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amount of up to $5,500,000 for the purpose of paying all or 12 <br />a portion of the cost of the Project. <br />(b) That it will, at the proper time, and subject in <br />all respects to the prior advice, consent and approval of <br />the Company, submit such applications, adopt such <br />proceedings and authorize the execution of such documents as <br />may be necessary and advisable for the authorization, sale <br />and issuance of its bonds and the Acquisition of the <br />Project, all as authorized by the Act and mutually <br />satisfactory to the Authority and the Company. The bonds <br />shall not be deemed to constitute a debt or a pledge of the <br />faith or credit of the State of North Carolina or any <br />political subdivision or agency thereof, but such bonds <br />shall be payable solely from the payments to be provided <br />(directly or indirectly) by the Company. The bonds issued <br />shall be in such aggregate principal amount, shall bear <br />interest at such rate or rates, shall be payable at such <br />times and places, shall be in such forms and denominations, <br />shall be sold in such manner and at such time or times, <br />shall, have such provisions for redemption, shall be <br />executed, and shall be secured as hereafter may be requested <br />by the Company and fixed by the Authority, all on terms <br />mutually satisfactory to the Authority and the Company. <br />3. Subject to <br />the conditions hereinabove and hereinafter stated, the Company <br />agrees as follows: <br />(a) That it will generally arrange for, manage and <br />carry out the Acquisition of the Project for and on be <br />of the Authority. <br />(b) That it will cooperate with the Authority in <br />making arrangements for the sale and issuance of the bonds <br />in an aggregate principal amount of up to $5,500,000 and <br />that to the extent that the proceeds derived from the sale <br />of the bonds are not sufficient to complete the Project, the <br />Company will supply all additional funds which are necessary <br />for the completion of the Project. <br />(c) That contemporaneously with the delivery of the <br />bonds, the Company will enter into a loan agreement, lease <br />or other financing agreements, and such guaranties and <br />related agreements as shall be necessary and appropriate so <br />that the Company will be obligated to pay for the account of <br />the Authority sums sufficient in the aggregate to pay the <br />principal of and interest and redemption premium, if any, on <br />the bonds when and as the same shall become due and payable. <br />(d) That it will take such further action and adopt <br />such proceedings as may be required to implement its <br />undertakings hereunder. <br />ki <br />