <br /> With respect to Section 103 (c) of the Code, the Bor- <br /> rower has made certain certifications and representations to the <br /> Issuer in Article III of the Loan Agreement, which certifications <br /> and representations by this reference are incorporated herein and <br /> made a part hereof and the City Council of the Issuer, acting in <br /> reliance on such certifications and representations, adopts and <br /> ratifies such certifications and representations and hereby <br /> covenants with the Assignee, the Purchaser and any other of the <br /> registered owner or owners of the Bonds, in whole or in part, <br /> that so long as any principal installment of the Bonds remains <br /> unpaid, or obligations under Section 103 (c) (6) of the Code <br /> concerning rebate of excess arbitrage remain, the City Council of <br /> the Issuer will not take or authorize the taking of any action <br /> which will cause any Bond to be classified as an "arbitrage bond" <br /> within the meaning of Section 103 (c) of the Code and any lawful <br /> regulations promulgated or proposed thereunder, as the same <br /> presently exist, or may from time to time hereafter be amended, <br /> supplemented or revised. For purposes of certifying as to <br /> -27- <br />