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"' respect to the Participant's undivided ownership interest in the loans, under Equipment Loan I, all of which shall be held as agent for the benefit of the Participant (provided that the Originator may commingle payments received for the benefit of the Participant with the funds of the Originator so long as such payments are turned over to the Participant within the time period provided in Paragraph IV below). . ill. PAYMENT OF PURCHASE PRICE OF PARTICIPATIONS; NOTICES a. The Originator shall use its best efforts to transmit notice to the Participant, which notice shall be given in accordance with Paragraph X, of each request for a loan under Equipment Loan I promptly upon receipt by the Originator of such request, unless such notice has otherwise been provided by the Borrower to the Participant. Such notice shall specify the proposed funding date and the amount of the corresponding loan the Borrower has requested the Originator to make to respond to such request. Provided that the Originator or the Borrower has provided the Participant with written or telephonic notice of a requested loan by 12:00 noon (Saint Paul time) of the business day prior to the funding date for such loan, the Participant shall, not later than 2:30 P.M. (Saint Paul time) on the funding date for such loan, remit to the Qriginator (in immediately available funds) the purchase price for its Participation in such loan. b. Without limiting the obligation of the Participant to remit funds to the Originator as provided in this Paragraph ill, if the Participant fails to remit the purchase price of any loan under Equipment Loan I described in this Paragraph ill to the Originator in a timely fashion, and the amount of such purchase price is nonetheless advanced by the Originator to the Borrower, the Participant hereby agrees to pay to the Originator upon demand interest thereon at the Reference Rate (as publicly announced by the Originator) plus two percent (2%) per annum thereafter, until paid in full. c. The Participant's Participation with respect to any loan under Equipment Loan I shall be effective as of the day the purchase price for such Participation is received by the Originator. The obligation of the Participant to provide the Originator with the purchase, price of the Participant's Participation in anyloan under Equipment Loan I is irrevocable and shall be absolute and unconditional under any and all circumstances and irrespective of any set-off, counterclaim or defense to payment that the Participant may have or have had against the Originator, including, without limitation, any defense based on the failure of such loan under Equipment Loan I to conform with the terms of Equipment Note I. Upon receipt by the Originator of the payment of the purchase price from the Participant for its Participation, the Originator will mark in its records such Participation and the aggregate amount of the Participant's Participations in all -3-