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<br />. <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />the meaning of Section 102(b)(6)(C) of the Internal Revenue <br /> <br />Code of 1954, as amended), provided from the proceeds of <br /> <br />obligations, interest on which is exempt from federal income <br /> <br />tax under Section 103(a) of the Code or which would be so <br /> <br /> <br />exempt but for the provisions of Section 103(b)(6)(B) of the <br /> <br />Code, shall not at any time (without Bank's written consent) <br /> <br />exceed $1,000,000; such Borrower Note shall provide in addition <br /> <br />that breach of the foregoing covenant shall constitute an event <br /> <br />of default thereunder, <br /> <br />(m) <br /> <br />As of the date of the undersigned's funding <br /> <br />of such Qualified Take-Out Loan: <br /> <br />(i) <br /> <br />there shall have been no material <br /> <br />adverse change since the date of the corresponding Commit- <br /> <br />ment Letter in the financial condition of the Borrower or <br /> <br />any guarantor of the corresponding Borrower Note or in the <br /> <br />value of any security therefor; <br /> <br />(ii) the undersigned shall be a public entity <br /> <br />organized under the laws of the State of California with <br /> <br />full power to make such Qualified Take-Out Loan and to <br /> <br />otherwise take the actions contemplated hereby; and <br /> <br />(Hi) <br /> <br />the undersigned shall have delivered <br /> <br />or caused to be delivered to Bank or other holder of this <br /> <br />note such confirmations of the certificates and opinions <br /> <br />delivered pursuant to Paragraphs C.3 and D.3 of such Com- <br />mitment Letter as Bank or such holder shall have requested. <br /> <br />(n) <br /> <br />All other terms and conditions to the <br /> <br />funding of such Qualified Take-Out Loan contained iri the Letter <br /> <br />of Interest and such Commitment Letter shall have been satisfied, <br /> <br />-10- <br /> <br />7S- <br /> <br />5E <br />