politic and a public instrumentality of the Commonwealth of
Pennsylvania (the "Commonwealth"), for value received, hereby promises to pay
(but only from the special revenues and funds hereinafter described) to BROWN
BROTHERS HARRIMAN &
CO., or its registered assigns (the "Bank"), on April 6,
2021, upon the presentation and surrender hereof at the principal office of the
Borrower herein described, the principal sum of FOUR MILLION DOLLARS
($4,000,000), or such lesser amount as shall represent the principal amount
hereof advanced in accordance with Section 7.3 of the Agreement (hereinafter
defined), and to pay (but only out of the sources hereinafter mentioned)
interest on said principal sum at the interest rate hereinafter
de­scribed.
Payment of the principal of and interest on this Bond shall be in
any coin or currency of the United States of America as, at the respective times
of pay­ment, shall be legal tender for the payment of public and private debts.
THIS BOND IS A LIMITED OBLIGATION OF THE ISSUER AND IS PAYABLE SOLELY OUT OF
AMOUNTS HELD UNDER THE AGREEMENT (HEREAFTER DESCRIBED) AND AMOUNTS TO BE DERIVED
FROM THE AGREEMENT AND IS SECURED AS SET FORTH IN THE AGREEMENT.
THIS BOND AND
THE INTEREST HEREON SHALL NOT BE DEEMED TO CONSTITUTE A DEBT, LIABILITY, GENERAL
OBLIGATION OR A PLEDGE OF THE FAITH AND CREDIT OR THE TAXING POWER OF THE
COMMONWEALTH OF PENNSYLVANIA OR ANY POLITICAL SUBDIVISION THEREOF.
NEITHER THE
COMMONWEALTH OF PENNSYLVANIA NOR ANY POLITICAL SUBDIVISION THEREOF NOR THE
ISSUER SHALL BE OBLIGATED TO PAY THE PRINCIPAL OF THIS BOND, THE INTEREST HEREON
OR OTHER COSTS INCIDENT HERETO EXCEPT FROM THE REVENUES AND FUNDS PLEDGED
THEREFOR, AND NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE
COMMONWEALTH OF PENNSYLVANIA OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO
THE PAYMENT OF THE PRINCIPAL OF THIS BOND OR THE INTEREST HEREON OR OTHER COSTS
INCIDENT THERETO.
The Agreement and all rights of the Issuer thereunder (except for certain
Reserved Rights of the Issuer) has been assigned to the owner of this Bond to
secure payment of such principal and interest.
This Bond is one of a duly authorized issue of economic development bonds of the
Issuer issued in the original aggregate principal amount of $4,000,000
designated as Perkasie Borough Industrial Development Authority Economic
Development Revenue Bond (Met-Pro Corporation Project), Series 2005 (the
"Bond"), issued under and pursuant to the constitution and laws of the
Commonwealth, including particularly the Pennsylvania Industrial Development
Financing Law (formerly the Industrial and Commercial Development Law), Act of
1957, as amended (the "Act"), and the Financing Agreement (the "Agreement")
dated December 30, 2005 among the Issuer, Met-Pro Corporation, a Pennsylvania
corporation (the "Borrower"), and Brown Brothers Harriman & Co. (the "Bank") for
the purpose of undertaking the Project more fully described in the
Agreement.
The Issuer has assigned certain of its rights under the Agreement,
including its right to receive loan payments from the Borrower thereunder, to
the owner of this
1
Bond to secure the Issuer's obligations with respect