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Bruce, well done in pointing out the paralelism. What it shows is that "covenant" is not always the equivalent of "promise" in OT usage. I would not regard this as a reference to the covenant of works per se; however, the text is best understood on the supposition of a covenant of works.
I cannot see any difficulty in referring to the first covenant as everlasting. Those who have not been saved by the covenant of grace are condemned by the covenant of works. As may be illustrated by the text, the people of the earth are cursed under a broken covenant. Blessings!
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Yours sincerely,
"Illum oportet crescere me autem minui."
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