October 6, 1998 Personal and Confidential Lehigh Tax Credit Partners III L.L.C. Lehigh Tax Credit Partners, Inc. 625 Madison Avenue New York, NY 10022 Gentlemen: As you requested, the purpose of this letter is to set forth our understanding with...Letter of Understanding • October 15th, 1998 • Lehigh Tax Credit Partners Iii LLC • Real estate • New York
As you requested, the purpose of this letter is to set forth our understanding with regard to any proposed acquisition of beneficial assignment certificates ("BACs") of Independence Tax Credit Plus L.P. IV, a Delaware limited partnership (the "Partnership"), from holders of BACs (each a "BACs holder" and collectively, "BACs holders") by Lehigh Tax Credit Partners III L.L.C. ("Lehigh"), Lehigh Tax Credit Partners, Inc. ("Lehigh, Inc.") or any person who is their Affiliate (as defined below) (collectively, "you").
GRID NOTE ---------Grid Note • October 15th, 1998 • Lehigh Tax Credit Partners Iii LLC • Real estate
FOR VALUE RECEIVED, LEHIGH TAX CREDIT PARTNERS III L.L.C., a Delaware limited liability company (the "Debtor"), hereby promises to pay to the order of RCC CREDIT FACILITY, L.L.C., a Delaware limited liability company (the "Payee"), at its offices located at 625 Madison Avenue, New York, New York 10022, or at such other place as the Payee or any holder hereof may from time to time designate, in lawful money of the United States, the principal sum of SIXTEEN MILLION SEVEN HUNDRED FORTY THOUSAND SEVEN HUNDRED FIFTY DOLLARS ($16,740,750), or, if less than such sum, the aggregate principal amount of all monies advanced to the Debtor by the Payee hereunder as indicated on the grid schedule attached hereto and made a part hereof. All principal outstanding hereunder shall be payable in full on the date (the "Payment Date") which is the earlier to occur of (i) the earlier to occur of (x) the date on which the portion of the RCC Credit Loan (as hereinafter defined) used to fund the loan to the D
