1980-070 CRA - Laserfiche WebLink

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. . . - signed is to make the Qualified Take-Out Loans directly rather than through an intermediary lender), and (ii) the Keiser and Greenberg Commitment Letters (collectively, the "Commitment Letters") and (b) in contemplation of the funding by .the undersigned of the Qualified Take-Out Loans (as defined in the Commitment Letters), All warranties and covenants of the undersigned pursuant to the Letter of Interest and the Commit- ment Letters are hereby confirmed, The undersigned further warrants and. covenants to Bank and any subsequent holder hereof that the proceeds of the sale of this note shall, pending their use in funding the Qualified Take-Out Loans, be invested in Permitted Investments (as hereinafter defined), which Permitted Investments shall be pledged to secure this note pursuant to the Pledge Agreement ("Pledge Agreement") dated the date hereof between the undersigned and Bank, Notwithstanding the foregoing, it is understood and agreed that all proceeds, whether direct or indirect, of the sale of this note by the undersigned to Bank shall, at all times prior to the funding by the undersigned of the Qualified Take-Out Loans pursuant to the terms hereof, be and remain subject to the Pledge Agreement and all rights of Bank thereunder, (a) "Permitted Investments" as used herein shall mean direct obligations of the United States or one of its agencies and direct obligations of commercial banks (in- eluding Bank) with paid-in capital and surplus in excess of $500 million, (b) The interest rate on Permitted Investments shall be greater than the interest rate on this Note, but shall be no more than the maximum interest rate allowable under the arbitrage rules contained in Section 103 of the Internal Revenue -4- '? 5E