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r <br />7 <br />required by this Contract (e.g., paragraph 5(c), or paragraph <br />15, et seq.), at the time required thereby. <br />(d) The Borrower agrees to reimburse the Underwriters upon <br />demand by the Secretary for the Borrower's share, as <br />determined by the Secretary, of all reasonable out-of-pocket <br />expenses (including reasonable fees and disbursements of <br />counsel) incurred in connection with a proposed public <br />offering, if the Underwriters incur such additional costs for <br />the public offering because of any refusal, inability, or <br />failure on the part of the Borrower timely to submit in <br />acceptable form any document required by this Contract <br />(including paragraph 4(c)), or because of any withdrawal by <br />the Borrower from the public offering, after the Borrower has <br />submitted a request for a Conversion Date Advance hereunder. <br />By execution and delivery of this Contract to the Secretary, <br />the Borrower hereby expressly authorizes the Secretary to pay <br />amounts due under this paragraph from funds pledged under <br />paragraph 5(a) of this Contract. <br />(e) The undertakings in paragraphs 3 and 4 of this Contract <br />are expressly subject to the requirement that the Fiscal <br />Agency/Trust Agreements shall in no event require payment of <br />fees or charges, reimbursement of expenses, or any <br />indemnification by the Borrower from any source other than <br />funds pledged pursuant to paragraphs 5 or 15 et seq. of this <br />Contract. <br />5. Security. The Borrower hereby pledges as security for <br />repayment of the Note, and such other charges as may be <br />authorized in this Contract, the following: <br />(a) All allocations or grants which have been made or for <br />which the Borrower may become eligible under Section 106 of <br />the Act, as well as any grants which are or may become <br />available to the Borrower pursuant to Section 108(q). <br />(b) Program income, as defined at 24 CFR 570.500(a)(or any <br />successor regulation), directly generated from the use of the <br />Guaranteed Loan Funds. <br />(c) Other security as described in paragraph 15, et seq. <br />(d) All proceeds (including insurance and condemnation <br />proceeds) from any of the foregoing. <br />(e) All funds or investments in the accounts established <br />pursuant to paragraphs 1 and 6 of this Contract. <br />6. Loan Repayment Account. <br />(a) All amounts pledged pursuant to paragraphs 5(b), 5(c), <br />and 5(d) of this Contract shall be deposited immediately on <br />