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002349 F 3. PERMANENT LOAN TERMS. 3.1. Interest Rate. During the permanent loan financing the borrower agrees that interest shall be computed and charged on the unpaid and outstanding loan balance at the CCEF Commercial Variable Interest Rate [Series 1985 -11, as adjusted from time to time. 3.2. Monthly Payments. Effective January 1, 1986 (the "permanent loan fiinandteg date"), principal and interest shall be payable in consecutive monthly amounts based on the then effective CCEF Commercial Variable Interest Rate [Series 1985 -11 which in equal monthly payments would be sufficient to retire the then outstanding principal balance over the remaining term of this note and the mortgage or deed of trust securing the obligations evidenced herein. As so determined, the first monthly payment shall be payable on the first day of the month following the permanent loan financing date. At the time of the permanent loan financing date, and each "payment adjustment date" thereafter as defined in subsection 4.6 below, the then effective monthly payment amount and CCEF Commercial Variable Interest Rate [Series 1985 -11 may be endorsed on the back of this note by holder. 3.3. Maturitv. Such monthly installments shall continue until either the amount is changed pursuant to the terms of this note, including each of the terms and conditions of the subsections of section 4 below, or until the entire indebtedness evidenced by this note is fully paid, except that any remaining indebtedness, if not sooner paid, shall be due and payable on or before December 31, 2000. 3.4. Negative Amortization. THE PARTIES FULLY CONTEMPLATE ANY INTEREST WHICH IS ACCRUED AND UNPAID FOLLOWING A REGULAR PAYMENT DATE SHALL BECOME AND BE A PART OF THE UNPAID PRINCIPAL HEREOF. Thereafter, based on the principal balance, as so determined from time to time, the amount of accrued and unpaid interest shall be calculated. 4. CCEF COMMERCIAL VARIABLE INTEREST RATE 4.1. Initial Interest Rate to Vary. Borrower agrees that an each Mav Ist and November 1st ("interest a tment date ") the initial interest rate and any increased or decreased rate established pursuant to the terms of this note ( "changed rate") may increase or decrease as described herein. 4.2. CCEF Commercial Variable Interest Rate [Series 1985 -11. The CCEF CVIR [Series 19 5-! , as Of the date Of this note, rs 14.0`if. It is determined by the Foundation's Board of Directors, which in its business judgment considers, among other things, the movement, in reference to the date of this loan or the last interest adjustment date, of the contract interest rates of promissory notes and securities offered by the Foundation. As so determined, the CCEF CVIR (Series 1985 -11 will be declared and published by the Foundation's Board of Directors. Prior to the making of this loan, the borrower's election to include this commercial financing interest rate [Series 1985 -11, as a component which affects the determination of the changed rate, permits the Foundation to require a lesser amount for the compensating investments governed under this note in accordance with ion 2.2 above. 4.3. Chan ed Rate. The changed rate on each Interest adjustment date is the CCEF CVIR meries 1985-1 . In the event the CCEF ('VTR is no longer published or is otherwise unavailable, the changed rate may not exceed, at any interest adjustment late, five percentage points in excess of the highest "prime rate" of interest charged from time to time over the previous 12 month period by the First Interstate Bank of Denver, N.A., Denver, Colorado, or its successor. The prime rate shall he defined ns the We nt which the First Interstate Bank of Denver, N.A., f►env(•r, rolorado, or its successor, will lend short term uns(wured funds to corporate borrowers of the highest credit standing. At the time of any interest adjustment (intro the ehanged rate may be endorsedi or, the Iek of this not( by holder. i Page a , f 9 �a Y 1