Common use of Demand Note Clause in Contracts

Demand Note. It has been duly capitalized by the delivery of a demand note (the "Demand Note") from the Representative in the amount of $1,000,000 which Demand Note has not been canceled, waived or terminated. The proceeds of such Demand Note have not been used and will not be used to pay (i) any of the expenses of the Depositor in connection with the transactions contemplated by the Basic Documents or (ii) the purchase price for the Certificates purchased pursuant to Section 2.3. Such Demand Note is enforceable against the Depositor, subject to its terms, and subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and similar laws now or hereafter in effect relating to creditors' rights generally or the rights of creditors of banks the deposit accounts of which are insured by the Federal Deposit Insurance Corporation and subject to general principles of equity (whether applied in a proceeding at law or in equity).